Crypto Academy Week 6 -Homework post for [ @besticofinder ] // FUNDAMENTAL ANALYSIS ON POLKADOT
Hello steemit family this week I am also taking part in the task giving by crypto prof @besticofinder
POLKADOT is a multi-chain flagship application by web3 foundation that allows it users to do cross change interoperability, polkadot allow it users to send tokens across different blockchain.
Polkadot works in a parachain and parathreads that unites a network of heterogeneous blockchain and connect to and secured by polkadot relay chain.
The native token of polkadot is DOT token, this coin is used to serve three main purposes:
Providing the governance for the network
Facilitating the networks operations
Creating parachain by bonding DOTS
Holder of the DOT coin can decide on the network fees, either to eliminate or to add/remove parachains because DOTs is the main foundation of the governance and these gives holders the chance to control the governance.
From genesis the total amount of polkadot created was 10 million DOTs, Polkadot raised over $145 million in October 2017 in the first round of it token released, the total polkadot sold when the actual price of polkadot was out is 5 million Dots.
According to coindesk polkadot will raise $60 million during it second round of token sales.
The current market cap is $32,151,953,281.81 5.18% and market volume 24 hours is $2,726,960,807.58 47.16%
Polkadot is trying to solve the problem facing every blockchain sector which is interoperability , currently the market is made up of different blockchain with difficulties for internal exchanges .
From the polkadot white paper let learn how it works:
When you create a transaction on Parachain X to be sent to Parachain Y, it is sent to collators of Parachain X
Collators will figure out if the transaction is valid and include it into a block and then present it to a validator of parachain X along with a state transition proof
declaration by validators that the received block contains only valid transactions and stakes DOTs on it
Broadcasting blocks to relay chain is authorized when enough Dots are staked by the validators and nominators
The transaction is then executed and data/value from Parachain X is transferred to Parachain Y
The below is explained simply in the screenshot below taken from the white paper:
Polkadot is built by some well recognised and experienced members in the blockchain space:
Robert Habermeier: Founder
Robert Habermeier is a Thiel Fellow and co-founder of Polkadot. He has a research and development background in blockchain, distributed systems, and cryptography. A long-time member of the Rust community, he has focused on leveraging the language’s features to build highly parallel and performant solutions.
Dr Gavin Wood: Founder
Gavin began originating blockchain technology as co-founder and CTO of Ethereum. He invented fundamental components of the blockchain industry, including Solidity, Proof-of-Authority consensus, and Whisper. At Parity, Gavin currently leads innovation on Substrate and Polkadot. He coined the term Web 3.0 in 2014 and serves as President of Web3 Foundation.
Peter CZaban: Founder
Peter is the Technology Director of the Web3 Foundation, where he works on supporting the development of the next generation of distributed technologies. He obtained his Masters of Engineering degree at the University of Oxford, reading Engineering Science where he focused on Bayesian Machine Learning. He has worked across defence, finance and data analytics industries, working on mesh networks, distributed knowledge bases, quantitative pricing models, machine learning and business development.
Polkadot is similar to Ethereum 2.o but Ethereum has been in the system for a while so I won’t compare Ethereum to polkadot but I will compare it to cosmos.
Some comparism between COSMOS and POLKADOTS:
Cosmos allows value transfer between blockchains, Polkadot is more generalized and allows cross blockchains interactions(values and massages) between disparate smart contracts
Cosmos uses Tendermint BFT protocol for consensus Polkadot uses a hybrid model of consensus
Cosmos leaves it to zones to secure their own networks but polkadot parachain needs to stake DOTs to get attached to the Polkadot relay chain to enjoy the benefits of pooled security.
Polkadot has much interaction on social media such as
Hi @rafyray,
Your article is with plagiarism. Please submit only your original work [0]
Thank you
Should I edit this work or resubmit it because I researched about the team behind POLKADOT on the POLKADOT website @besticofinder