What is Polkadot? Is it better than Ethereum?

What is Polkadot?

Polkadot is a next-generation blockchain protocol connecting multiple specialized blockchains into one unified network. Designed as part of a broad vision for a web that returns control to individuals over internet monopolies, Polkadot builds on the revolutionary promise of previous blockchain networks while offering several fundamental advantages.

Problems with Ethereum

Now a days, polkadot is one of the most hyped coin and it deserves this hype. If you know even a bit about crypto then you must know what is ethereum. For every transaction on ethereum whether the amount is small or large you have to pay gas fees for every transaction. Now ethereum network is most used network in blockchain space most of the defi protocols, smart contracts runs on ethereum network which definitely increases ethereum’s usercases but ethereum network has scalability problems. If you wanna transfer ethereum or any another coin runs on ethereum mainnet, you have tp pay gas fees in Gwei ( Wei is smallest unit for transaction in ethereum network, Gwei stands for Giga Wei which is equals to 1,000,000,000 wei and 1 Gwei is equals to  0.000000001 Eth). It seems to be a small amount but now due to network congestion and to make your transaction confirmed, you have to pay fees worth approximately 7$ for a basic transaction in ethereum network whatever your transaction amount is. This problem will be solved with Eth2.0 but it’d take time. Polkadot solves these problems with additional benefits as described below.

How Polkadot solves these problems?

Polkadot Supports

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 which makes polkadot quite efficient for mass adoption.

Economic & 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. It solves ethereum’s scalability problem, makes transaction more secure.

Easy blockchain innovation

Create a custom blockchain in minutes using the Substrate framework. Connect your chain to Polkadot and get interoperability and security from day one. This ease of development helps Polkadot’s network grow. It makes Polkadot developer friendly, one can easily create dapps, smart contract as compared to ethereum.

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. New parachains are added by bonding tokens. Outdated or non-useful parachains are removed by removing bonded tokens. This is a form of proof of stake.

Security for everyone

Polkadot’s novel data availability and validity scheme allows chains to interact with each other in a meaningful way. Chains remain independent in their governance, but united in their security.

User-driven network governance

Polkadot has a sophisticated governance system where all stakeholders have a voice. Upgrades to the network are coordinated on-chain and enacted autonomously, ensuring that Polkadot’s development reflects the values of the community and avoids stagnation. Polkadot token holders have complete control over the protocol. All privileges, which on other platforms are exclusive to miners, will be given to the Relay Chain participants (DOT holders), including managing exceptional events such as protocol upgrades and fixes.

Staking

Game theory incentivizes token holders to behave in honest ways. Good actors are rewarded by this mechanism whilst bad actors will lose their stake in the network. This ensures the network stays secure.

Fundamental Information

Ticker: DOT 

Token type: ERC20 

Fundraising Goal: ETH

Total Tokens: 10,000,000

How to trade Polkadot?

Polkadot is listed on all major exchanges like binance, huobi, etc. You can directly go to the exchange where you can buy or sell polkadot polkadot using desired pair. You can use links given below.

Binance : https://www.binance.com/en/register?ref=TI63Q1K0

Huobi : https://www.huobi.com/en-us/exchange/dot_btc/

They are recommended exchanges for newbies.

Leave a Comment

Your email address will not be published. Required fields are marked *