Editor's Note: This article comes fromDeepChain (ID: deepchain-eva), Author: Mark, reproduced by Odaily with authorization.
Editor's Note: This article comes from
DeepChain (ID: deepchain-eva)
DeepChain (ID: deepchain-eva)
, Author: Mark, reproduced by Odaily with authorization.
In 2020, the market ushered in a small bull market, and blockchain technology has also made breakthroughs in applications.
DeFi has become the closest direction to the blockchain, and various DeFi projects have seen a skyrocketing market.
The implementation of the cross-chain protocol will become an important turning point in the development of blockchain technology, and Polkadot has attracted much attention from the market.
All kinds of good news about Polkadot also followed: three major exchanges were launched, fundraising was carried out, transfers were started, tokens were split at 1:100, and parachain slot auctions were about to begin.
What opportunities will Polkadot bring us? Is it on track to overtake Ethereum?
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Market frenzy, Polkadot has become the direction that new users are chasing
"If you miss EOS, will you still miss Polkadot?" This is a sentence that many new users have often heard recently.
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Polkadot candlestick chart
The opening of the 2020 bull market has attracted many new users to enter the market, and it just happened that Polkadot was listed on the exchange. As a result, many new users bought DOT, and DOT also continued to rise amid various benefits, and the price was pushed up to a maximum of 400 US dollars, and then began to slowly fall back.
On August 22, Polkadot successfully carried out a token split of 1:100, and soon became a hot spot in the market.
Before the Polkadot split, the total amount of tokens was only 10 million, and the unit price was high, which was not conducive to market circulation. After the split, the number of tokens becomes 1 billion, which is 100 times of the original.
In addition, after the split, the token price rose directly from the previous USD 2.8 (calculated by dividing a single token by 100) to a maximum of USD 4.55, surpassing EOS to enter the top 10 by market value in one fell swoop.
Facing such a crazy market, we can't help but think about why Polkadot is so popular with new users?
Cross-chain is now an important track in the blockchain field, and it has not yet fully exploded. It has great potential and attracts various investors to rush in.
However, Polkadot may break through this bottleneck, and it has also attracted the attention of various investors, especially new users.
Polkadot is a heterogeneous multi-chain technology project developed by Parity and the Web3 Foundation led by Gavin Wood.
Polkadot is a network protocol that allows arbitrary data to be transmitted through the blockchain. Facing the present, different blockchains are like isolated islands in the sea, unable to transmit any information. Polkadot wants to use the protocol to connect different public chains and enable them to exchange data and information.
And if this grand vision can be truly realized, it will become an important milestone in the history of blockchain development.
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Polkadot has its own halo, and the full-featured mainnet is coming
The most attractive part of Polkadot still has to start with the founder Gavin Wood (Lin Jiawen). Gavin Wood is the early co-founder and CTO of Ethereum, the author of the Ethereum Yellow Paper, and the creator of the smart contract language Solidity.
Polkadot appeared with its own halo, the vision is very grand, and the technological innovation is unprecedented. The future is expected to be great, and the total amount of tokens is small, so it has attracted a group of fanatical fans, and is also known as the "Tianwang Project".
However, due to the high technical difficulty, the progress of the project has been delayed. The main network was originally planned to be launched in 2019, but it was postponed for a full year.
Fortunately, Polkadot just avoided the bear market and performed well after being listed on the exchange.
Polkadot launched the unaudited sister chain Kusama before the mainnet launch, providing developers with a testing environment. Many new features will be tested on Kusama and finally implemented on Polkadot’s mainnet. Polkadot is very concerned about the security of the project, and the main network is only launched after a strict code audit.
The 6 stages of the Polkadot mainnet launch
The Polkadot mainnet has a phased rollout plan, each with important milestones. The contents of these six stages are: PoA, NPoS, governance, sudo removal, enabling transfer and core functions. At present, the balance transfer has been opened, and the full-featured mainnet is coming soon.
Then we will have a question, why DOT cannot be transferred before, but DOT tokens can already be traded in the exchange.
In fact, this is a token obtained by early users through fundraising. For example, the tokens of more than 1,400 participants in the first Dutch auction were locked on the Ethereum chain. Tokens are converted into mainnet tokens through mapping, so there is no need to worry. The exchanges that support DOT mapping are all real coins, and some exchanges already support deposits and withdrawals.
From the era of one-click coin issuance to one-click chain issuance
Recently, the projects on Uniswap are very hot, and various skyrocketing projects can appear every day. This is because many projects have realized one-click coin issuance through Ethereum's smart contracts, but this situation may change in the future.
Polkadot’s development tool, Substrate, already supports one-click chain issuance. It only takes 15 minutes to issue a chain of its own, and it can also issue tokens on the chain issued by itself. In the past, the one-click issuance of Ethereum brought a wave of ICO in 2017, so the era of one-click issuance will also have such opportunities.
Moreover, the issued chain can also be plugged into Polkadot's main network to exchange various information with other chains. Speaking of this powerful function, we have to mention Polkadot's exquisite network structure.
Polkadot's network structure
Relay Chain: A main chain that connects and verifies parachains, provides security for them, and passes messages between them.
Parallel chains: Independent and distinct blockchains, each of which can have its own architecture.
Bridge chain: connect the Polkadot network with external blockchains, such as Ethereum, etc.
Polkadot information exchange flow chart
It is the reason of the Polkadot network structure that enables the exchange of information between the various parallel chains, and also realizes the infinite expansion of the network.
External blockchains can also be connected to Polkadot’s mainnet through bridges, such as Bitcoin, Ethereum, and EOS. At present, the transfer bridges of these three projects have been developed by teams, and this theory will be possible to realize.
There are still many high-quality parachain projects on Polkadot, such as our common ChainX, Edgeware, Darwina, etc., all of which are waiting for Polkadot’s cross-chain protocol XCMP to go online to complete subsequent progress.
Development Details of Polkadot Sponsored Project Party
Popular projects on the Ethereum chain, such as ChainLink, Aragon, and Ocean Protol, have chosen to develop on the Polkadot chain in addition to being developed on the Ethereum chain. In the future, Polkadot's ecological projects will be very large.
The progress of Ethereum 2.0 is very slow, and "phase 0" will be realized in 2021, and "phase 1" will be realized in 2022. However, the full version of Ethereum 2.0 is still far away from us. The most difficult point of Ethereum sharding is that the information solution between shards has not yet come out. Therefore, Polkadot only needs to do a good job in the ecology in the past few years to achieve corner overtaking extremely likely.
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The distribution and function of Polkadot token DOT, the value of DOT comes from the application
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Polkadot Token Distribution and Fundraising Information
The main functions of Polkadot tokens are: network governance, operation and binding.
Network Governance: Polkadot token holders can control the protocol. Privileges will be given to relay chain participants (DOT holders), including managing exceptional events such as exception protocol upgrades and fixes.
Operation: The game incentivizes token holders to behave in an honest manner. Good participants will be rewarded by this mechanism, while malicious participants will lose their rights and interests in the network, which ensures the security of the network.
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Lin Jiawen replied to the Polkadot parachain slot auction information
Regarding the auction of Polkadot parachain slots, Gavin Wood also said that it will come soon, and that DOT will have more application scenarios at this time.
At present, most users pledge DOT on Polkadot, with an annualized rate of 15% and an annual inflation rate of 10%, which is a high-inflation project. As time goes by, the number of tokens will increase, and the selling pressure on the market will also increase.
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Regarding Polkadot, do we still have a chance to get in the car?
The current market price of Polkadot is 4.1 US dollars, which is at a relatively high price. After a short hit of 4.55 US dollars, it began to decline slowly. But we can look at the three points that the Polkadot project deserves our attention:
1. Provide cross-chain infrastructure. For cross-chain infrastructure solutions, the technical architecture design is highly complex and refined. From a scalability, interoperability, developability, and governance standpoint, the platform has the potential to help realize the Web3 vision.
2. Application value. True interoperability supports the transfer of any type of data or assets across blockchains, not just tokens, especially with regard to smart contract cross-chain calls, attracting many projects on Ethereum to deploy in Polkadot.
3. An easy-to-use blockchain construction framework. Blockchains can be created in minutes on Substrate, connected to Polkadot, and interoperable and secure from day one. There is considerable potential in terms of commercial implementation, and the current ecology is relatively active. The Web3 Foundation allocates funds to high-quality projects for development, and it is likely to become an ecosystem with a large user base.
