• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news
Crypto.com Logo
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play GamesTry
  • Bet & WinTry
  • Bitcoin Casino ReviewsTry
No Result
View All Result
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play GamesTry
  • Bet & WinTry
  • Bitcoin Casino ReviewsTry
No Result
View All Result
NewsBTC
No Result
View All Result
Nexo Logo

Like Ethereum, but Better: Polkadot Could Be the Secure Future of the Blockchain

NewsBTC by NewsBTC
10 months ago
in Company News
Reading Time: 3 mins read
Advertisement

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.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

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.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
Get 110 USDT Futures Bonus for FREE!

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.

Read our comparison of 50 different crypto casinos. Find out who has most generous bonuses, best UX, knowledgeable customer support and best provably fair games.

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.

Tweet123Share196ShareSend
Win up to $1,000,000 in One Spin at CryptoSlots
NewsBTC

NewsBTC

Related Posts

Here’s A List of Trusted Non-GamStop Casinos In The UK

Here’s A List of Trusted Non-GamStop Casinos In The UK

9 hours ago
How Gold Continues To Prove To Be A Hedge Against Inflation

How Gold Continues To Prove To Be A Hedge Against Inflation

2 days ago
Has Mark Cuban Changed His Mind on Cardano?

Has Mark Cuban Changed His Mind on Cardano?

2 days ago
7 Best Altcoins Everyone is Talking About

7 Best Altcoins Everyone is Talking About

3 days ago
Future of Content: How Web 3.0 Revolutionizes Approach to the Creator Economy

Future of Content: How Web 3.0 Revolutionizes Approach to the Creator Economy

3 days ago
Component NFTs Are The Next Big Thing, And Cradles Will Lead The Way

Component NFTs Are The Next Big Thing, And Cradles Will Lead The Way

3 days ago

Premium Partners

Top Brokers

PrimeXBT

PrimeXBT

Review · Visit

Top Casinos

BitStarz

BitStarz

Review · Visit
7BitCasino

7BitCasino

Review · Visit
Punt Casino

Punt Casino

Review · Visit
mBit

mBit

Review · Visit
CryptoGames

CryptoGames

Review · Visit
Bspin

Bspin

Review · Visit

Sportsbooks

1xBit

1xBit

Review · Visit

Keninah Concord And Fantom, Paired with Baby Doge Coin Will Give You a Well-Balanced Wallet!

August 14, 2022

Can Carlossy Caterpillar Achieve What Meme Coin Giants Dogecoin and Shiba Inu have?

August 14, 2022

To Take DeFi To The Next Level, We Need Killer App, says Ripple Executive. Can Youniverze Be The One?

August 14, 2022

GNOX (GNOX): Likely Top 50 Crypto Similar To EOS (EOS) And Sandbox (SAND) After Presale Sold-Out Quickly

August 14, 2022

Gnox (GNOX), Sandbox (SAND) and Decentraland (MANA): The Most Promising Investments in 2022

August 14, 2022

ABOUT US

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

COMPANY

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

LINKS

Crypto Prices from Nomics

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

© 2021 NewsBTC. All Rights Reserved.

  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play Games
  • Bet & Win
  • Bitcoin Casino Reviews

© 2021 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.