Polkadot is a blockchain protocol connecting multiple specialized blockchains within one unified network. It offers several advantages while building the promises of the previous blockchain. Gather various important and useful links for Polkadot crypto, latest information, Polkadot Telegram, Twitter, reddit and how to get latest news about Polkadot.
Polkadot was created to provide a blockchain architecture that can grow with demand. It also allows different blockchains with varying functions to co-exist and communicate with each other in a strong shared security system. This will lay a good foundation for the next generation of the internet.
With many blockchains and app developers looking for ways to reach a wider audience. Polkadot has become one of the promising blockchain networks in the market. But its token management problem and competition might affect its adoption in the market. Polkadot also shares some similarities with Ethereum 2.0. But it uses heterogeneous sharding, making it different from Ethereum.
What is Polkadot?
Polkadot blockchain is a next-generation blockchain protocol that enables different blockchains to run independently within one network. The independent blockchains are protected by a shared security system.
Polkadot aims at growing an ecosystem system of cryptocurrencies like Cosmos, Etherium, and others. Polkadot provides a smooth operation of the blockchains with the desired scalability. It also enables the transfer of any type of data across any type of blockchain.
Who Invented Polkadot?
Polkadot was invented by Dr. Gavin Wood. The idea was first conceived in 2016 while waiting for a new Ethereum specification that would include sharding.
Gavin Wood created a system where users can send transactions across blockchains such as Bitcoin and Ethereum. making them interoperable.
Gavin Wood teamed up with Jutta Steiner to develop Palkadot and launch it through Parity Technologie. Gavin Wood and Jutta Steiner were both former Ethereum executives.
The Polkadot project is also supported by the Web3 Foundation. The Web3 Foundation provides funding, advocacy, and research benefits along with collaborations. Polkadot was launched officially in May 2020 and enabled token transfers in August 2020.
How is Polkadot governed?
Polkadot has a revolutionized system of on-chain governance and all DOT holders have an opinion on how the network is run. To change the system, the DOT holder needs to submit a proposal that needs to be agreed upon by a stake-weighted referendum.
The Polkadot council is an on-chain entity and each member is represented by an on-chain account. The council consists of thirteen members and their term will last for seven days. All DOT holders can register to become a member of the Council.
Polkadot council members are chosen by an algorithm from the nominations. The council members are responsible for submitting important proposals and can cancel uncontroversially dangerous or malicious proposals.
The proposals must be supported by the majority of Council members. They are also responsible for vetoing any referendums considered to be a danger to the system
The technical committee consists of people who have actively contributed to the development of Polkadot. They are often voted in by the council. They help detect issues such as bugs in the code. They also help to fast-track emergency upgrades or changes to the chain.
The technical teams are added or removed through the council vote. Changes or upgrades to the system can be done by changing the runtime. This allows Polkadot to solve problems quickly and also adapt to developments in blockchain technology.
What is the function of DOT Token?
The native token of the Polkadot network, DOT has several functions which make it useful. DOTs are used for governance, operating the Polkadot network, and bonding DOT through the formation of the para chain.
As a token for governance, DOT allows holders to have control over the platform. It helps determine the development of the protocol. These include the timetable for the addition or removal of parachains, determining the network fees, and voting on major upgrades to the Polkadot platform.
The smooth running of the Polkadot networks is the responsibility of the DOT holders. The platform is used to carry out valid transactions with high-quality functionality. For this to be successful, the DOT HOlder needs to actively participate in the platform. The DOT holders are also staked to prevent malicious activities from happening in the network. The activity time frame will determine how long the DOT holder is stalked and the number of DOT that should be staked.
The DOT holders are responsible for adding new parachains through a process called Bonding. During the bonding period, the DOT will be locked. Once the bonding duration is over, and the new parrachain is no more, DOT will be returned to the account that bonded them.
Polkadot Official Website:
Polkadot Social Links:
Polkadot Twitter: https://twitter.com/Polkadot
Polkadot Facebook: https://www.facebook.com/polkadotnetwork/
Polkadot Telegram: https://t.me/PolkadotOfficial
Polkadot – Vision & Scope
The Polkadot platform is experiencing more growth every day. Its unique design, innovation, and flexibility come naturally to projects which are uncommon to the previous networks.