- What is Polkadot?
Polkadot is a network that connects individual blockchains. It allows these Blockchains to share data in a decentralized way. Polkadot focuses on solving two main problems of Blockchain: Interoperability and scalability of the network. Polkadot’s (DOT) vision is to create a “Decentralized Web” where our identities and data will be controlled by ourselves, not by any organization or government.
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- The solution that Polkadot solves
Polkadot aims to solve the problems inherent in the blockchain:
- Ability of extension
- Structure of Polkadot
- The key chain (Relay chain) is the backbone of Polkadot, responsible for the authenticity of the link Parachain.
- Scaling solution (Parachain)
- Advantages and disadvantages of the Polkadot project
- Able to process many transactions in parallel
- Cross-chain interoperability and communication
- Easy to upgrade
- Disadvantages: Sharding also poses a huge risk because it sacrifices security features to increase scalability for the system.
- Information about DOT copper
DOT is the native token of the Polkadot network. The main functions of DOT in Polkadot include:
Governance: Investors will use their DOT to participate in the management and modification of the protocol.
Staking: Investors will be staking their DOT to join the consensus mechanism on the Polkadot platform.
Bonuses: Investors will receive a DOT bonus if they are active on the platform.
Bonding: Binding DOTs will create new parachains, which is a Proof of Stake (PoS) method.
Investors who own DOT tokens will be able to assume the following roles:
Validator: Performs staking DOT to ensure the security of the main chain (Relay Chain), verifies and adds new blocks to the main chain, and validates proof of Collator.
Collator: Performs the role of collecting transactions on Parachain and sending evidence to the validator.
Nominator: Make sure the main chain is working by verifying the Validator does staking DOT
Fisherman: Network monitoring and breaches report to Validator.
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