WELCOME BACK guys, in this post I want to show WHAT IS POLKADOT, his mission and his use-cases!
I hope this little guide can be helpful both for people who still know little or nothing about polkadot, and for those who already know the ecosystem and who still want to have a little refresher!
Polkadot (DOT) and the dream of realizing Web 3.0 with interconnected blockchains.
There is an idea that is slowly becoming a reality, creating Web 3.0 made of interconnected blockchains. That is, to unite ecosystems "on their own" and which will soon be able to communicate with each other.
Polkadot is a protocol that was born from the idea of Gavin Wood (and of other people of course), one of the many founders of Ethereum and founder of the Web3 Foundation.
Polkadot's mission is to unite various blockchains into a single network, to be able to process transactions in parallel and exchange data between chains, guaranteeing security.
WHAT IS POLKADOT?
Polkadot is an independent blockchain protocol. Its DOT token, originally generated on Ethereum, has long since migrated to the Polkadot blockchain of which it is its native cryptocurrency.
Polkadot wants to create a future in which not a single ecosystem will predominate, but where various systems will specialize to provide more or less identical or totally different services. It will therefore be necessary to unite these ecosystems with each other, with the aim of facilitating the transition of users from one blockchain to another.
HOW DOES POLKADOT WORK?
We can consider Polkadot as consisting of three levels, each with its own functionalities.
The ecosystem uses a proof-of-stake (PoS) consensus method to validate transactions. A solution seen as the most efficient from many points of view, both environmental and economic, and makes use of the following "levels":
Relay Chain. The first level, whose task is to ensure network security, consensus and interoperability between cross-chains.
Parachain. Blockchains that can generate their own token and optimize functionality for specific use cases. The Parachains connect to the Relay Chain, paying according to consumption or renting a slot for continuous connectivity.
- Bridge. Through a connection bridge we want to create a connection with other ecosystems such as Ethereum. The aim is to create a Web 3.0 that is as open and easily navigable as the current Web 2.0 is.
WHAT IS KUSAMA?
The development of the platform is supported by a second identical blockchain called Kusama. The latter takes the risk to save the life of the parent blockchain. Kusama (KSM) has the task of first experimenting with the features that will later be implemented in Polkadot.
Testnets are usually used to carry out the experiments and later the update is performed on the mainnet. But with Kusama a different choice was made, and that is to experiment in a "real" context what happens to updates if something goes wrong. In this way it is Kusama who crashes and not Polkadot.
Polkadot also defines itself as a decentralized system that is both permissionless and permissioned at the same time, allowing the development of independent private blockchains.
Polkadot is certainly an interesting project to consider if you are an investor in the cryptocurrency sector.
The idea of having a dual platform, one as a "prototype" (Kusama) and the other as a final product (Polkadot), however expensive, is a strategy that partially protects the DOT cryptocurrency from potentially unleashed market volatility. from the sudden discovery of errors in computer code.
MORE INFO ABOUT POLKADOT -> HERE :D
And what do you think? are you Polkadot lovers? Do you think it could have a great future? Or will the next updates on the ethereum network put DOT a little "in the shade"?