Innovation is something that’s inevitable in the cryptocurrency world. There’ll always be new projects designed to solve existing problems, and one of those projects is Polkadot, a decentralized blockchain platform that’s said to be able to rival and beat Ethereum in the near future. For more information about what Polkadot is, how Polkadot works, and other things about it, let’s see down below.
What is Polkadot
Polkadot is a network that’s made specifically to combine one blockchain network with another. This action is commonly known as multi-chain network because of its ability to connect their network together, different from Bitcoin that’s completely independent.
How Polkadot Works
Blockchain can be connected and works with Polkadot in parallel thanks to Polkadot’s unique data structure, Parachain. This parachain can be in the form of a public blockchain, private blockchain or other sources of data. Then, data in parachain will be accessed through special node called collators and then finally sent to Polkadot.
The main chain in Polkadot, often time known as Relay Chain is guaranteed to be a DPoS (Delegated Proof of Stake). This system is made of what’s known as nominator and validator where nominator uses their token to choose a validator which in turn validates (mines) a new block for them. If a validator commits a sinister action, they will be punished together with their nominator.
Parachain can supports features commonly found in other blockchains, including smart contact (Ethereum), ZK-snarks (Zcash), and UTXO transactions (Bitcoin). These features aren’t a fundamental part of Polkadot, and in turns they can be freely added or removed from Parachain.
Developers can also use the different features in Parachain, with some of the most commonly used features include: transaction chain, oracle chain, identity chain, et cetera.
As of right now, there’re more than 200 projects being worked on in Polkadot, including Chainlink and Ocean Protocol. Please refer here for the complete list of projects in Polkadot.
The Advantages of Polkadot
After knowing what Polkadot is, it’s natural for our next section to be what you can get from using Polkadot compared to other blockchain platforms. So, here’s 4 main advantages of Polkadot compared to other blockchain platforms.
Polkadot as it is right now supports a lot of blockchains through their Parachain. This makes it possible for transaction to be processed effcieiently and in parallel.
Lots of parachain and application in Polkadot can share information and functionality between one and another thanks to its interchain compability design.
Every parachain in Polkadot can be customized depending on the users’ or the application’s needs.
4. Forkless Upgrade
Polkadot can be upgraded without the need of a hard fork that’s time consuming, which is why new features can be added without the need of remodeling the entire network from scratch.
As it currently stands right now, Polkadot is indeed a promising project. Thus, it’s not suprising that people are calling it the Ethereum killer. And that’s not even mentioning the DOT token that it has receiving warm welcome and massive value increase from the community.
Don’t worry, we’ll be making another article about Polkadot’s DOT token in the near future. So, stay tuned.
Last words, that’s all from for this article about Polkadot, what polkadot is, and how polkadot works. We hope you find this useful, and we hope to see you again later.