Polkadot

coin

Polkadot is a crypto coin with a circulating supply of 1B and total supply at 1.1B. Polkadot is represented by its symbol DOT and is one of the most popular cryptos in the world. Go through the project details to know more details about Polkadot and its investment opportunities.

 
 
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Highlights of the Project

What makes Polkadot different? What are the unique features of Polkadot?

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.

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.

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....

About the Project

Learn more about Polkadot project and its usecases

What Is Polkadot?

Polkadot is a scalable, interoperable and secure network protocol for the next web. It is a true multi-chain application environment where things like cross-chain registries and cross-chain computation are possible. Polkadot can transfer this data across public, open, permissionless blockchains as well as private, permissioned blockchains. This makes it possible to build applications that get permissioned data from a private blockchain and use it on a public blockchain. For instance, a school's private, permissioned academic records chain could send a proof to a degree-verification smart contract on a public chain.

History Of Polkadot?

The Genesis block of the Polkadot network was launched on May 26, 2020, as a Proof of Authority (PoA) network, with governance controlled by the single Sudo (super-user) account. During this time, validators started joining the network and signaling their intention to participate in consensus.

The network evolved to become a Proof of Stake (PoS) network on June 18, 2020. With the chain secured by the decentralized community of validators, the Sudo module was removed on July 20, 2020, transitioning the governance of the chain into the hands of the token (DOT) holders. This is the point where Polkadot became decentralized.

The final step of the transition to full-functioning Polkadot was the enabling of transfer functionality, which occurred on Polkadot at block number 1,205,128 on August 18, 2020, at 16:39 UTC.

On August 21, 2020, Redenomination of DOT occurred. From this date, one DOT (old) equals 100 new DOT.

Roadmap of Polkadot

  • PoA - Web3 Foundation will launch Polkadot in Proof of Authority mode. During this time, most users will be able to Claim tokens from their Ethereum contract and Stake tokens and declare their intent to validate or nominate. Validators will also be able to set their Session keys in preparation for Proof of Stake, and Web3 Foundation will be able to use the Sudo key to manage the chain and enable more features.
  • NPoS - During Nominated Proof of Stake, the network will run with a decentralized set of validators. During this phase, Web3 Foundation will use Sudo to increase the number of validators in the set.
  • Governance and Removing Sudo - With Polkadot's governance system enabled, it can elect the first Council and Technical Committee and start accepting public proposals. While the Sudo key might still be needed for a few operations, governance can take over most of the chain's decisions. Once Sudo is removed, root calls will only be dispatchable via governance.
  • Enable Balance Transfers - Polkadot allows balance transfers.
  • Parachain Rollout - Before being enabled by Polkadot’s network governance, parachains will be tested and optimized both on parachain testnets and on Kusama. Once the code has been fully tested, audited and benchmarked, and parachains are running smoothly on Kusama, Polkadot governance can enable parachains and begin parachain slot lease auctions. Parachain slots will be auctioned one-by-one, with each auction lasting about 1 week.
  • Future Upgrades - Polkadot upgrades currently under development include upgrades to XCMP (Cross-Chain Message Passing) and the launch of parathreads. These and any subsequent upgrades can be enabled by Polkadot’s on-chain governance community once development, testing, benchmarking, and auditing are complete.

Frquently Asked Questions

  • Why do we need Polkadot?
    • Polkadot makes blockchain experimentation possible in the same way Ethereum made decentralised application (DApp) experimentation possible. Polkadot is designed to facilitate faster innovation cycles, particularly when experimenting with new state transition functions.
  • How many chains can Polkadot connect?
    • There is no specific limit to the number of chains that can be connected to the Polkadot network, which is scalable by design. Initial predictions suggest the basic Polkadot design will be able to handle at least dozens and perhaps hundreds of parachains.
    • Polkadot can connect any previously existing blockchain if it matches two criteria:
      • It must have the ability to form compact and fast light-client proofs over the finality and validity of its blocks and state change information (this would include new UTXOs in a Bitcoin-like chain or logs in an Ethereum-like chain).
      • There must be a means by which a large set of independent authorities (perhaps up to one thousand) can authorise a transaction. This could include recognition of threshold signatures, such as the Schnorr scheme, or a smart contract able to structure logic against a multi-signature condition.
  • What is the difference between a Parachain and a blockchain connected via a Bridge?
    • Parachains are the name given to the parallelized chains that participate in the Polkadot network. Polkadot’s natively supported blockchains achieve consensus using the greater network’s consensus mechanism, both adding to and benefiting from pooled security.
  • At what stage is development now?
    • The Polkadot network's first Proof of Concept, POC-1, was released in May of 2018. The bulk of this release focuses on the development of the Relay Chain, the central nervous system of the Polkadot network.

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RECENT NEWS ON Polkadot

Read the latest news about Polkadot from across the globe.

Polkadot makes a new attempt to garner attention – Will it succeed? - AMBCrypto News

Mon, 25 Sep 2023 02:31:58 GMT: Polkadot makes a new attempt to garner attention – Will it succeed?  AMBCrypto News

Interoperable Chain Polkadot (DOT) Says Roadmap in Place To Support 1,000 Parachains - The Daily Hodl

Sun, 24 Sep 2023 18:45:26 GMT: Interoperable Chain Polkadot (DOT) Says Roadmap in Place To Support 1,000 Parachains  The Daily Hodl

Most large cryptocurrencies decline as Polkadot declines - MarketWatch

Tue, 26 Sep 2023 14:00:00 GMT: Most large cryptocurrencies decline as Polkadot declines  MarketWatch

Polkadot Cross-Chain Bid Takes Flight As DOT Battles Uncertainty - NewsBTC

Sat, 23 Sep 2023 08:35:20 GMT: Polkadot Cross-Chain Bid Takes Flight As DOT Battles Uncertainty  NewsBTC

Polkadot eyes support for 1,000 parachains in future - The Block - Crypto News

Fri, 22 Sep 2023 13:58:30 GMT: Polkadot eyes support for 1,000 parachains in future  The Block - Crypto News

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