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Tudor-Radu Barbu
Tudor-Radu Barbu

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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.

If you are intrested, you can subscribe here.

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. ⚡️⚡️⚡️

Top comments (6)

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t0nyba11 profile image
Tony B

Convenient for "Web3 Foundation" to define their own protocol so glowingly. :)

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djpysu profile image
Tudor-Radu Barbu

Ha! Good point!

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nft_artsy profile image
The Volks NFT

I do believe in Polkadot my friend :)
It has great fundamentals!

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djpysu profile image
Tudor-Radu Barbu

Thank you!

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cryptodjs profile image
cryptodjs

Nice article.

Subscribed :) and good luck!

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djpysu profile image
Tudor-Radu Barbu

Thank you very much.

Timeless DEV post...

Git Concepts I Wish I Knew Years Ago

The most used technology by developers is not Javascript.

It's not Python or HTML.

It hardly even gets mentioned in interviews or listed as a pre-requisite for jobs.

I'm talking about Git and version control of course.

One does not simply learn git