WHAT IS POLKADOT? || 10% beneficiary to tron-fan-club

INTRODUCTION

I will be discussing Polkadot and its layer-0 solution. Polkadot comes with good strategy to solve the problem of lack of interoperability by creating connection between different blockchain.

WHAT'S IN A NAME?

In the world of cryptocurrency, we have seen different kinds of names given to different projects and some might be fun sometime. With the sound of the name Polkadot, you can easily guess what is all about. It is just like multiple dots that are all over a piece of fabric and that can help you understand what the project is all about. In the world of crypto, we have many projects that are doing almost similar things. and some are doing similar things using the same blockchain. This different blockchain represents a different dot and what Polkadot does is allow you to connect the dot (blockchain). For instance, if you have a fabric with many dots, you can draw a line to connect all the dots and that means you will be connecting all the different blockchains.

WHAT PROBLEM DOES THIS SOLVE?

Lack of interoperability is the major problem Polkadot solve. As you all know that many different blockchains in the crypto world know the specific way to connect, Polkadot help different blockchain to connect will each other. Just like when the computer was invented but didn't have a way to connect to other computers but when they create a way to connect different computers, it got many people interested. Although, many other blockchains are doing a fantastic job but need a good way to interact with themselves. Polkadot has a layer-0 function and what that means is that it connects different blockchains in a very easy way.

HOW DOES POLKADOT ACTUALLY WORK?

Polkadot blockchain uses Proof of Stake to validate its transactions and connect many different blockchains. The Polkadot blockchain uses a Relay chain and Parachains.

The Relay chain is actually the center that connects different blockchains and that is where the transactions are getting validated. They develop is a good strategy to make sure the node are the users who want to participate in the network and nodes must stake 10,000 dots to become a validator. All

Parachains are the different blockchains connected to the Relay chain and they carry their use case and come back to the Relay to process transactions. For instance, there are different employers in a company, all the employers would do their different work and at the end of the day, they would come to a place to coordinate their work.

TREASURY

It is good if a project has a treasury because the money was gotten from transactions and other means will be used to grow the project such as marketing, security, software dev, and a lot more. The developers can simply take money from the treasury to develop the project. Polkadot also uses something called KUSAMA and what Kusama does is allow developers to test out their projects before they launch on the real network. Kusama secures a project before launch because the developer would have the opportunity to test the project before launching and Kusama also has real staking but it is low from the Polkadot network.

CONCLUSION

Polkadot ideology is very good and it offers great things such as innovation, scalability, interoperability, and also the wonderful idea of experimentation. The idea of shared security is very good and that is one of the things that make Polkadot interesting.