Crypto Academy Week 7 - Homework Post for [@besticofinder] // Ethereum vs Polkadot

Hello prof @besticofinder , i am glad to be here attending you 7th lesson , and i will try my best to do a gentle works base on the instructions and the renarks on my previous work

SOURCE

Polkadot is a web3 blockchain created in Switzerland by Garvin Wood, Robert Habermeier, and Peter CZaban co-founders of the Ethereum blockchain, Polkadot seems to be in a tight competition with the Ethereum (ETH) blockchain it has a very strong team backing it , it was created to provide space for developers to create more Dapp in a simple single chain process.
Ethereum blockchain is a decentralized blockchain that deal mostly with smart contracts they have a native token called (ETH) it was launched in 2015, it is not just a blockchain it can be a programming language for developers to build more decentralized apps on it (Dapp).

COMPARING ETHEREUM AND POLKADOT WHITE PAPERS

Ethereum

Looking at it this the most famous after Bitcoin in crypto, it was created in the year 2015 to act as a platform where crypto developers can work on, it has changed the use cases of blockchain from an open ledger which deals only peer to peer to a platform where smart contracts are built, in a simple form Ethereum enable developers to create and deploy decentralized Dapp.

Ethereum Evolution: Ethereum actually came to increase the released and usage of decentralized applications far beyond what Bitcoin was doing, developers during the bitcoin early time where focused on:

1. Building new blockchain
2. Using scripting on top of bitcoin
3. Building a meta protocol on top of bitcoin

So Ethereum evolved by merging all the above to give developers great opportunity to bring on board Dapp.

HOW DOES ETHEREUM WORK

Ethereum is a blockchain that has a built in programing language that give anyone at all the chance to write smart contract and developed different project on the blockchain, Ethereum blockchain works based on the following:

1. Smart Contracts : an embedded agreement in computer code that control the exchange a particular value to information and money between parties

2. Ethereum Virtual Machine : This are used to power smart contracts

3. Solidity : This is a programming language built on the system to help developers write programmes on the Ethereum blockchain

4. Ether : This is the native token of Ethereum , miners earn these when their task are completed , it is also use to power smart contract.

5. Proof of work: this is done mostly by miners who help validate and verify transaction on the Ethereum block chain.
   Basically these are how Ethereum block chain works.

TEAM: Ethereum hard a team of great blockchain guys supporting and working on it these are:

1. Vitalik Butterin
2. Charles Hodkinson
3. Joseph Lubin
4. Garvin Wood
5. Mihai Alisie

ETHER MARKET INFROMATION SOURCE
Market Cap: $201,275,969,690
Market volume: $201,275,969,690
Circulating Supply: 115,158,616 ETH
Maximum supply: not available
Asset number: #2
Active address: 2,113,910,984 within 5 min
Transaction count: more than 1,056,955,492 within 5 min

POLKADOT

It is web 3 foundation system that is aiming at bringing together multiple chain into one system, it has a native token called DOT.

DOT has the following uses:

1. It is use for the governance of polkadot where holders decide on upgrades, network fees etc.

2. Staking :this allow DOT holders to secure the network as validators who take part in minting of block while nominators back them

3. Bonding : when Dot holders help to create transactions between different blockchains

Polkadot is bringing on board a smart contract system where one different blockchains can trigger payment form each other’s networks, cross chain-swap between tokens without any intermediary.
Polkadot is evolving to appear as the internet of all blockchain since it is trying to solve the problem with interoperability.

Polkadot work on three system which are

1. Relay Chain : This is the basic layer of the chain and it serve like a book keeper that supervise all transactions

2. Parachain : This serve as a the second layer which are made up of individuals blockchain connected in parallel , this allow multiple chain to work simultaneously to enable more scalability and increase transaction speed , parachain can be customized by other cryptocurrency company if they buy one for their needs .

3. Bridges: This system will provide a bridge to connect different blockchain like BTC and Ethereum by writing a smart contract that will allow their network to communicate with the polkadot network.
   The main problem Polkadot is solving is creating a platform where all blockchain can interconnect and transact together.

TEAM: it was built by individuals with high reputations in blockchain industry, Garvin Wood, Robert Habermeier, and Peter CZaban

DOT MARKET INFORMATIO SOURCE

Market Cap: $34,130,654,232
Market volume: $1,655,685,846
Circulating Supply: 922,527,337 DOT
Maximum supply: not available
Asset number: #6
Active address: 2870220
Transaction count: This was spotted on 5 minutes time frame which we had 1435110

In conclusion: looking at the fundamental basis both token are strong with less risk to invest in them. They are all large market cap coins, comparing the market volume for 24 hours we can see that polkadot has high value than Ethereum , this tells us that profiting with polkadot is faster than Ethereum and more people are entering into polkadot market daily than the Ethereum Market let not forget Ethereum price is high, so as a beginner trader and short term trader I will invest in polkadot