Steemit Crypto Academy | Homework 4 @gbenga|Ethereum Blockchain- Polkadot|

Getting to Know the Ethereum Blockchain

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Thanks to the applications to be developed in almost every field we can think of, users can perform their transactions without the need for any intermediaries. The environment of trust is maximized by eliminating intermediaries. In addition, tasks such as sending money, arranging safe and transparent contracts are carried out without the need for notary institutions. Smart contracts allow users to perform one-on-one transactions in a transparent and secure manner, while minimizing the risk of fraud within this framework.

The purpose of ETH's creation is essentially to encourage programmers to run the Ethereum protocol on their computers. Programmers awarded with this digital asset ensure that the network remains healthy and secure by producing high-quality software.

I mentioned that Gawin Wood was one of the founders of Ethereum. Gawin created Polkadot after Ethereum.

Getting to Know the Polkadot

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It was created under the leadership of the Web3 Foundation, a Swiss-based foundation. It was developed by Gavin Wood, one of the founders of Ethereum, computer programmer Robert Habermeir.

There are some concepts that should be known first in order to master the basic working structure of Polkadot. These are relay chain, parachain and bridge chain. Now I will explain what they do one by one and what solutions they produce.

The basic Polkadot chain is the relay chain linking all these independent chains together. Therefore, they can organically solve interoperability problems between these link chains. Parachain refers to parallelized chains running over the Polkadot network. These help grow the system by parallelizing the processes. In this way, the scalability problem is eliminated.

Unlike others in Polkadot, each blockchain can have a new design optimized for a specific use case. This can provide better services for blockchains and increase efficiency and security by excluding unnecessary code.

The biggest problem with other blockchains was scalability. They handled a limited amount of traffic. Polkadot eliminates the scalability problem and promotes interoperability. Polkadot offers an innovation advantage. Allows you to easily create a custom blockchain. Thus, it encourages more developers to join the system.

Polkadot can be upgraded without hard forks to integrate new features or correct errors. This feature allows Polkadot to easily adapt to changes and upgrade itself as better technologies emerge.

Plakadot (DOT) according to Coingecko data

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As we know, the crypto money of the Palkadot project is DOT. The DOT token is listed on almost all major exchanges. Its current value is $ 34.11.

It reached its highest value on February 20, 2021 ($ 42.25). Its lowest value was on 20 August 2020. ($ 2.70)