Skip to main content

Polkadot and the sharding



At Polkadot, everything revolves around the Parachain Auctions right now. Projects like Moonbeam, Bifrost, Astar Network and Litentry are taking the lead. Is the interoperability offered by Polkadot the foundation for the future of blockchain projects?


Polkadot is an open source sharding multichain protocol that enables the cross-chain transmission of any data or assets over a large number of blockchains. On the official website we read:


“Polkadot enables cross-blockchain transfers of any type of data or asset, not just tokens. The connection to Polkadot gives you the opportunity to interact with a variety of blockchains in the Polkadot network. "


And Polkadot is already connecting public and private blockchains accordingly. The parachains that enable communication between the various blockchain projects are particularly important.


Parachain Auctions: The Future of Project Development?

The Parachain Auctions at Polkadot are not yet over. But what exactly is Parachain Auctions about? On the official  Polkadot website  we read:


“Parachains are the final piece of core functionality provided as described in the Polkadot whitepaper and will enable Polkadot to implement its scalable, multi-chain architecture. After a phase of testing, optimizing and auditing, Parachains are ready for launch on Polkadot and can be activated via on-chain governance. Once Parachains are live, the community will determine what additional features and network upgrades should be added over time. "


Let's take a look at Litentry, an identity aggregation protocol. Litentry is already docked with the Polkadot ecosystem and will connect its own Parachain to the Polkadot relay chain. The aim is to offer the users of Litentry more security, but also more interoperability. As we read on the Litentry website , it is now about the further development of the Litentry verse:


“Our Parachain Crowdloan on Polkadot is now live! Use your DOT to help build a Web3 Identity Hub by participating in our crowdloan, unlocking the LIT bonus and earning rewards. "


The vision behind it is that users can exert far more influence on the development of the projects.


Litentry course and Polkadot course - bullish news, but little price movement

If we look at the Litentry (LIT) price over the past 12 months, we see an all-time high in February 2021 at over $ 14. At the moment the LIT price ranks around the USD 4 mark - relatively unaffected by the Parachain Auctions.


The situation is different with the Polkadot course. Not only the generally bullish market sentiment of the last few weeks, but also the Parachain Auctions could have contributed to the current price development. The DOT price has been moving upwards since August and is currently around the USD 39 mark. In early November 2021, the Polkadot rate hit an all-time high of over US $ 53.


But how are these two coins related to the cooperation between Litentry and Polkadot?


The participants of the Crowdloan program of Litentry have to invest 5 DOT in the auction at least, any initial investment will in turn be rewarded with 2.5 LIT. Later, the final rewards will be estimated based on each user's percentage contribution to the crowdloan pool once the litentry parachain goes live on the Polkadot relay chain. From then on, the investors will receive their LIT rewards per block over the duration of the slot leasing period (96 weeks).

My Top Picks
Honeygain - Passive earner that pays in BTC or PayPal
MandalaExchange -The Best no KYC crypto Exchange! 
BetFury - Play And Earn BFG for daily Bitcoin and ETH dividends!
Pipeflare - Faucet that pays in ZCash and Matic, Games pay in DAI
Womplay - Mobile dApp gaming platform that rewards in EOS and Bitcoin
Cointiply - The #1 Crypto Earning Site
Torum - Join the latest Social Network and earn TRM for Free! 
LiteCoinPay - The #1 FaucetPay earner for Litecoin 
Upland - Collect Digital Properties & Test Your Skills
LBRY/Odysee - YouTube Alternative that lets you earn Money by viewing videos!
FaucetPay - The #1 Microwallet Platform
FREEBTC - The #1 FaucetPay earner for Satoshi's
FaucetCrypto - An earning/faucet site that pays out instantly
FireFaucet - An earning site that pays better for some than Cointiply
DogeFaucet - Dogecoin Faucet
xFaucet - BTC, ETH, LTC, Doge, Dash, Tron, DGB, BCH, BNB, ZEC, FEY - Claim every 5 minutes
Konstantinova - BTC, ETH, LTC, Doge, Dash, Tron, DGB, BCH, BNB, ZEC, USDT, FEY, 25 Claims Daily


Disclaimer of liability

All information contained on our website has been researched to the best of our knowledge and belief. The journalistic contributions are for general informational purposes only. Any action that the reader takes based on the information found on our website is entirely at your own risk.

Comments

Post a Comment

Popular posts from this blog

The 5 largest platforms for non-fungible token (NFT) collectibles

  Since the beginning of 2021, non-fungible tokens (NFT) have had no holding back and the sector is setting new records almost every day.  More and more artists, stars and brands are realizing the potential - NFT are well on their way to catapulting the crypto space into the mainstream.  But which collectibles are currently the most popular? What are NFT? NFT are unique tokens that cannot be exchanged one-for-one for an equivalent token.  Any asset that is tokenizable can be an NFT.  This includes, for example, (digital) works of art, trading cards, game items and crypto domains.  Theoretically, however, real estate or securities can also be mapped as NFT. NFTs can be used to transparently map ownership structures on a public blockchain.  This allows them to store value just like real objects, even if additional copies are easy to make.  For example, the original picture of the Mona Lisa is significantly more valuable than a photo, as everyone kno...
11 comments
Read more

CARDALONIA: THE CARDANO METAVERSE OPENS THE GATES!

  Have you ever been to Cardalonia? With these words, the Cardano Metaverse called Cardalonia starts the gates. In this 3D world, developers and users can interact with each other. First of all, users have to create an individual character with which they can move online. After that you can enter one of the worlds built by developers with this character. You can also purchase your own land in the Cardano Metaverse via the marketplaces in Cardalonia . This is secured by Cardano's blockchain technology and therefore offers a relatively secure transfer of ownership. Since these are only digital plots of land, it is not yet entirely clear when the plots of land are purchased whether they can also be sold again in the future. A possible profit cannot be estimated at the moment. In Cardalonia, the cryptocurrency Lonia is used. The maximum amount of tokens in circulation is 100,000,000. The team consists of Alice Sand (Co-Founder), Vasil Air (CTO) and Dustan Water (Fullstack Developer). T...
Post a Comment
Read more

Cardano: This is the vision that founder Charles Hoskinson has

  The Altcoin Cardano has tended to decline in recent weeks.  The Alonzo upgrade was supposed to bring improvements, but it soon turned out to be a disappointment.  Cardano founder Charles Hoskinson presented his vision for the cyber motto in a live Twitter video. • Cardano in the last few months under pressure • Charles Hoskinson explains his Cardano vision via Twitter • Security and privacy at the center The cryptocurrency  Cardano  has had a difficult few months.  While founder Charles Hoskinson's cyber motto has had a strong run in 2021, it has been steadily downhill in recent months.  Cardano is faced with some difficulties.  The so-called Alonzo upgrade went live in mid-September, for which crypto fans had high hopes, but which soon turned out to be a disappointment.  The upgrade should make it possible to use smart contracts on the cryptocurrency as well.  It soon turned out, however, that although these were entered into Cardano,...
Post a Comment
Read more