Like Ethereum, but Better: Polkadot Could Be the Secure Future of the Blockchain
25 Ottobre 2021 - 12:00PM
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Polkadot has attracted significant attention since the project’s
inception in 2016 is due to its founding team. Polkadot is the
brainchild of Dr. Gavin Wood, who is one of the original
co-founders of Ethereum and who came up with the idea of the
Solidity programming language. Wood left his position as CTO at
Ethereum in 2016, shortly after the platform launched on mainnet.
He’d already shared a vision for how Ethereum’s development could
pan out, but it seems his co-founders disagreed. So Wood decided to
implement his vision as Polkadot, a new project. Features of
Polkadot Polkadot has several features designed to make it stand
out from competitor platforms. One of the most notable is that
Polkadot has a kind of sibling network called Kusama, which runs on
the same codebase. Kusama serves as a midpoint between Polkadot’s
testnets and a full Polkadot implementation. Along with the ability
to experiment, Kusama is expected to remain operational as a live
environment for lower value applications that don’t require
Polkadot’s enterprise-grade security and stability. However, the
two platforms are comparable in architecture and operation.
Architecturally, Polkadot draws comparisons with Ethereum 2.0. Both
platforms use sharding as a way of increasing processing capacity,
each deploying a central chain responsible for maintaining the
state and security of the overall blockchain. Polkadot’s central
chain is called the Relay Chain, whereas Ethereum has the Beacon
chain. In both cases, sharded chains connect to the central chain.
Polkadot calls these sharded chains parachains. Perhaps the biggest
difference between Polkadot and Ethereum is that Polkadot is aiming
for full interoperability across other blockchain platforms. Some
of the parachains connected to Polkadot will operate as so-called
bridge parachains, allowing anyone to transact value from an
external network into the Polkadot ecosystem and vice versa. Bridge
parachains act as witnesses for bridge traffic to ensure that
transaction integrity is secured on both sides. Despite the fact
that Gavin Wood was one of the orchestrators of Solidity, Polkadot
has shunned Solidity in favor of the Substrate Framework. Rather
than coding smart contracts from scratch, Substrate is an
open-source framework allowing anyone to create an
application-specific blockchain to run on Polkadot or Kusama. Any
developer with knowledge of generic programming languages can start
using Substrate without learning any new tools. The DOT token and
secure custody Polkadot has some intriguing economic forces at play
around the native DOT token. Like all other platforms, DOT plays a
critical role in network consensus and governance. Polkadot runs on
a variation of Proof of Stake called Nominated Proof of Stake or
NPoS. It’s similar to the Delegated Proof of Stake used by EOS, in
that DOT token holders can nominate a validator by delegating their
tokens. However, unlike EOS, a validator can opt to finance their
own stake, too—it’s not a requirement to be nominated. Furthermore,
while EOS has only 21 validators, Polkadot currently supports close
to 300, so it’s far more decentralized. Polkadot operates another
layer of tokenomics around its parachains. Parachains can only
connect to the Polkadot network by winning one of a limited number
of parachains slots, which are awarded to the highest bidder at
parachain auctions. The winning bid receives a lease for a fixed
number of months. Projects bidding for parachain slots can conduct
crowd loans, asking supporters to pledge their DOT for the duration
of the parachain lease. In return, projects offer their own tokens
as rewards. This process creates an additional dynamic to the DOT
economics, as holders have the choice to either delegate tokens to
secure the network for rewards or loan them to projects in return
for project token rewards. Given the complex characteristics of the
Polkadot blockchain protocol, it understandably requires a
custodian capable of full warm and cold storage solutions.
Digivault, the EQONEX Group’s crypto custodian, was the obvious
choice to provide secure custody services for DOT. Digivault is the
first custodian registered by the UK’s Financial Conduct Authority
(FCA). DOT is listed on EQONEX Because of its utility, degree of
decentralization, and innovation, you can trade the DOT token on
EQONEX. What’s more, all customers of EQONEX who hold DOT will
custody their holdings in Digivault by default.
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