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What is Polkadot?

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.

Polkadot– Definition

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.

Polkadot – Technology Components

Various components use at Polkadot: They use a relay chain, several para chains, and part threads.

However, the relay chain represents the core of Polkadot. And also, Polkadot writes for us is responsible for network security, consensus, and cooperation between the chains.
Therefore, Parachains are stand-alone blockchains with user-defined tokens and functionality adapted to specific use cases. And also, the para chain connection to the relay chain is continuously available, and the system offers total throughput.
It is different, however, with the part threads. This particular form of the para chain permanently connects to the relay chain and, therefore, price based on pay-as-you-go. A system-technical down- and an upgrade between Parachain and Parathreads is possible – the codebase remains unchanged.

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.

Polkadot – pros and cons

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.

Polkadot Coin – DOT

Firstly, the DOT crypto token is the native currency that the network uses for staking, bonding, and governance.

With staking, the coin user receives remuneration for holding the currency, thereby supporting the operational operation of the blockchain. However, payment is made directly in the wallet. Polkadot differentiates between on-chain and off-chain-based staking: Therefore, you hold the coins over a trading platform, staking is uncomplicated and unbound. Meanwhile, the staking is off-chain via a cold wallet like the Ledger Nano X, always linked to bonding.
Therefore, with bonding a certain number of tokens block for a certain period; And also, the property rights remain unaffected. Staking on-chain, as well as off-chain, has advantages and disadvantages: On a trading platform, it is riskier than staking on off-chain, since the private key (the authorization to the asset) is taken into custody by the operator and thus the risk of a Subject to misappropriation by third parties. Therefore, platforms promise an annual return of up to twelve percent. With the off-chain procedure, the user keeps his private key but binds his DOTs to the system for 28 days.
Another feature of the system: The Polkadot write for us community uses the DOTs for governance to vote on changes in the network. And also, Polkadot equip with a governance process that creates a democratic blockchain that evolves for the common good.