Polkadot Write for Us – Polkadot writes that Polkadot (DOT) aims to become a blockchain interoperability champion; what you should know about the concept and its weak points.
Polkadot is increasingly expanding its market share and competing with similar ecosystems such as Ethereum, Cosmos, and others with the concept of running its own highly customizable blockchains on the main blockchain. According to current estimates, ten percent of all blockchain projects base on Polkadot – and the trend is rising.
In 2016 by Ethereum co-founder and technical director Dr. Gavin Wood, Polkadot is one of the younger blockchains – at least compared to the Bitcoin blockchain. The protocol maintains by the Web 3 Foundation and developed by Parity Technologies.
Polkadot writing for us is a so-called next-generation blockchain and has set itself to support the decentralization of the web. The initiators of the network, which has already gone live, want to achieve this goal with, among other things, high interoperability properties. In the future, blockchains should communicate seamlessly with one another. There is currently no solution for the individual blockchains to interact with one another, so that, for example, a smart contract on Ethereum triggers a payment via Bitcoin.
However, Polkadot writes for us to solve challenges like this by providing cross-chain interoperability, which blockchains and decentralized apps can use to talk to each other. Polkadot believes that the system will enable users to conduct transactions more privately and efficiently by creating blockchains that do not divulge user data to the public network or process more significant transactions.
Various components use at Polkadot: They use a relay chain, several para chains, and part threads.
With this concept, transactions can be carried out securely and precisely, with only the computing resources required to operate the relay chain. Therefore, users get the added advantage of being able to customize many para chains for many different purposes. Depending on the project and intention, this model offers benefits for multithreading or cost savings.
However, a vital benefit of this design is that the exchange of information between the components is entirely uncomplicated. Because both the relay chain and the para chain or the para threads speak the same language, they can do without an integration server or any other intermediary.
Firstly, the DOT crypto token is the native currency that the network uses for staking, bonding, and governance.
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