Skip to main content

What is special about Polkadot? How Polkadot works!

 


Polkadot is understood as an "open source sharding multichain protocol". It enables “cross-chain” transfers of asset types, such as tokens/coins, as well as various data. Polkadot allows the transmission of numerous blockchains that can be interoperable with each other. Interoperability brings the advantage of setting up a private and decentralized web. The network is controlled by the community. At the same time, applications (apps) can be created in a simplified way by institutions for services if necessary.


The Polkadot protocol is able to connect public and private networks (chains) and so-called "Oracles" as well as future technologies. All independent blockchains can exchange transactions and information with each other via Polkadot's so-called "relay chain". This can be done in a manner called "trustless." "Trustless" means that trust between users is not required. The "DOT" token can be used for three purposes: First, it is used to provide the network line. Furthermore, "DOT" enables network operation and the creation of "parachains" through so-called "bonding". Parachains are independent blockchains that run in parallel within the Polkadot network.


What are the four core components of Polkadot?

First of all, the "relay chain" is to be mentioned, which is seen as the heart. It ensures the interoperability, the consensus and the security of the network of the different "chains". Then there are the “parachains”. These independent "chains" have their own tokens that are optimized for their specific use cases. And the "parathreads" which are similar to the "parachains". In contrast, they are based on an economical "pay-as-you-go" model with flexible connectivity. Fourth, there are the "bridges" that allow the "parachains"/"parathreads" to connect to other external blockchains, such as the "Ethereum" network.


What is unique about Polkadot?

Polkadot is referred to as a "sharded multichain network". This means that several transactions on different "chains" can be carried out in parallel on the "parachains". The parallel processing power brings significant benefits for scalability. Custom blockchains can be developed easily and quickly using the "Substrate" frameworks. The network is flexible, adaptable and information and functions can be shared between participants in the network. Polkadot updates automatically, so no fork“ must be generated in order to use new implemented functions or to fix errors. A user-driven governance system was created for Polkadot, which helps keep the network secure. Communities can adapt the project to their own needs and external conditions. There are "nominators", "validators" as well as "collators" and so-called "fishermen" who fulfill different tasks. The "validators" ensure the mass interoperability of the various blockchains. Transactions are scaled by spreading the data across multiple "parachains". Polkadot uses the "NPoS" ("Proof-of-Stake") mechanism to select "Nominators" and "Validators" to improve security. Polkadot's unique validity system allows "chains" to interact with each other,


My Top Picks
Honeygain - Passive earner that pays in BTC or PayPal
MandalaExchange -The Best no KYC crypto Exchange! 
Clash Of Streamers - Earn Crypto while Playing all for Free! - Play smart! 
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 
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, BNB, ZEC, USDT, FEY, 25 Claims Daily

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