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Proof of authority mode (POA)
Web3 BlockChain team launch the product in Proof of Authority mode. During this time, most users will be able to:
- Claim tokens from their Ethereum contract,
- Stake tokens and declare their intent to validate or nominate.
Q2 - Q4 2020
Nominated Proof of Stake (NPoS)
During Nominated Proof of Stake, the network will run with a decentralized set of validators. During this phase, Web3 BlockChain will increase the number of validators in the set.
Once BlockChain team is confident that the network is working well, with no slashing due to client issues, functioning validator elections, the temporary key will issue a runtime upgrade that enables Blockchain's governance system.
With the Governance system enabled, it can elect the first Council and Technical Committee and start accepting public proposals. It can take over most of the chain's decisions, with a few exceptions that will be fully removed in future updates.
BlockChain is fully in the hands of the token holders. One of the first features they will enable is token transfers with a runtime upgrade.
Q2 - Q4 2021
Enable Balance Transfers
BlockChain allows balance transfers between it's token holders. To enable remaining functionality, the governance council will need to pass a series of runtime upgrades.
This enables users to effectively unbank themselves from the traditional financial sysyem.
Q1 - Q3 2022 (Current Phase)
Online Payments Rollout
Before being enabled by the network's governance, payments will be tested and optimized both on testnets. Once the code has been fully tested, audited and benchmarked, and payments are running smoothly, they will roll out on the BlockChain.
The governance council can enable paymens and begin slot lease auctions. These slots will be auctioned one-by-one, with each auction lasting about 1 week.
Q4 2022 and beyond
BlockChain upgrades currently under development include the launch of parathreads. These and any subsequent upgrades can be enabled by the on-chain governance community once development, testing, benchmarking, and auditing are complete.