Polkadot (DOT), Building the Web 3.0

Polkadot (DOT), Building the Web 3.0

By Gamma | Gamma | 31 Jan 2021


Interconnected blockchain networks

 

Polkadot relies on a combination of elements to create a fully interoperable architecture, and the project is notably led by the co-founder of the Ethereum blockchain.

Polkadot is a next-generation protocol that combines several interconnected blockchain networks. It enables scalability by allowing these dedicated blockchains to communicate with each other in a secure environment.

 

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The purpose of the creation of the Web3 Foundation is to promote and guide technologies and applications in the field of decentralized protocols, especially those using modern cryptographic methods, to benefit and stabilize the Web 3.0 ecosystem.
As a multi-chain including interoperability protocols, it is notably composed of a relay chain, which is the central chain of the Polkadot network and can be considered as the mother chain. All Polkadot validators store their DOT on the relay chain.

Polkadot is divided into 4 groups, each with a specific role:

  • The nominators
  • Validators
  • The collectors
  • The fishermen

Polkadot uses the Nominated Proof-of-Stake (NPoS) as a consensus for the operation of its network. This consensus is described as a hybrid

 

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Unlike Bitcoin and its 21 million BTC, DOT is inflationary and there is no maximum number of chips in circulation. The inflation rate in the first year is designed to be 10%, and the Validator is rewarded according to the amount of the Validator's DOT wager.

The DOT gives its holders the right to exercise full control over Polkadot's governance. All privileges that for other networks are exclusive to minors will be granted to DOT token holders. 

 

The price of pol is currently $16.56 

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Polkadot's processing method is still very complicated and is currently only used by experts, and is currently one of Ethereum's (ETH) most serious competitors. The project is still young, but it has yet to prove itself to Web 3.0 application developers.

 

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Gamma
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