What is Polkadot?

What is Polkadot?

Polkadot is an open source platform, founded by the web3 foundation, which aims to provide convenience to users by connecting independent chains in the blockchain world, and independent blockchains can be exchanged in a trustless manner through Polkadot's relay chain Information and transactions, it provides true interoperability not only for financial transactions, but also for computing and data transmission. The main four components of Polkadot are "relay chain", "parallel chain", "parallel thread" and "bridge chain". Operability, parachains are independent blockchains in polkado, they have their own tokens, they can be optimized according to their own use, parathreads and parachains are not the same, parachains have won the Polkadot relay through auction The right to use the dedicated slot on the chain for a period of time, while the parallel thread is a pay-as-you-go model that needs to be continuously connected to the network. Compared with the parachain, the parallel thread is more economical. The transfer bridge is a bridge connecting external blockchain networks such as Ethereum and Bitcoin, which can greatly increase the operability in the blockchain world.

Under Polkadot's popularity, investors' expectations and bets on the cross-chain sector are behind it

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Under Polkadot’s popularity, behind investors’ expectations and bets on cross-chain projects

As an investor, although the current hotspot in the cryptocurrency market is in the DEFI boom, as an important part of the blockchain world, cross-chain is also attracting attention, especially in the second half of 2020, cross-chain projects are indeed Actually led a wave of market, what is cross-chain? Cross-chain enables two independent blockchains to communicate with each other and conduct cross-chain transactions without relying on third parties,

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What benefits does blockchain interoperability bring us?

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The blockchain world should not be isolated islands

In the real world, the most obvious example of cross-chain is the traditional banking system. Think about it. When you pay for your daily shopping, most of you will use the payment software on your mobile phone instead of opening your bank mobile phone client. Imagine For a moment, if the banking system does not support cross-chain, what kind of problems will you face? Because of the support of cross-chain and interoperability, we as users can get a lot of convenience, and in the blockchain world, because of cross-chain, we can realize more possibilities. For example:

Data and funds across multiple blockchains can be traded smoothly without the need for third-party exchanges or companies;

Smart contracts can be executed very easily and efficiently;

Sharing of solutions and innovations between the two blockchains;