Polkadot: The Blockchain Protocol That Will Finally Bring Us Together

Hello. I'm Tudor, blockchain developer and writer at The Crypto Journal

I help people understand Blockchain & Crypto concepts with the help of 5-minute worth-of-reading reports.

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This time, I give you Polkadot.

⚡️ What is it?

Polkadot is a project with a different kind of purpose: connecting the blockchains. Instantaneous and scalable.

🧪 Why it matters?

• The vision is to build what is called a "multi-chain" protocol.

• The objective is a "Decentralized Web - Decentralized Network."

🔍 Problem

• Today, cryptocurrencies are scattered across many various networks and protocols. If you have funds in Bitcoin and want to buy some Ethereum, you'll need to withdraw your Bitcoins from one exchange into another, then transmit them over as Ether from one wallet to another.

• Anyone who has participated in DeFi in numerous chains or bought NFTs can recognize how necessary it is for assets to cross-chain.

• Polkadot concentrates on solving two significant problems of Blockchain: Interoperability and Scalability.
  

💡 Solution

Polkadot has focused on becoming a fully scalable, heterogeneous web concentrated on creating a multi-chain technology.

Web3 Foundation (the Swiss association that operates the network) has defined Polkadot as a "next-generation blockchain."

More significantly, as a public chain, Polkadot has concluded the assignment that Ethereum has not satisfied (yet) – sharding.

🩺 Core Elements

Long story short, the Polkadot network has a primary blockchain named relay chain and many user-created parallel chains called parachains.

🌙 Polkadot uses nPoS (Nominated Proof of Stake) as a consensus mechanism.

⚡️⚡️⚡️ You can read the full article including Players, Opportunities and Tools to help you get started HERE. ⚡️⚡️⚡️