Polkadot is ushering the next wave of Blockchain. And with it, Web 3.0 — the decentralization of the web as we know it. It’s truly a sleeping giant.
Picture YouTube without Google, or eBay without eBay PLC shaving off the profits. Web 3.0 is going to be incredibly disruptive, and Polkadot could be at the heart of volcano.
As with all the “coins” I review, it’s got some pretty special features.
First and foremost, Polkadot is facilitating the ability to communicate across Blockchains.
They’re bringing about “true, cross-chain interoperability”.
This is the ability to communicate between chains, tackling a pretty obvious problem with the forthcoming internet of blockchains.
It’s easy to communicate on one network, but what about when we need to communicate between them? You can’t send your Bitcoin on Ethereum.
But, Polkadot will enable the transfer of tokens, data and assets. Though limited to the chains that have been brought into the Polkadot ecosystem, many of the larger projects i.e. Bitcoin, Ethereum are being tied in.
3 Main Components of Polkadot
There’re a number of components to Polkadot, but you should know about the..
- Relay Chain
The relay chain is the core of Polkadot.
When you buy DOT, the Polkadot crypto, this the currency of the main network.
DOT enables governance, updates, fixes, staking to ensure the network stays secure, bonding and fees for communicating across the parachains.
Parachains are the parallel chains that are maintained by their validators.
They enable multi parallelized transactions instead of single transactions.
This has many performance benefits as transactions aren’t queued in a single line, instead, many things can happen on the network at the same time.
The Bridges are the special chains that allow the Parachains to connect to external networks like Ethereum and Bitcoin.
One of the most attractive features about Polkdadot.
The fact that users can communicate with other popular chains makes Polkadot a variable intermediary for the decentralized web.
Polkadot is open-source
Polkadot is an open-source technology, as it rightly should be if it’s going anywhere in the blockchain age.
And, because it’s open-source, anyone can build on top of it, contribute to it, and/or partake in governing the direction of Polkadot.
If you want to get involved, they’ve got a multitude of platforms that will enable you.
Who made Polkadot?
Polkadot was founded by the Web3 Foundation. They’re also pretty interesting.
They fund decentralized web projects, and they’re currently pushing some pretty cool flagship projects.
Of course, Polkadot is one of them, but the Web3 Foundation is also working on massive online learning platforms .etc.
Where can you buy Polkadot
You can buy Polkadot from a few places, but the ones that I’d suggest at the moment are Binance and Kraken.