Polkadot Review – Everything you need to know and how it works

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Polkadot Review

Are you looking for an honest Polkadot Review? Search no more because, in this article, we will be reviewing Polkadot honestly, we will also explain how it works, the pros and cons, and everything you need to know about the platform

What is Polkadot | Polkadot Review

According to cryptoadventure.org, Polkadot is an open-source, sharded protocol that aims to provide a decentralized platform for a wide range of trustless, permissionless operations. It has been developed to facilitate the applications that the current state of blockchain technology allows. More so, its main goal is to power the next stage in internet evolution, Web 3.0, upon its implementation.

History of Polkadot

Polkadot Review

Dr. Gavin Wood (PhD in Software Engineering), a co-founder of Ethereum with about 20-year experience as a software engineer both in the crypto space and outside the crypto space, resigned from the position of Ethereum’s CTO and core developer to pursue other industrial projects which Polkadot was included.

However, the reason for his resignation varies as most people say it was because of the frustration about the slow development of Ethereum 2.0.

In the same year (2016), he launched the Polkadot project (The first draft of the Polkadot whitepaper).

What is the DOT Cryptocurrency ICO

The Dot is the currency or token on the Polkadot system. The token holders have the right to vote on proposals regarding the Polkadot roadmap

Over 145 million USD in Ethereum was raised when the DOT ICO took place in 2017 and 10 million which is half of the DOT’s initial total supply was sold in two sectors which are the public buying 2.25 million and the private sector buying 2.75 million. The price per DOT token for these funding rounds was 28.80$USD.

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Purpose of the DOT Token

Governance

Polkadot token holders have complete control over the protocol. All privileges, which on other platforms are exclusive to miners, will be given to the Relay Chain participants (DOT holders), including managing exceptional events such as protocol upgrades and fixes.

Staking

Game theory incentivizes token holders to behave in honest ways. Good actors are rewarded by this mechanism whilst bad actors will lose their stake in the network. This ensures the network stays secure.

Bonding

New parachains are added by bonding tokens. Outdated or non-useful parachains are removed by removing bonded tokens. This is a form of proof of stake.

Polkadot Features

True 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.

Economic & transactional scalability

Polkadot provides unprecedented economic scalability by enabling a common set of validators to secure multiple blockchains. Polkadot provides transactional scalability by spreading transactions across multiple parallel blockchains.

Easy blockchain innovation

Create a custom blockchain in minutes using the Substrate framework. Connect your chain to Polkadot and get interoperability and security from day one. This ease of development helps Polkadot’s network grow.

Forkless and future-proof

Polkadot can upgrade without hard forks to integrate new features or fix bugs. This capability enables Polkadot to easily adapt to changes and upgrade itself as better technologies become available.

Security for everyone

Polkadot’s novel data availability and validity scheme allows chains to interact with each other in a meaningful way. Chains remain independent in their governance but united in their security.

User-driven network governance

Polkadot has a sophisticated governance system where all stakeholders have a voice. Upgrades to the network are coordinated on-chain and enacted autonomously, ensuring that Polkadot’s development reflects the values of the community and avoids stagnation.

How Polkadot Works

How Polkadot works would seem very complicated to anyone who does not have good knowledge of cryptocurrency, however, according to the explanation in cryptoadventure.org

Polkadot is a network of blockchains that relies on two fundamental elements:

  • The Relay Chain – The Core Polkadot blockchain.
  • Substrate – A blockchain-building tool and framework developed by Parity Technologies.

The blockchains that connect to Polkadot are known as Parachains. These chains have two possibilities to access the Polkadot ecosystem.

Firstly, if a blockchain has been built with Substrate, it can directly connect to the Relay Chain.

Secondly, a blockchain like Bitcoin or Ethereum, which have been built long before the Substrate was even a thing, can connect to the Relay Chain by using a bridge.

Parachains have complete freedom to be as different from the Relay Chain as they wish. They can have their own tokens, consensus mechanisms, and even their own governance structures.

The Polkadot consensus mechanism uses two fundamental elements as well:

GRANDPA – An abbreviation of the “GHOST-based Recursive Ancestor Deriving Prefix Agreement,” a version of the Proof of Stake (PoS) consensus mechanism, also known as Nominated Proof of Stake.

BABE – An abbreviation of “Blind Assignment for Blockchain Extension,” a version of the Proof of Work (PoW) consensus mechanism.

The two mechanisms function together, and they are linked by the operations of the network users, who are divided into four categories:

  1. Validators
  2. Collators
  3. Nominators
  4. Fishermen

Who is the Owner of Polkadot ?

The owner of the Polkadot company is known on the internet which is a good indication of the legitimacy of the website.

Polkadot is an open-source project founded by the Web3 Foundation.

However, they are three founders in person who are

  • Robert Habermeier
  • Dr. Gavin Wood and
  • Peter Czaban

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Polkadot Contact Information

Just in case you have any need to contact Polkadot, you can do that using their details below address below.

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