In very recent times there have certain blockchains that have been concentrating more on the overall and general infrastructural improvements and improvisations rather than on specific applications. Polkadot is one of those Bitcoin wallet. It has thus converted into one of the most popular and successful tools to improvise the fundamental technology that backs decentralized applications.
Read on to know more in detail about Polkadot to have an overall better understanding!
How Did Polkadot Emerge? – The Cryptocurrency With A Difference
Polkadot was the brainchild of Gavin Wood, who left Ethereum displeased with the way things were moving in that project. He wanted to work more with decentralized blockchain technology. With this intention in mind, he released the first white paper of Polkadot in October 2016.
When work on Polkadot started, it was envisioned on the model of PoA or proof-of-authority module. But later it shifted and started work on the proof-of-stake protocol in 2020. The network soon became a community of decentralized validators making it a truly decentralized network that its founder had initially wanted to work on.
How To Gauge The Popularity Of Polkadot? – An Investor’s Guide
Apart from Bitcoin, Polkadot is another crypto that is slowly inching toward a massive success in the market. This is evident from the fact the number of developers involved in the project is hugely increasing. A year back only 2,600 developers were working on but currently, there are 10,000 of them working on it. And going by the number of codes written for the program, a year back it was just 2 million as compared to the 6 million written currently. This indicates the popularity of Polkadot.
The Must-know Architecture Behind Polkadot
Polkadot is different from other cryptocurrencies in that it works on a blockchain that comprises three different chains. The three chains are relay chain, para chain and part threads.
Relay Chains
This chain is at the center of the system and is thus the heart of the ecosystem. This gives the network its security, unanimity, and the operations between the cross-chains. This is the most important of the three chains that comprise the architecture of the Polkadot network. All transactions and value transmissions take place at this level.
There are minimum operations at this level. As there is minimum operation at this tier, it makes the system lighter here and gives the layer the speed that it has today. Thus it can process new transactions very fast. This has made Polkadot unique and different from others. In this system, nearly 1,000 transactions can take place every second.
Parachains
These are the independent blockchains in the ecosystem of Polkadot. These standalone customized blockchains are designed for specific purposes and to take care of the special challenges that they are faced with.
They give a boost to the computing resources of Polkadot to ensure that the transactions are accurate. With so much important work to do, they are given a certain degree of freedom so that they can develop their system of governance. All this is done by sharing the security features. To make a para chain a utility feature a slot has to be leased on the relay chain.
Parathread
Like the parachain, the parathreads have the same function but with a few differences. As you pay you use them instead of leasing them. They are suitable for purposes where you do not need continued access.
Polkadot has a few other architectural features like:
- Bridges
- Nominated proof-of-stake
- Substrate framework
Polkadot Cryptocurrency: Why Is It A Preferred Option?
Polkadot is almost a lookalike of Ethereum because its founder is also the co-founder of Ethereum. Thus they have many similarities which users find beneficial. And Ethereum is also overcrowded being the number one altcoin in the market. Thus to avoid this overcrowding and congestion many are preferring to choose Polkadot as their crypto destination.
People view this as a more scalable option with a multi-chain network that makes working on it easier and simpler. This makes cryptocurrency more viable and affordable. But its most unique feature is the multilevel blockchain ecosystem. This is not seen in other cryptocurrencies and that is why it is viewed as different from others.
Conclusion
Polkadot or any cryptocurrency that you fancy can safely be traded using various platforms available today. One of these safe havens for trading is Ethereum-trader.app.