Polkadot is an open-source protocol built for everyone. It empowers networks to work together under the protection of shared security. What it means is that by connecting to polkadot blockchain developers can secure their blockchain from day one. It’s a scalable, interoperable and secure network protocol for the next web web3.
Polkadot is a true multi-chain application environment where things like cross-chain registries and cross-chain competition are possible. This implies that not only tokens, but data can as well be transferred across public, open, permissionless blockchains as well as private, permissioned blockchains. With that, its %100 possible to build application that gets permissioned data from a private blockchain and use it on a public blockchain.
POLKADOT BRINGS THE FOLLOWING SOLUTIONS TO BLOCKCHAIN TECHNOLOGY:
- Interoperability: polkadot enables cross blockchain transfers of any type of data or asset, not just tokens. Connecting to polkadot gives you the ability to interoperate with a wide variety of blockchains in the polkadot network.
- Scalability: polkadot provides unprecedented economic scalability by enabling a common set of validators to secure multiple blockchains.
- Blockchain innovation: you can now create a blockchain in minutes using the blockchain-building framework “substrate”. Connect it to polkadot and get interoperability and security from day one.
- Forkless and future-proof: polkadot is designed to be a truly resilient network. Its able to adapt and upgrade itself without forking.
- High level of security: polkadot introduces “pooled security” where multiple chains are secured by polkadot’s validators. Blockchains can get security instantly when they connect to polkadot, giving them a strong incentive to join the polkadot network.
- Network governance: polkadot has an open governance system. Upgrades to the network are coordinated via on-chain governance, ensuring that polkadot’s development reflects the values of the community and avoids stagnation.
DOTS:
The DOT tokens powers the polkadot network. DOT token serves four (4) distinct purposes:
i. governance over the network
ii. operation
iii. bonding
iv. interoperability
PROJECTS ON POLKADOT ECOSYSTEM :
Many top projects have started building on polkadot and getting ready to be connected to the relay chain. Some of these projects are as follows:
• ChainX: developing on oracle
• Aragon: Focused on DAOs
• ChainX: A bitcoin/ethereum bridge (mainnet launched already and BTC and SDOTs have been mapped and are mining the PCX tokens, these tokens are then staked.
• Ocean Protocol: Unlocking data for AI
• Edgeware: The smart contracts are written in Rust and executed in WASM
THE TEAM BEHIND POLKADOT:
The web3 foundation is partnering with best in-class entities to build polkadot and foster development of the services and applications that will run on it. Parity technologies and polychain capital are also working tirelessly for the success of polkadot.
FOUNDERS:
• Robert Habermeier- He is a Theil fellow and co-founder of polkadot. He has a research and development background in blockchains, distributed systems and cryptography
• Peter Czaban- Peter is the technology director of the web3 foundation, where he works on supporting the development of the next generation of distributed technologies.
• Dr. Gavin Wood- At parity, Gavin currently leads innovation on substrate and polkadot. He is the president of web3 foundation and the co-founder of Ethereum. You can check his twitter handle here: @gavofyork
More Read:
website: https://www.polkadot.network
Blog: https://polkadot.network/blog/
Twitter: @polkadotnetwork
Reference:
https://www.polkadot.network/#page-intro
https://www.medium.com/@hector_89360
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Written by Malize Izuchukwu Christian
Twitter: @malizechristian
Telegram: @malizechris