What is Polkadot Blockchain?

polkadot blockchain polkadot dot polkadot kusama parachain what is polkadot blockchain Kusama Polkadot polkadot docs

 

 

Table of Contents

1. What is Polkadot?

 1.1 Connecting the dots

 1.2 Consensus Roles

2. Features of Polkadot

3. What is a DOT Token?

4. What is Kusama Network?

5. Summary

 

 

1. What is Polkadot? ( DOT )

polkadot blockchain
polkadot blockchain

Polkadot is a scalable, interoperable and secure network protocol for the next generation of the Web.

Polkadot is the first fully ※1 sharded blockchain. Polkadot provides scalability by allowing specialized blockchains to communicate with each other in a secure and unreliable environment.

Polkadot is built to connect and protect its own blockchain, including public, permissionless networks, private consortium chains, and other Web3 technologies. This enables the Internet where independent blockchains can exchange information under a common security guarantee.

Polkadot is a living network with governance and upgradeability at its core. The network has a set of advanced governance tools that allow you to autonomously deploy network upgrades using the WebAssembly standard as a “metaprotocol.” Polkadot adapts to growing needs without the risk of network forks.

 

※1 Sharding is a technology that divides transaction verification work into validator groups and processes transactions in parallel. Sharding was proposed to solve Ethereum’s scalability problem by streamlining the task of validating transactions.

 

Any type of data across any type of blockchain

Polkadot is a network protocol that allows you to transfer arbitrary data, not just tokens, between blockchains.

In short, Polkadot is a true multi-chain application environment that allows for cross-chain registries, cross-chain calculations, and more. Polkadot can transfer this data over public open unauthorized blockchains and private authorized blockchains.

This allows you to build an application that retrieves allowed data from a private blockchain and uses it in a public blockchain. For example, a school’s private, licensed academic record chain can send evidence to a public chain’s degree verification smart contract.

 

Network Glossary

Polkadot integrates networks of heterogeneous blockchains called parachains and parathreads. These chains are connected to the Polkadot relay chain and secured by the Polkadot relay chain. You can also connect to an external network via a bridge.

 

 

1.1 Connecting the dots

polkadot blockchain
polkadot blockchain

・Relay Chain

At the heart of Polkadot, it is responsible for network shared security, consensus, and cross-chain interoperability.

 

Parachains

A sovereign blockchain that has its own token and can be optimized for specific use cases.

Typical parachain : Kusama(KSM), ASTAR(ASTR)

What is Parachain Auction?

 

・Parathreads

Similar to Parachain, but with a pay-as-you-go model. It is more economical for blockchains that do not require a continuous connection to the network.

 

・Bridges

Allows parachains and parathreads to connect and communicate with external networks such as Ethereum and Bitcoin.

 

 

1.2 Consensus Roles

polkadot blockchain
polkadot blockchain

Nominators

Secure the Relay Chain by selecting trustworthy validators and staking dots.

※The most common way to staking tokens.

 

・Validators

Secure the relay chain by staking dots, validating proofs from collators and participating in consensus with other validators.

 

・Collators

Maintain shards by collecting shard transactions from users and producing proofs for validator.

 

★Polkadot ecosystem★

・Mainnet: Polkadot

・Canary Network: KusamaKusama is a more functional and valuable canary network than Polkadot. Expect chaos.

 

 

 

2. Features of Polkadot ( polkadot blockchain )

polkadot docs
polkadot docs

 

1. True interoperability

Polkadot enables cross-blockchain transfer of all types of data or assets, not just tokens. Connecting to Polkadot allows you to interoperate with various blockchains within your Polkadot network.

 

2. Economic and transactional scalability

Polkadot offers unprecedented economic scalability by allowing a common set of validators to protect multiple blockchains. Polkadot provides transaction scalability by distributing transactions across multiple parallel blockchains.

 

3. Easy blockchain innovation

Create a custom blockchain in minutes using the Substrate framework. Connect your chain to Polkadot for interoperability and security from day one. This ease of development helps Polkadot’s network grow.

 

4. High energy efficiency

Polkadot consumes a small portion of the energy used in traditional blockchains, thanks to the next-generation nominated Proof of Stake (NPoS) model. Polkadot uses about 6.6 households worth of energy annually in the United States and has the lowest carbon dioxide emissions of any proof of stake protocol analyzed in a recent study.

 

5. Security for everyone

Polkadot’s new data availability and effectiveness scheme allows chains to interact with each other in a meaningful way. The chain remains independent in governance, but united in security.

 

6. User-driven governance

Polkadot has a sophisticated governance system in which all stakeholders have a say. Network upgrades are coordinated on the chain and run autonomously without branching the network, ensuring that Polkadot’s development is future-proof and community-driven.

 

 

3. What is a DOT Token? ( polkadot blockchain )

what is polkadot blockchain
what is polkadot blockchain

DOT are the token native to the Polkadot network for the purpose of carrying out the key functions of the platform. Also, DOT is not an ERC20 token. DOT provides three main functions of Polkadot. 1. Providing network governance, 2 Network operation, and 3. Creating parachains by combining DOT.

 

1.

The first function of DOT is to give holders the right to complete governance control over the platform. This governance feature includes network pricing, auction dynamics and additional parachain schedules, and the determination of exceptional events such as Polkadot platform upgrades and fixes. These features aren’t officially granted to DOT holders, but Polkadot’s underlying code allows DOT holders to participate in governance.

2.

The second function of DOT is to promote the consensus mechanism that underpins Polkadot. Polkadot relies on the active role of DOT holders to enable the platform to function and execute valid transactions throughout the parachain. Participants endanger the DOT (called “staking” or “bonding”) and perform these functions. This acts as a hindrance to malicious participation in the network. The DOT required to join the network depends on the activity performed, how long the DOT is bet, and the total number of DOTs bet.

 

3.

The third function of DOT is to add a new parachain by connecting DOT (called “bonding”). The DOT is locked during the join period and released to the joined account after the join period expires and the parachain is removed.

 

DOT holders will have certain functions within the Polkadot platform, including

・The ability to act as a validator, collator, nominator or fisherman.
・The ability to participate in the governance of Polkadot.
・The ability to be a collator for a parathread by making bids for block inclusion that are denominated in DOT.
・The ability to participate in the decision-making process in relation to global upgrades and / or changes to Polkadot.

 

 

 

4. What is Kusama Network? ( KSM )

polkadot blockchain
polkadot blockchain

A scalable multi-chain network for radical innovation.

Kusama is Polkadot’s ecosystem. Unprecedented interoperability and scalability for blockchain developers who want to quickly push the boundaries of what is possible. It is built using Substrate with almost the same code base and industry-leading multi-chain infrastructure as Kusama’s cousin Polkadot.

 

What is Kusama?

Kusama is a special blockchain scalable network built using almost the same code base as Substrate and Polkadot. This network is an experimental development environment for teams to move quickly with Kusama to innovate and prepare for deployment at Polkadot. Kusama was founded in 2019 by Gavin Wood, founder of Polkadot, co-founder and former CTO of Ethereum.

 

Kusama NFTs

polkadot blockchain
polkadot blockchain

Kusama’s NFT Marketplace is also available for various experiments. You can buy and sell NFT in the same way as Opensea.

 

 

5. Summary ( polkadot blockchain )

polkadot blockchain
polkadot blockchain

Polkadot issues its own token DOT, which is not an ERC-20 token. Therefore, it can be said that it is a blockchain with a unique idea that is different from Ethereum. Polkadot has an experimental space called the Canary Network. It issues NFTs and accepts chains that connect to them.

The Canary Network uses Kusama tokens. It should continue to be born on various canary networks in the future. And the mechanism called parachain adopts the audition format, and the one that wins it can become parachain. The ASTAR network is also one of the parachains. Parachains don’t have to have their own tokens, but if they can have their own value, those involved can benefit from it.

However, the native token is DOT, Kusama, the Polkadot ecosystem. Polkadot layer 1 has promising qualities in the future. In addition, Polkadot has a myriad of ecosystems that interact with each other. The more attention Polkadot gets, the more people will be deploying services on Polkadot.

 

 

Reference URL :

Polkadot.network : https://polkadot.network/

Polkadot Whitepaper : https://polkadot.network/PolkaDotPaper.pdf

Creating a Polkadot Account : https://guide.kusama.network/docs/learn-account-generation

Kusama.network : https://kusama.network/

Kusama Guide : https://guide.kusama.network/docs/kusama-getting-started/

Polkadot wiki docs : https://wiki.polkadot.network/docs/ens

Polkadot NFT (NFT1.0 & NFT2.0) : https://wiki.polkadot.network/docs/learn-nft

NFT Marketplace UNIQUE : https://unqnft.io/market

Polkadot Wiki : https://wiki.polkadot.network/docs/getting-started

hideyuki001
  • ITやガジェットなどをメインに記事を書いています。ご相談は、メールまでお願いします。Tokyo Web Writer | hideyuki001

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