Have you heard about the Polkadot Blockchain Network?
In short it is
- A platform that fosters a multi-chain ecosystem
- A meta protocol, which works at a lower level then Ethereum (smart contract level)
Polkadot is a cryptocurrency network that wants to help weave all the disparate blockchains together.
Currently, blockchains operate in silos, separately.
But Polkadot promises to fix this by creating an internet of interoperable blockchains.
What is Polkadot?
Polkadot is referred to as a 'multi-chain network', because it can join networks together.
Its aim is to be a framework that blockchains use, similar to how sites use HTML.
This enables devs to focus on creating apps and writing smart contracts, while leaving the specifics of security and validation to the protocol.
Why is it important?
Developer time, talent, and resources are diverted into building competing networks.
Polkadot aims to create a way for developers to build value on top of all blockchains, rather than just one.
How does Polkadot work?
Blockchains can connect to Polkadot and get access to its PoS validation and security through, 'para-chains'.
The central chain is called the 'Relay Chain' and it is where all transactions are standardized.
While using Polkadot, blockchains are still free to use their own PoS, update schedules, and what tokens and dapps to use.
Essentially integration with Polkadot is layered, allowing for progressive integration.
What problems does it solve?
Polkadot solves two significant issues for blockchains:
- Scalability: num of transactions the network can handle
- Governance: How the community manages protocol upgrades and changes
Does Polkadot have a cryptocurrency?
Enter DOT.
Holders of DOT are allowed to vote on potential code changes.
Once a consensus is reached, updates are propagated across the network.
Polkadots Mission
Polkadot wants to become the bedrock upon which all blockchains will build.
They believe by being a common platform, companies will be encouraged to innovate knowing the foundations are taken care of.
History
Polkadot launched in May 2020
In a year it accomplished:
- 4th largest token with an $18b market cap
- Increasing supply from 10 million to 1 billion by splitting old DOT 100 ways into new DOT
- Over 340 projects being developed
What is Polkastarter?
Polkastarter is a Polkadot-based dex that you can use to create cross-chain pools and auctions
Its powered by the POLS token, which covers:
- Governance paying
- Transaction fees
- Access to platform token pools
Closing
The future for Polkadot looks promising, given it's successful launch which placed DOT among the top asset on most exchanges to this day
Thanks for following along, this thread is my personal notes summarizing this article
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