Earlier today, the Web3 Foundation announced it partnered with Coinbase’s custody subsidiary to offer a custody solution for Polkadot’s native token, DOT. Institutional investors that participated in Polkadot’s previous token sales can now claim their DOT allocations with their existing Coinbase Custody accounts. The Web3 Foundation simultaneously launched a dedicated website that lists a few alternative claims processes for those investors without a Coinbase Custody account.
Why it matters:
Polkadot mentions this is the first step in its mainnet rollout. Polkadot’s launch sequence could mimic that of its canary network, Kusama, where early stages feature a Proof-of-Authority (PoA) consensus mechanism and limited on-chain functionality. Subsequent versions will introduce more utility through staking, on-chain governance, and parachains.
Polkadot is one of several projects promoting cross-network communication. But some argue these cross-chain solutions only matter if multiple networks generate significant user activity. The multi-chain enthusiasts vs. skeptics debate should remain a relevant theme throughout 2020 as these interoperability solutions continue to roll out.