If you are a complete crypto beginner, pretty much designed to solve some of the longest-standing problems in the crypto and blockchain industry, including interoperability (such as how to speak blockchain). You may not have heard of Polka Dot, an impressive blockchain platform with each other) and scalability.
What is Polka Dot?
Dissatisfied with the slow development of Ethereum, Dr. Gavin Wood, co-founder of Ethereum and inventor of the programming language Solidity, left to begin his research on Polkadot.
Currently, blockchain falls into one of two major categories. These are specially designed and designed for very special features like Bitcoin. Bitcoin is specially designed as an alternative payment system and value storage. Alternatively, the features are more open and general and can be applied to a wide range of applications such as Ethereum and Cardano. These can be used to build distributed applications (dApps), which are basically blockchain-based versions of regular apps. Like what you get on your phone.
Polkadot, on the other hand, is a blockchain that provides an environment in which other blockchains called “parachains” can be executed. It basically provides the infrastructure that other blockchains can use to interact securely with each other. Polkadot is designed with the single purpose of integrating the entire blockchain network, from Bitcoin to Ethereum to all other cryptocurrencies you’ve never heard of.
Currently, developers have to choose the blockchain on which to build their applications. Each chain is unique and has its own strengths and weaknesses that developers must consider when deciding where to develop. For example, Ethereum has a large, robust and easy-to-use network, but it is relatively slow and expensive to use. Competitors like Solana were built to prioritize scalability.
Problem: Blockchains cannot communicate with each other
If you choose to develop in Solana (another top 10 cryptocurrency that is similar in structure to Ethereum), you will not be able to interact with the Ethereum blockchain and you will lose the ecosystem provided by Ethereum.
Therefore, many blockchains make various trade-offs to support specific features and use cases, and as blockchain specialization progresses, the need to make transactions between them increases over time. To do.
This is where Polka Dots set foot:
Polka dots allow these different blockchains to work together seamlessly on a large scale.. This allows developers to customize the specific features they need, allowing them to opt in to the parts of the Polkadot network that are appropriate for their project and move away from those that are not. Furthermore, in order to allow a project to operate across multiple blockchains, it is not possible to limit it to the blockchain on which the project was built.
Polkadot acts as a framework for all blockchains to opt inIt’s a bit like how you use the programming language HTML to allow websites, browsers, and servers to interact with each other. The idea is to handle the cumbersome and costly cryptocurrency mining process (including transaction and security protocol validation) and allow developers to focus on creating blockchain-based apps.
DOT, the polka dot cryptocurrency, plays an important role In the maintenance and operation of the polka dot network.
What is unique about polka dots?
1. Solution of blockchain communication
The blockchain acts as a separate data island with few ways to leverage the information owned by other networks. Polka Dot eliminates these concerns through a “multi-chain” network that allows information transfer between blockchains. This is an increasingly valuable feature that will be used in the future of blockchain technology.
2. Scalability resolution
Bitcoin processes only 3-5 transactions per second and Ethereum processes 10-15 transactions per second. For context, visa Processes 1700 transactions per second. This illustrates the scalability issues facing both of these cryptocurrencies. Still, when it comes to scalability, polka dots are the winner. Polkadot must be able to handle up to 1 million transactions per second.
3. An easy way to build a custom blockchain
With Polkadot, users can build their own blockchain from scratch with a set of features, while at the same time being free to customize what they need. Custom blockchains can be built within minutes and have access to security, scalability and interoperability. In addition, the blockchain logic is not limited to being written in a polka dot-specific language, and multiple languages can be accepted.
Polka dot performance
Below are how Polka Dots have outperformed many other investment assets in the last 12 months.
R1000’s investment in polka dots translates to + R3 748. This is a significant amount when compared to many alternative investments. In fact, this return on investment is more than 17 times higher than if you invested in the S & P 500 over the same period (+ R1 156).
Where can I buy polka dots?
Cape Town-based crypto investment platform Revix (Www.revix.com) is backed by JSE-listed Sabvest and is adding Polkadot to its cryptocurrency products offered on Friday. September 3rd, with attractive free promotion.
Revix Offers Zero purchase fee Purchased polka dots for a week from September 3rd to September 9th, 2021.
Use RevixYou can also access ready-made “cryptographic bundles”. These bundles make it easy to own an evenly weighted basket of the world’s largest, default and most successful cryptocurrencies, without having to build and manage your crypto portfolio yourself. They are similar to the JSE Top 40 or S & P 500, but for encryption.
For more information, please visit: www.Revix.com..
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