Integritee has achieved all of its key roadmap targets since securing a Kusama parachain in January. But now it’s time for the biggest one yet: securing a Polkadot parachain slot. Obtaining a Polkadot slot will play a vitally important role in providing the stable infrastructural basis necessary to attract enterprise clients and bolster the value of TEER. This post discusses Integritee’s rationale for participating in the Polkadot parachain auctions.
In January, thanks to tremendous support from thousands of crowdloan supporters and community members, we achieved our roadmap milestone of securing a Kusama parachain slot. This was not just a proud moment for the entire Integritee team, it also played a significant role in the technical development of the network.
Our Kusama parachain has served as the perfect basis to test, refine and optimize Integritee’s services in an environment with real economic incentives. In recent months, we have achieved a number of important technical milestones. In February, for example, our sidechains became feature-complete by supporting multiple validators for the first time. In May, the SUDO account was removed from our Kusama parachain, and full governance processes were introduced, marking important steps towards full decentralization.
Progress on technical milestones has been mirrored by recognition in the market. Firstly, we achieved our roadmap goals of securing TEER listings on two major exchanges. The listing on MEXC Global in March made TEER accessible to 6 million users while in June, TEER was added to Kraken, one of the top 5 cryptocurrency exchanges globally. In addition, xcTEER was integrated into Moonbeam’s DeFi ecosystem. Secondly, our expertise and knowledge in the enterprise space have also gained plaudits, with the business development team at our subsidiary Securitee picking up the Rising Star Award by OVHcloud at the Hannover Messe in May.
In light of all this progress, how does Integritee further develop and grow from here? It has always been our goal and roadmap commitment to become a multi-environment network underpinned by a common utility token, TEER. Thus, now comes the next step in our development. In the coming weeks, we are participating in the Polkadot auctions to secure a parachain slot for Integritee.
While Kusama is a canary network perfect for innovation and experimentation, Polkadot is like Kusama’s more mature big sister. Polkadot describes itself as the “enterprise-grade” substrate environment, which is both highly stable and production-ready. Given that a significant portion of the target market for Integritee services comprises enterprise clients seeking to securely process potentially sensitive data, Polkadot is a perfect fit for our needs. As a result, a Polkadot parachain is a key prerequisite to fully scaling the Integritee network, onboarding enterprise clients, and thereby underpinning the value of TEER, our native utility token.
As with Kusama, we launched a crowdloan campaign to fund our Polkadot bid. Our participation began July 11 for Slot 22. Crowdloan backers can support Integritee by staking DOT. In return, we are offering an attractive package of TEER rewards to our crowdloan supporters. For full details, read this post.
So why is it called a “crowdloan” and not a “crowdfund”? The reason it is called a “loan” is that once the 96-week lease period has elapsed, all supporters will regain access to their DOT, but still get to keep any TEER rewards they have received. In addition, it is important to note that the DOT is simply locked for the duration of the lease, but crowdloan backers never lose custody of their tokens during the entire process.
From technical milestones and awards to new TEER listings, in recent months we have made great strides towards our vision of Web3 services where privacy comes as standard. But to build a platform capable of onboarding major enterprise clients, we need to establish a presence on Polkadot, the most stable and production-ready substrate environment. This is why we are excited to be taking the next step in our growth and development by participating in the upcoming Polkadot parachain auctions.
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