What is Polkadot?
For those who are not familiar with the crypto industry when you hear the word ‘Polkadot’, you’ll probably think the name is as cute as the polka dots on fashionable clothes. But in fact, it is an important project that helps advance blockchain technology to a whole new level. In order not to waste time, let’s try to study and understand what Polkadot is.
What is Polkadot?
Polkadot is a Proof of stake Blockchain developed to connect other blockchains together by interconnecting each blockchain; it enhances efficiency and speeds up the ability to handle ever-increasing transaction volumes. It also allows faster communication within the network.
Dr. Gavin Wood, the inventor of Polkadot (DOT), sees that today’s blockchains have their own pros and cons. He was fascinated with the idea of connecting different Blockchains, which was called connecting the Dots and became the origin of the name Polkadot.
What is the Polkadot structure like?
The component that made Polkadot an ideal blockchain for Gavin Wood was the fact that he redesigned the DOT structure as a sharded blockchain that can be broken down into five key areas:
- Relaychain
Relaychain is the heart of the Polkadot blockchain network and is the main chain that connects to other sub-chains.
- Parachain
Parachain is a chain parallel to Relaychain through which developers can create digital coins or even design functions of coins here
- Collators
Collators are collectors of all data generated by data processing known as shards before passing it on to the reviewer in the next step.
- Validators
Validators validate and authenticate the information obtained from the Collators, after which the authenticated data is sent to the Relaychain network.
- Bridges
Bridges are bridges used to connect to buy Polkadot to existing blockchains Bitcoin and Ethereum, where transaction data from that blockchain is recorded on the Relaychain.
Solana Overview
The Solana Platform (SOL) was first developed and officially launched in 2017 by Anatoly Yakovenko. Prior to Solana’s development, Yakovenko worked for Qualcomm. After working at Dropbox as a software engineer, he has extensive experience with compilation algorithms. Together with Solana’s CTOs Greg Fitzgerald and Eric Williams, they have set up a new process for addressing the legacy throughput issues that exist on the Ethereum and Bitcoin blockchains. They wanted to develop an unreliable distributed protocol that would enable and support greater scalability. The team is now backed by experience from some of the world’s leading companies, including Microsoft, Twitter, Dropbox, Qualcomm, Intel, Google, Apple, and many more.
The impact of buying solana and the ecosystem it has created so far also attracts other investors. Enter this space such as SLOW Capital, CMCC Global, Foundation Capital, Multicoin Capital, Abstract Ventures, and others. Mostly people buy solana as they understand its value better.
Solana’s Strengths – Proof of History
This is a strong point and a unique system. It is SOL’s innovative solution in providing high speed and security. Proof of History is not a consensus mechanism like proof of work or proof of stake, but a cryptographic watch that allows nodes to agree on the time and sequence of events in the Solana blockchain without the need for nodes to talk to each other.
Scalability (more flexibility)
As we all know, the scalability issue is a big problem in most blockchains such as Bitcoin and Ethereum, and these blockchains are trying to solve problems such as sharing methods. Solana has a lot to do with this. It is ready to support more applications and does not require sharding methods to expand other blockchains that may have security implications.
Speed (Speed) & Security
Another highlight of SOL is the speed of transmitting transactions. In this regard, SOL generates a new block every 400ms, enabling SOL to support speeds of up to 50,000 transactions/sec. This is pretty fast compared to the speed of most blockchains at the moment (2021).
Security
There are a large number of node validators around 350 which ensure high stability and security of the network, and the validator node does not require a minimum SOL.
Fee
SOL has a very low sending fee, about 10 usd/1 million transactions, which are very cheap as compared to the popular blockchain like Ethereum, which is a big concern for many of you.
DeFi Solana
Major trends in the crypto world are inevitable. Decentralized Finance There are over 100 projects currently being built on Solana, including FTX, the #1 crypto derivative exchange, Serum, Audius, Chainlink, Raydium, and many more.
The Polkadot network continues to grow
On the other hand, the rapidly growing popularity of Polkadot continues to capture the attention of people around the world as the growing number of potential developers move in. and becoming part of Polkadot. A study by Electric Capital shows that Polkadot currently has one of the largest developer ecosystems within the growing Web3 segment.
What are the advantages of Polkadot?
At this point, many people may already understand what Polkadot is and what kind of structure it is. Next, we’ll take a look at what DOT’s strengths make people in the industry. Cryptographic Craig Curran takes this much Hype.
Flexibility
Developers can customize the functionality within the network to their liking. To be ready for the introduction of new innovations every development approach that takes place is truly the decision of all stakeholders in the network.
Upgradeability (Ready to upgrade)
No more hard forks or developer misunderstandings as Polkadot fully upgraded everything from Smart contracts, Governance, and Consensus (Consensus) as well.
Interoperability (can connect to other blockchains)
If the newly developed blockchain has to be alone, it cannot come to find other networks As a result, Polkadot has developed several parachains to connect to each other including free connection to other bridge chains such as Bitcoin or Ethereum.
CONCLUSION?
Based on our own research and historical data, Polkadot even predicts that the price of DOT may hit major global cryptocurrency market exchanges in the first half of 2022 as its own blockchain platform transitions from its Ethereum base, with prices ranging from $39 to By the end of 2022,…
