Polkadot to Launch Polkadot Hub on November 4th

Polkadot announced that on November 4, it will consolidate its core system services into Asset Hub, transforming it into the network’s superchain — Polkadot Hub. The upgrade will integrate key components such as assets, staking, bridges, and smart contracts, all operating under a unified, interoperable environment powered by Elastic Scaling.

Refer to the official tweet by DOT:

DOT Info

Polkadot is an open-source protocol envisioned by Dr. Gavin Wood, co-founder of Ethereum, intending to advance the blockchain technology by focusing on security, scalability, and innovation. This project seeks to build an infrastructure that supports new concepts while maintaining interoperability, marking the next step in the evolution of blockchain technology.

In Polkadot’s ecosystem, individual blockchains are termed as “parachains” and the main chain is known as the “Relay Chain”. The network promotes constant and smooth information exchange between these parachains and the Relay Chain, thereby offering interoperability. Through Substrate, a platform for building cryptocurrencies and decentralized systems, any developer or entity can create a custom parachain that becomes interoperable with all other parachains once connected to the Polkadot network. Network validators manage the security and validation of data across these parachains, enhancing scalability.

DOT, the native token of Polkadot that bestows governance rights of the entire Polkadot platform to its holders, encompassing network fee determination, voting on network upgrades, and managing parachains. Besides, DOT facilitates network consensus via staking, incentivizing holders to adhere to the rules to avoid losing their stake. Lastly, DOT is used for “bonding” when adding new parachains to the ecosystem, wherein the bonded DOT remains locked during the bonding period and is released after the parachain is removed from the ecosystem.