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

From offchain to offchain: Statechains meets Lightning

  Without a doubt, the most significant off-chain Bitcoin solution is the Lightning network. But in its wake, the statechain has emerged as an intriguing replacement. There is currently a proposal to link the two offchain networks. From an ocean, for example, you can see sunbeams glistening in the water, waves rippling, and possibly a jellyfish drifting toward the light. But you only see a small portion of it. The distance from the sea's surface to its bottom is hundreds of meters. It has dozens of different fish species swimming in it, crabs and starfish crawling on the bottom, shells clinging to rocks, and sea plants climbing up. A completely new world starts where your gaze diverges. You can picture a blockchain like Bitcoin, just like the sea. What you see on the outside is only a small portion of what is actually there; the set of UTXOs (coins) and transaction history that full nodes store are just the beginning of a much larger world. It's the plan, at least. With Bitcoin...
Post a Comment
Read more

Phishing attack on popular crypto sites tries to empty wallets

  Several major crypto sites such as Etherscan, CoinGecko, DeFi Pulse, and others report malicious pop-ups scammers use to try to trick users into connecting their MetaMask wallets. The phishing attack came from a domain displaying the Bored Ape Yacht Club (BAYC) logo. "We are investigating the root cause of this attack to fix the threat as soon as possible," CoinGecko founder Bobby Ong tweeted. The phishing attack appears to have been triggered by a malicious ad script from Coinzilla, a crypto ad network, according to CoinGecko. Etherscan also advises its users not to confirm any transactions that may appear on the website. The attackers attempted to use the hype around the “bored monkeys” non-fungible tokens (NFT) to gain access to the cryptocurrencies of unsuspecting website visitors. Although the websites affected by the scam attempt have reacted in the last few hours and deactivated the advertising pop-up, it is still recommended not to connect your MetaMask wallet to ne...
Post a Comment
Read more

Bored Ape Yacht Club NFTs stolen through phishing on Instagram

  Bored Ape Yacht Club ( BAYC ) developers announced on Monday that hackers have hijacked the official Instagram page of the popular NFT collection and posted links to a fake airdrop. Crypto enthusiasts who connected their MetaMask wallet to the rogue website subsequently had their Ape NFTs stolen. Apparently, the attack was planned to coincide with the one-year anniversary of the BAYC collection. This increased the "perceived credibility" of the phishing link. About 100 NFTs are said to have been stolen in the phishing attack . According to CoinGecko data , the minimum price for a BAYC NFT is 139 Ether ( ETH ) or $400,726. So if reports are correct, over $40 million worth of NFTs were stolen in the attack. These numbers are only the lowest estimate, however, as they are based on the lowest price.  At the time of writing, it was still unclear how the hackers gained access to BAYC's official Instagram account. Social media users have pointed out the importance of two-fact...
Post a Comment
Read more