Polkadot

by Web3 Foundation
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Decentralized cryptocurrency platform for applications with a wide range of technological solutions. It is a truly revolutionary project that can change the face of the world of blockchain technologies.

Polkadot description

Polkadot is a project on its own blockchain, to which any other blockchain can be "attached" with the help of special technological solutions. Это данные from platform cryptodefix​. The technology implemented in Polkadot is able to combine all existing blockchains into one ecosystem, which will open up great opportunities for both developers and users. It is a platform that not only gives users control over the system, but also allows them to interact with other blockchains and platforms.

Four groups of participants with different levels of admission are engaged in ensuring viability:

  1. Validators are responsible for the formation of the basic chain (Relay Chain) and connect to the parchains to verify blocks and perform cross-chain transactions. Validators are rewarded with DOT tokens for performing their duties, and if malicious actions are detected, they may lose their money.
  2. Nominators are the main guarantors of blockchain security. They assign and control validators, accepting storage bids from them and receiving rewards for doing so. Each nominee is responsible for the actions of their wards, and their reward depends on the integrity and activity of the validators assigned to them.
  3. Collators are the owners of full nodes of any parachain. They form blocks in their chain and pass them to the validators for signature, providing them with proof of transaction execution. In critical situations, they can independently add blocks to their parachain.
  4. Fishermen are a group of people's control. Phishermen can not verify transactions and sign blocks, their task is to catch an unscrupulous "official" (validator, nominator or colator) by the hand. To take part in the fishing, you also need to make a bet, but much less than the nominee or validator, but the reward in case of stopping the attack on the network will be solid. However, its size, anyway, somehow depends on the amount of the deposit.

The three main components of Polkadot:

  • Relay chain is a logistics system that provides communication and guarantees consensus building and protection against attacks.
  • Parachains parallel chains for executing transactions and transferring them to the underlying system.
  • Bridges bridges for communication between parachains with their own, separate matching mechanism.

DOT is a proprietary token of the Polkadot platform. It is used for system management, stacking, and connecting other blockchains to the Polkadot network. Nominators, validators, and fishermen make their deposit in DOT. If they don't do a good job, they lose their tokens. The key feature of the Polkadot project is that the network is multi-chain and combines many blockchains at once. Due to this, the system can process a huge number of transactions simultaneously and can be infinitely scaled. Any blockchain can be connected to this ecosystem. For this purpose, a special technology has been developed that combines various chains with the main Polkadot blockchain. The security of the Polka dot system as a whole, and the individual blockchains attached to it, is ensured by the participants and wide operational compatibility. To ensure maximum network security, the NPOs mechanism is used, in which nominators and validators pay the required amount in DOT cryptocurrency, which gives them access to perform functions. At the same time, they are rewarded for their work and are interested in its high-quality performance. Polkadot does not provide for cryptocurrency mining by mining. It will not be difficult to buy Polkadot com for fiat money or other crypto, because it is supported by most popular trading platforms, including Binance exchange, as well as Kraken, Bitfinex, Kucoin and many others.

The coin has three main functions:

  • Governance-the internal cryptocurrency of the ecosystem gives the owner the right to vote when making amendments to the program code. Without the approval of the holders of Polkadot coin, no major events will occur in the blockchain.
  • Functionality-DOT tokens are used to place bets and pay rewards to management nodes.
  • Connection-adding new parachains and removing inactive ones is paid for with Polkadot cryptocurrency.

A large list of advantages of the coin:

  • A team of well-known developers is behind the project.
  • The platform is interesting and revolutionary in terms of technology.
  • The Polkadot (DOT) cryptocurrency is supported by major crypto exchanges.
  • The pillbox shelf has a high level of security.
  • Due to the simple application integration scheme, more and more developers are joining Polkadot.
  • DOT tokens are not only functional, but also have high liquidity.
  • Polkadot's specific architecture provides the project with high transaction speed and unlimited scalability.

Polkadot features

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The Polkadot platform is quite possibly the most secure and significant cross-chain projects found on the present market. With their unequaled availability and adaptability, Polkadot can move information from different chains working on their organization, giving future verification accessibility for multichain exchanges

Polkadot uses environmentally friendly proof of stake consensus algorithm

It has no much value in comparison with bitcoin

The capacity to send any sort of data across a blockchain.

Adaptability, interoperability, and security.

Transaction costs are kept to a minimum.

Not perfectly designed interface.