Polkadot- Introduction
Polkadot is the magnum opus of Dr. Gavin Wood, the founder of Ethereum and creator of Solidity (the programming language used by Ethereum).
It enjoys two main competitive advantages over other similar platforms. Just like Ethereum and Cardano, Polkadot also allows the creation of Smart Contracts.
Although Smart contracts serve great importance, there is no denying the fact that there already exists a lot of highly effective Smart contract platforms which are comparatively better than Polkadot.
Therefore, the more important advantage for Polkadot is the other one. Interoperability.
Interoperability- The paramount of Polkadot
The limitation displayed in the current-gen Blockchain system is that there exist too many. These blockchains operate in isolation with complete independence from each other, and as of yet, there is no way of having them communicate and transact with each other in an efficient manner.
What Polkadot is working towards is bridging this gap by providing interoperability between all Blockchain networks. It will allow any and all Blockchain to be able to communicate and transact with each other in a trustless way under the mutual grounds of Polkadot itself. This system of Blockchain innovation is called Cross-Chain Interoperability.
$DOT- The Polkadot native token
DOT is the digital token used in the Polkadot network and it has 3 main uses: Governance, Staking, and Bonding.
Governance: All DOT token holders are given the right to vote over important decisions regarding Polkadot. Votes are weighted with respect to the number of tokens held by a person.
Staking: DOT holders can help secure the Polkadot network by staking their tokens. For this, they are awarded DOT tokens as incentives.
Bonding: In order to buy Parachain, DOT needs to be bonded. Bonding refers to the process of attaching DOT tokens to the relay chain whenever a new Parachain is added.
Conclusion
Polkadot is referred to as an Internet of Blockchain, a stepping stone to the innovation of the next form of Ethereum. It aims to provide a central platform where all Blockchain networks can co-exist and operate together, to assist a more efficient system of work. But will it actually replace Ethereum? What are your thoughts?
BitcoinBitcoin is the cryptocurrency that started it all.Although Satoshi Nakamoto described Bitcoin as a P2P currency system, today the narrative is a little different.The narrative has now changed, and people refer to Bitcoin as “Digital Gold.”Not surprisingly, many institutional investors have started buying into Bitcoin, making the supply scarce for the common investor.Bitcoin, The Store of ValueBitcoin is no longer a currency to it’s advocates, but rather a store of value like gold.Practically speaking, newer wallets with one whole Bitcoin are disappearing by the hour.This limited availability and mass adoption of Bitcoin, combined with huge cash flow from institutional investors has pumped prices skyhigh.Experts have predicted that Bitcoin could hit a whopping $200,000 by the time this bull run ends (Est.
September 2021).EthereumEthereum wasn’t supposed to be a currency system like Bitcoin.However, it is outperforming Bitcoin, and fast outgrowing its status as an Altcoin.Ethereum is essentially a smart contract platform, an ecosystem to build blockchain projects on.This solid use case, combined with the deflationary system that it follows for Ether (ETH), and popularity, has also caught the eyes of big investors.Ethereum — The OpportunityEthereum has outperformed Bitcoin in this bull run and is gearing up to move past it’s all time high.Experts have predicted that the price of Ether (ETH) could hit a tune of $10,000 by the time this bull run ends.This makes Ethereum the best opportunity for people looking to make big gains, as Bitcoin becomes the more expensive option.So, what happens after the Bull Market?After any Bull market, there will be a Bear market.This means that the prices could fall upto 90% after the market reaches its peak.So, it’s better to always take profits as you ride the wave and not wait till the top of the hill.
What on earth is Ethereum?
I mean, I keep hearing about it all the time, I’ve seen it’s the second-largest cryptocurrency around but I just can’t seem to wrap my head around it.
Is it as revolutionary as Bitcoin?
Can it actually change the world as we know it?
Like many other cryptocurrencies, Ethereum is also decentralized and can perform value exchanges and smart contract transactions without any interference from a third party.
It is completely autonomous and non-regulated by any centralized entity.
The Ethereum system is supported by a global system of Nodes.
These consensus rules are guided and dictated by smart contracts- a set of computer protocols and algorithms that control the verification and execution of a contract.
With these rules in place, one can perform multiple transactions via the ethereum blockchain network without necessarily trusting the other party.
Smart contracts ensure that the pre-defined rules of engagement are satisfied before the successful completion of the transaction.
Blockchain Training Institute: Bitcoin mining giant Bitmain’s co-founder Micree Zhan, says he is going take legal action to make his return to Bitmain.
However, he was removed from the company a week ago.
Jihan Wu, co-founder of Bitmain addressed his staff and conveyed a message saying that Micree Zhan was dismissed from all roles.
Also, he added that employees are prohibited from engaging with him.There was a struggle between the two to have powers which ended in the removal of Micree Zhan.
Zhan remained silent until Wednesday by not address any media questions.
Later on Wednesday, he posted on his WeChat saying he did not have prior information about the removal from roles and he would take legal actions to get back to the firm.“I have never thought that as a person focusing on technology and product, I have to start thinking from legal perspectives.
