Polkadot passes proposal for propelling technical innovation on the Polkadot network
Polkadot has allocated 993,286 DOT, roughly $18 million, to promote Polkadot infrastructure improvements, including research and development on zero-knowledge research and web 3. The bounty proposal is an incentive prize program called the Polkadot Pioneers Prize. The incentive reward program will be organized as a series of child bounties to be incorporated in the next runtime update with the community agreement. The specifics will be disclosed in the second or third quarter of 2022 and selected by the general curator: to be elected by the Council. The elected curator can divide bounty payouts within the prize categories depending on the sub-prizes and elect child bounty curators, which will be determined before the program launch based on the new design of the child bounty.
The Pioneers Prize will be overseen by an appointed person and will most likely include representatives from the on-chain treasury council, Parity Technologies, the Web3 Foundation, and other industry partners.
The Pioneers Prize and its proposal aim to show how the community may gain more traction by allocating on-chain treasury assets in innovative and creative ways, in addition to financing research.
It is a known fact that the on-chain treasury is underused; without active and ambitious ideation surrounding what Polkadot may do as a community is underestimating the network’s and members’ potential. There is also a technological case for a reward scheme, especially in areas where daring innovation is conceivable.
Each of the individual awards under those categories will be specified by a set of deliverables outlining the program’s success criteria, which will be released at the program’s debut and maybe appraised by kid bounty curators chosen by the Administrative Curator. Those outlines will be developed in collaboration with a variety of stakeholders. The Polkadot Pioneers Prize program’s success will be assessed in three ways according to Polkadot:
- community participation;
- prize engagement;
- general marketing “buzz” produced by prize announcements; and
- challenge completion.
The Polkadot Pioneers Prize aims to stimulate investment in other comparable companies that are developing inside Web 3.0, notably within the Polkadot ecosystem, with the overriding objective of improving the quality and security of blockchain for everyone.
Polkadot becomes the blockchain with the least carbon footprint
For years, the use of energy by different crypto blockchains has been a source of debate – and now a research organization has attempted to measure the actual disparities in consumption by several of the most popular networks.
According to a paper by Ulrich Gallersdörfer, Lena Klaaßen, and Christian Stoll of the Crypto Carbon Ratings Institute, Polkadot has the lowest overall power usage and total carbon emissions per year among the six so-called proof-of-stake blockchains analyzed.
The total value locked in financial applications on each platform is US$18,454 (RM77,165) per kilowatt-hour for Avalanche, vs US$4,395 (RM18,377) for Solana and US$19.18 (RM80.20) for Polkadot, according to the research, which used DeFiLlama data from February 1, 2022.
Proof of Work systems, like the one that supports Bitcoin, demand processing power to solve mining problems to protect the network, while Proof of Stake systems require validators to lock in cash for a certain length of time to propose or vote on new blocks.
Elon Musk, Bank of America Corp. academics, and others have expressed alarm about Bitcoin’s energy use - and it’s an issue even for nations that host miners. According to the CCRI research, Proof of Stake networks require less than 0.001% of the Bitcoin network. The CCRI research goes much farther, claiming that the Proof of Stake networks investigated utilize minimum energy and that additional considerations should be considered while assessing them to ensure that future blockchains are eco-friendly.
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