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There are not many cryptocurrencies that have gained so much popularity in such a short span of time as Polkadot. Although the cryptocurrency has been around since past 3 years and was in its development phase for a better period of time, its main net launched recently in August 2020. Polkadot has taken the crypto-markets by storm with the rapid development. The upsurge in its popularity has enabled it to make its way into the top 10 cryptocurrencies by market capital in just a matter of 2 weeks.
Polkadot is sometimes dubbed as the mother of all cryptocurrencies, and is sometimes described as the Ethereum Killer. Although the founder of Polkadot has put it out openly that it is not a competitor to Ethereum, a closer look into the dynamics of the technology suggests otherwise.
The technology that Polkadot has brought forward is indeed revolutionary; something which has the potential to change the dynamics of the whole cryptocurrency world.
0:00 - Opening 3:20 - Brief history of the internet 10:59 - What is blockchain? 25:49 - History of blockchain and crypto 27:34 - What are the issues with legacy ...
Present-day blockchain architectures all suffer from a number of issues not least practical means of extensibility and scalability. We believe this stems from tying two very important parts of the consensus architecture, namely canonicality and validity, too closely together. This paper introduces an architecture, the heterogeneous multi-chain, which fundamentally sets the two apart.
The whitepaper of Polkadot is 21 Pages long.
The most influencial keywords are: Validity, Validators, Chain, Blocks, Receiving validating, Transactions, Transactability, Data, Polkadot, and Networks.file_downloadOpen Whitepaper
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Polkadot was founded back in May 2016.
Its source code was released publicly on github on August 2018
under the GNU General Public License v3.0 license.
Organization wise, Polkadots Development is and is being developed under the lead of a non-public figure..
The consensus on which the Polkadot network is run is called PoS, while
the underlying algorithm is called Blind Assignment for Blockchain Extension.
In the current state of Polkadot currently is
Welcome to the Polkadot subreddit, a channel for discussion and content about multichain technology and enabling Web 3.0
|view_list r/dot Subreddit|
|person 16,710 Subscribers|
|directions_run 343 Active Users|
|create 19 Daily Posts|
|speaker_notes 100 Daily Comments|
You can view and join @polkadotofficial right away.
|view_list Polkadot (Read-only) Channel|
|person 31,190 Members|
|directions_run 3,610 Online|
Official Twitter account for Polkadot
|view_list @polkadotnetwork Channel|
|person 4,587 Followers|
There are no events for Polkadot in the next 3 Months
The Google Trends chart displays the search interest on google in Polkadot relative to its peak over the last year. A rising chart shows growing interest int he project.
Every change to the codebase of Polkadot is registered as a commit. More active projects have many commits, dead projects nearly none.
Extending a project results in many new lines of code. Changing existing code results in nearly the same amount of additions and deletions. Projects that are growing show a large number of code additions with relatively few deletions.
|star 2,532 Stars|
|remove_red_eye 289 Watchers|
|usb 534 Forks|
|sync_problem 224 Open Issues|
|border_color 6.82 % Comment Coverage|
|lock_open GNU General License|
Convert between DOT and USD with the live Polkadot prices, aggregated from all big exchanges that trade Polkadot.
Volume from exchanges is considered untrusted if the exchange has little reputation and no License but reports suspiciously high trading volume in particular coins.
Gavin Wood -
Co-Founder of Ethereum. Founded Polkadot.
In the year 2017, there was a surge in the number of available cryptocurrencies as many experienced individuals realized the true potential of cryptocurrencies. As a result, many newer ambitious projects that focused their energies towards the development of a decentralised internet, also known as Web 3.0, came into the limelight. Polkadot is a similar project that seeks to power the future of a decentralised internet. The technology has identified the lack of inter-operation between different cryptocurrencies, and therefore has empowered its own blockchain to be interoperable with other blockchains regardless of whether it was within or outside the cryptocurrency. This is indeed one of the greatest powers of the Polkadot project. Polkadot also provides the relevant infrastructure and technology through its blockchain platform which allows for the creation of smart contracts and even new blockchains built on top of the Polkadot network. The Polkadot technology is built on a modular design and is upgradeable. The network of this futuristic technology is decentralised and is governed by those who hold DOT, the native token of the Polkadot cryptocurrency (Krupka, 2020).
Polkadot is a revolutionary project whose main aim is to establish a more decentralised internet. As a matter of fact, it is backed by the Web3 Foundation, which is a Swiss-based organisation working actively to realise the dream of free and decentralised internet. The actual product is hard to describe in simple words. Polkadot is easily one of the most complicated cryptocurrencies of this era. To get a deep understanding of the technology, Polkadot Foundation has series of articles dedicated to explaining the technology. However, Polkadot can be visioned as an ecosystem of blockchains. The backbone of the project is the main blockchain known as Relay Chain. The Relay Chain can have Parachains growing out of it which can have their own tokens, protocols, methodologies and mechanisms (Platts, 2019).
The founding figure of Poladot is none other than the cryptocurrency sensation, Dr. Gavin Woods. Dr. Woods was one of the pioneers of the Ethereum cryptocurrency and is an experienced individual with over 20 years of experience in the software industry. He has been involved with many blockchain projects including Ethereum, and is also renowned for creating the programming language Solidity (Matinger, 2020). In 2017, Dr, Gavin started working on a new cryptocurrency, which eventually came out as Polkadot and was created to deliver on the promises which Ethereum could not.
Polkadot organised its ICO in October 2017 on top of the Ethereum blockchain. The ICO for the DOT cryptocurrency was tremendously successful and managed to raise a huge amount of $145 million USD. During the ICO, 10 million DOTs were sold to the public which is essentially half the supply of the DOT cryptocurrency. Each DOT token was released at a price of $28.80 USD. The main scandal of the DOT history came in two weeks later when after the Parity Hack, about 2/3 of these funds were permanently frozen. The cyber-attackers exploited a weakness in the code of the Parity Wallet. Despite this huge loss, the founding team decided to carry on with the project. In order to overcome this loss, another private funding round was organised in 2019. This time, each DOT token was sold at $120 USD, raising a staggering figure of over 60 million USD. The team behind Polkadot delivered the highly anticipated project by launching its main net in August 2020. Soon after the launch, Polkadot price valuation soared up high, making it amongst the top 10 cryptocurrencies by market capital.
The Polkadot Foundation is actively working and solely responsible for the code development of the Polkadot blockchain. Frequent code changes and updates are seen on their Github repository where over 50 contributors are working actively.
|Security||The Polkadot mainnet is secured by a Delegated Proof of Stake algorithm.|
|Adoption||Polkadot enjoyed a huge acceptance and adoption rate in year 2020.|
|Transactions per second||Theoretically, the network can handle 1000+ transactions per second, but will of course be limited by the type of hardware in use.|
|Transaction cost||According to the Polkadot team, the mainnet is capable of reaching 1 million transactions per second.|
|Energy consumption||Polkadot is not an energy intensive cryptocurrency|
|Decentralization||Polkadot is completely decentralized.|
|Exchange availability||DOT is available on almost every renowned cryptocurrency exchange including Kraken, Binance, Huobi and OKEx.|
|Privacy||Polkadot respects the privacy of its users and completely isolates all the user-specific data.|
|Transaction speed||There are no official figures available, but tokens, like Polkadot, that are built upon Ethereum Blockchain cannot exceed its transaction speed yet.|
|Product availability||The main product of Polkadot is based on a futuristic technology which is not easy to understand or comprehend.|
With the amazing show Polkadot has managed to pull off during the launch of its mainnet, things are looking promising for Polkadot. The technology has reached the top 10 cryptocurrencies based on market capitalization, and it would be interesting to see it competing the likes of Ethereum in the coming days.
Polkadot is technically a decentralised organisation which means that it will be governed by its community alone. This also means that the future development and projects will fundamentally be decided by the community at large.
Polkadot is a cryptocurrency which checks every box in the list of most revolutionary cryptocurrencies. According to many experienced analysts, Polkadot is just getting started. It has a great potential for growth and could become the biggest platform for smart contracts.
Polkadot is a cryptocurrency which offers a complete ecosystem to build other blockchains and decentralised applications on top of it. Even though the founder has refused categorically that it is not a competitor to Ethereum, analysts clearly regard it as a substitute of the Ethereum technology.
Polkadot has emerged as a complete cryptocurrency which has established itself in each domain which is expected from a good cryptocurrency. It has brought many companies on board, a number of which are cryptocurrency trading exchanges. A comprehensive list of all the Polkadot partners can be found on their official website (Foundervine, Impact Hub Accra, Lend With Care, Hatch Enterprise).
Polkadot has also consolidated its community in the previous years. Along with working on its technical infrastructure, the Polkadot team has also worked greatly to build a community around it. Polkadot has massive representation on Twitter, Reddit, Telegram, Github etc.
Polkadot is surrounded by teams of experienced individuals who are working actively on the cryptocurrency. The founder of the project is Dr. Gavin Woods who is also heading the Polkadot Foundation. The proejct has a great suport from the Web3.0 team as well.
|# 1||Binance||DOT/BTC||$ 33.94334||$ 109,131,542||check|
|# 2||Kraken||DOT/USD||$ 34.02700||$ 46,305,444||check|
|# 3||Bitfinex||DOT/USD||$ 34.24000||$ 27,162,229||check|
|# 4||Kraken||DOT/EUR||$ 34.04362||$ 25,662,421||check|
|# 5||Binance||DOT/EUR||$ 34.08586||$ 16,032,572||check|
|# 6||Binance||DOT/BNB||$ 34.06902||$ 10,795,446||check|
|# 7||Bitfinex||DOT/USDT||$ 34.25028||$ 8,114,234||check|
|# 8||Kraken||DOT/BTC||$ 33.95600||$ 6,355,896||check|
|# 9||Kraken||DOT/USDT||$ 34.08743||$ 4,637,225||check|
|# 10||Bitfinex||DOT/BTC||$ 34.07946||$ 3,552,172||check|
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