The Polkadot blockchain was created by Ethereum co-founder Gavin Wood in 2017 and was launched in May 2020. Its main goal is to create a network that can connect all blockchains into one network, allowing for interoperability between different blockchains. Polkadot will also offer a decentralized governance system and feature a protocol allowing multiple chains to be bonded together using parachains. Click here to learn what a polka dot is.
Polkadot has quickly become the most popular and biggest cryptocurrency blockchain throughout the entire industry.
The following are the reasons why polka is drawing more investors everyday.
Security for development:
Polkadot’s shared security model allows for a more secure ecosystem and makes it easier for new projects to join the Polkadot network.
If each new project were to bootstrap its security with its validators, nominators, and a token with a large market cap, then every project would have to compete for the same limited supply of DOTs. This would make it harder for smaller projects to get started in the Polkadot ecosystem because they would need to convince token holders that their project was worth backing and staking, and that’s no easy task.
But, by using nominated-proof-of-stake so that all DOTs staked in the system are essentially backing all projects in the Polkadot ecosystem, it becomes much easier and faster for new projects to join the network: they can start building out their validator pool and community right away without having to worry about competing with other projects for scarce DOTs.
Quick and easy development:
When choosing an ecosystem, it’s essential to consider how easy it will be to build and deploy. The best ecosystems make that process understandable to people from non-technological backgrounds, and Polkadot is one of them.
Polkadot has implementations in various programming languages, including Rust and JavaScript. The current leading implementation is built in Rust, using the Substrate framework as the underlying technology.
Great ecosystem:
When you build a Polkadot, you are building on a constantly growing platform. This means that the Polkadot development team will have a large pool of highly skilled developers working on their blockchain, ensuring that the most challenging implementation problems will be solved quickly and easily.
Easy upgrading:
Polkadot is a blockchain that was built for change. It’s not just a system that allows you to develop your blockchain and make it do what you want; Polkadot is also equipped with a governance process that sets the stage for a dynamic blockchain to evolve towards the greater good. By building on Polkadot, your blockchain can easily be upgraded via referenda without any need for hard forks.
Overall, a polka dot is a unique option for investors and a wallet. It is one of the first blockchains to have so much potential in its network to be used by everyone. It also has many distinctive features that make it easy to use, such as good communication channels and quick withdrawals. The fact that it consists of different parachains makes it an attractive choice for investors who want to expand their blockchain options.
