Polkadot Image Source
Cosmos Image Source

Hi everyone, welcome to this week’s lesson of season 2. In this homework task post, I will be answering this week’s task on writing about and comparing any two blockchain platforms, a task by @alphafx - Like I usually say, when it comes to crypto investing most especially - which is one of the trending topics at the moment, it is important to have a good knowledge of the blockchain platform behind the cryptocurrency because it helps in decision making. Also, researching about and comparing the various blockchain platforms helps to have a clear understanding of what each of the blockchain platforms does and what makes them different from the others. I will be giving my opinion and comparing two blockchain platforms that are doing great things.

Polkadot (DOT)

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Polkadot and What it is all About

Polkadot is a blockchain platform solution that is considered as one of the competitors to ethereum and also major competitor to cosmos. Polkadot is simply a blockchain platform protocol that is capable of connecting multiple blockchains into a single network. One of the core aims of polkadot is building infrastructure for Web 3.0.

Polkadot blockchain platform focuses on security, scalability, and innovation. This is achieved by polkadot using what is known as parachain which is the individual blockchains in the polkadot ecosystem and the relay chain which is the main chain. Polkadot makes it possible for anyone to set up their own custom parachain and once that is achieved, that custom chain becomes interoperable with other parachains on the polkadot blockchain network. Polkadot also allows for building cross-chain applications.

Key Features of Polkadot

Some of the key features of the polkadot blockchain

• Scalability
• Security
• Interoperability
• Easy blockchain innovation
• User-driven network governance
• Forkless and future-proof

Benefits of Polkadot

Polkadot is one of the top blockchain project at the moment and it offers a lot of benefits, hence why a lot of other projects are seeing polkadot as a great foundation to build on. Some of the benefits of polkadot are;

• Polkadot allows for scaling which is key for any blockchain based project.

• Polkadot allows for customization which is also very important for making changes and achieving uniqueness required to stand out.

• Interoperability which means that the various blockchains can interact with each other and share data seamlessly.

• Polkadot allows for effective governance in the network

• Another key benefit of polkadot is upgradeability which means that polkadot and other parachains can upgrade without the need of hardfork.

Polkadot Token – DOT

The native token of Polkadot is DOT which serves as the network token. The DOT token has a lot of usecases in the polkadot network ecosystem… One of the main uses of DOT is that it is used as governance in the polkadot platform. This means that DOT holders can participate in the governance of the polkadot platform. DOT is also used for staking so as to facilitate consensus in the polkadot network and also determine network fees.

Polkadot Staking

Staking is also a big part of polkadot. This is not something new in the blockchain cryptocurrency space. Polkadot uses a proof of stake model which utilizes staking of tokens and rewards its users for staking on the network.

Polkadot (DOT) Wallets and Exchanges

Polkadot DOT can be held in a variety of different wallets like mobile wallets, desktop wallets and hardware wallet. Polkadot DOT is supported by a variety of the top crypto wallets like atomic wallet, ledger wallet, trust wallet, exodus wallet.

Polkadot DOT is listed on a variety of top cryptocurrency exchanges such as binance, huobi, kucoin, kraken, bittrex, gate.io, OKEx, poloniex etc.

Polkadot (DOT) Statistics

Polkadot DOT currently has a marketcap of $39,681,131,485 and on number 7 on coinmarketcap, with current price of over $42. DOT has a circulating supply of 929,760,229 DOT, fully diluted marketcap of $45,490,386,556, total supply of 1,065,784,342 DOT.

Cosmos (ATOM)

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Cosmos and What it is all About

Cosmos is a blockchain platform that can be compared to polkadot because they share a lot of similarities but are still very different in their approaches. Cosmos is a decentralized blockchain platform that enables data exchanges between various blockchains. It is a decentralized blockchain platform of independent parallel blockchains that can scale and connect to each other. One of the core aims of cosmos is building an infrastructure that allows for the communication of separate blockchains with each other seamlessly. Cosmos blockchain platform focuses on security, scalability, and cross-chain bridges.

Key Features of Cosmos

Some of the key features of the cosmos blockchain platform

• Scalability
• Security
• Interoperability
• Decentralization
• Cross-chain bridges
• Customizable
• Internet of blockchains

Benefits of Cosmos

Cosmos is yet another top blockchain project at the moment. Similar to polkadot and a lot of other top blockchain platforms, cosmos offers a lot of benefits. Some of the benefits of cosmos are;

• Cosmos focuses on scalability which is key for any blockchain based project.
• Decentralization which means that cosmos doesn’t have any central entity that determines what happens on the network, instead, it is decentralized.
• Interoperability which means that the various blockchains can communicate with each other seamlessly.
• Cosmos is fully customizable which is also very important for making changes and achieving uniqueness required to stand out.
• Another key benefit of cosmos is that is streamlines inter-blockchain transactions.

Cosmos Token – ATOM

The native token of cosmos is ATOM which serves as the network token. The ATOM token has a lot of usecases in the cosmos platform… One of the uses cases of ATOM is for paying for transaction fees in the Cosmos network. Also, ATOM allows for the participation in the consensus of the cosmos network.

Cosmos Staking

Cosmo also uses a proof of stake model. Validators in the cosmos network earn rewards by being in the top 100 stakers. Users can also earn rewards by delegating or staking to a validator in the cosmos network.

Cosmos (ATOM) Wallets and Exchanges

Cosmos ATOM can be held in a variety of different wallets like web wallets, mobile wallets, desktop wallets and hardware wallet. Cosmos ATOM is supported by a variety of the top crypto wallets like Wallet.io, atomic wallet, ledger wallet, trust wallet, exodus wallet, Guarda Wallet, TokenPocket etc.

Cosmos ATOM is listed on a variety of top cryptocurrency exchanges such as coinbase pro, binance, huobi, kucoin, bittrex, kraken, gate.io, OKEx, poloniex etc.

Cosmos (ATOM) Statistics

Cosmos ATOM currently has a marketcap of $5,550,466,627 and on number 31 on coinmarketcap, with current price of aover $26. ATOM has a circulating supply of 210,641,905 ATOM, fully diluted marketcap of $7,073,105,297, total supply of 268,426,508 ATOM.

Summary of Similarities and Differences of Polkadot (DOT) and Cosmos (ATOM)

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Similarities

• Communicating and data sharing between different blockchains
• Secure
• Scalable
• Decentralized
• Interoperable
• Customizable
• Proof of stake
• Listed on similar exchanges

Differences

Both platforms a lot very similar to each other with very few differences;

• Cosmos gives a bit more freedom to build blockchains
• Cosmos has a much lower total supply
• Polkadot uses relay chains while Cosmos uses hubs
• Polkadot has a larger community on social media
• Polkadot has a higher market capitalization

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@steemcurator01
@steemcurator02