Review on Polkadot [IOU] by gregori cordova
A revolutionary project to take web 3.0 to another level and spread the interoperability of current blockchains
I had been hearing about this project for some time, but it was not until today that I began to investigate a little more about it, and I believe that we are facing one of the most powerful blockchain projects with the greatest future in the market. It is nothing more and nothing less than Polkadot, a project that aims to bring the advantages of web 3.0 to all users and end the monopolies that exist today on the internet, by allowing the construction of a new generation blockchain architecture , robust and widely decentralized with the help of the web3 foundation. We already know that there are very inefficient blockchains with very little scalability, and that is why Polkadot was born, to serve as a solution to blockchain infrastructures that have not been updated for years and that do not have much scalability in a historical moment in which cryptocurrencies are being massively adopted around the world. It is an open source project, which will allow interoperability with all existing blockchains, making it easier to use for all users and paving the way for the evolution of a new blockchain 3.0. polkadot works under an unprecedented governance system called GHOST-based Recursive Ancestor Reriving Prefix Agreement (GRANDPA), in which the holders of the DOT tokens are the ones who exercise total control over the entire ecosystem and may even have voting power in the decisions and corrections of the protocol and in which the security and proper functioning of the network rests. One of the most notable aspects of Polkadot is that it allows developers to deploy bockchains focused on specific aspects and the network is mainly composed of 3 blockchains, which are: the main network where transactions are executed called the relay chain; the secondary network where the transactions are confirmed to be correct, called parachain, using the resources of the main network; and finally bridges, which is a system that allows connection with other blockchais such as ethereum, Eos or cosmos.
We are really facing a large-scale technological project, in which it is intended to empower internet users, and give way to a new and revolutionary architecture, which will allow greater efficiency for the mass adoption of cryptocurrencies
Pros
- Interoperability with other blockchains is undoubtedly the main advantage that polkadot has to offer to the cryptographic ecosystem
- With polkadot, there is no need for any hard fork to occur as it allows networks to update automatically
- The team behind Polkadot is the web3 foundation, which for years have been joining forces to create a true decentralized web, with the help of experts in cryptography and blockchain.
- As expected, polkadot rewards users for their contribution to the ecosystem by betting chips, the higher the amount, the better the reward obtained.
- It seeks to create an environment in which web users can break the chains of monopolization that currently exist on the internet
- Polkadot has been placed in the market in such a short time in the top 6 cryptocurrencies with the largest market capitalization.
Cons
- So far I have not noticed weak points to limit about this project
