JGTech

Technology drives us

Polkadots Everywhere

2021-08-30 JGTechBlockchain

Polkadot is designed to allow transfers of any type of data or asset across different blockchains. And ensure interoperability with all other blockchains which were not built to communicate.

Bitcoin and Ethereum blockchains are able to communicate with Polkadot while handling huge volumes of transactions (1 million/sec). The mission of this project is to fix the bugs that bedevilled Ethereum in it early growth stages. So far, DOT raised in value by 284% in 12 months.

ETH vs ADA vs DOT; who will reign champion(s) in the end?

In clear terms, it is designed to congregate the network for large volumes of transactions. Polkadot solves issues with electricity for mining tokens and the inability to transact at speed while instantly scaling the network. There is flexibility in designing application on Polka network, by choosing which feature you need.

Core Functions: Parachain Slot Auction, Parathreads, and Cross-Chain Message Passing

Components:

Relay Chain

  • Main Chain
  • Validators are staked on the Relay Chain in DOT
  • Coordinates the system as a whole
  • Other specific work is delegated to the parachains

Parachain/Parathread Slots

  • Support for multiple execution slots
  • Slot are similar to CPU cores, running one process at a time
  • Parachains: dedicated core that run processes constantly
  • Parathreads: shared cores for less frequent processes
  • Parachains will have to reserve DOT for the duration of their slot lease
  • Parathreads will pay on a per-block basis
  • They are interchangeable

Shared Security

  • Shared security policy as relay chain for parathreads/parachains

Bridges

  • Connection that allows for data to transfer from network to another
  • Secured through the Polkadot consensus mechanism

Possible use cases for this technology includes easy communication for different government agencies Another use case would be for e-commerce site to process transactions from different token fast

References:

  • Chat with me about technology
  • Learning is the best ability a human has
  • Always strive for a better self