founder
founder
Gavin Wood (Gavin Wood), the blockchain technology guru, the top part.
In 2013, he got acquainted with V God and joined the Ethereum project, turning Ethereum from theory into reality and laying the technical foundation of Ethereum. The development language of Ethereum, Solidity, was created by Wood, known as "the man behind Ethereum".
In 2016, he left Ethereum and went out on his own, developing the Ethereum client wallet Parity.
Basic Information
Basic Information
Polkadot, a scalable heterogeneous multi-chain architecture, the core is simply cross-chain.
Like today's Internet companies, the public chains on the blockchain also have the problem of information islands. The transfer and interaction of information, data, and assets between different public chains is difficult, so cross-chain operations are a rigid requirement. Polkadot was created to solve this problem.
network role
Collector (collator), fisherman (fisherman), nominator (nominator) and validator (validator).
The last role may be split into two: the basic validator and the available guarantor (guarantor)
Collector: collect the user's shard transactions, and provide proof for the verifier to maintain the shard.
Verifier: Mortgage dot to verify the evidence of the collector, and reach a consensus with other verifiers to protect the relay chain. Pack and verify block transactions and get dot rewards.
Phishers: Monitor the network and report bad behavior to validators. Collators and any parachain full nodes can fill this role.
Nominator: Choose a reliable verifier and mortgage dot to protect the relay chain.
Parachain and Relay Chain
relay chain
relay chain
Parachain
Parachain
consensus mechanism
consensus mechanism
NPOS, nominated proof of stake mechanism. Anyone who holds DOT has the right to nominate a node to be a validator. The user nominates a node to become a validator, and will share the obtained income with the node. In the same way, users who do evil on nodes will also be punished.
In order to solve the problem of income fairness, the NPOS mechanism does not distribute income according to the user's mortgage amount, but according to the actual workload. All work rewards are the same whether it is producing blocks or validating.
In order to encourage users to participate in voting on different nodes and make the network more decentralized, the weight of nodes with more user participation will be higher. Since there are more participating users, everyone will get less rewards. But for nodes with relatively low weight, users vote less but get more revenue, which will attract users to support nodes with lower weight, avoid the emergence of super nodes, and maintain network security. (refer to EOS)
Slot and Auction
The relay chain and the parachain are independent, and the card slot is the medium connecting the two.
Different project parties in Polkadot ecology can be regarded as different parallel chains (parallel chains are not necessarily chains). If the project party wants to run its project on the Polkadot ecosystem, it needs to obtain card slots through auctions, so that the project can run on Polkadot.
The number of card slots is limited, because the resources of the Polkadot network are also limited, so the card slots will be sold through auctions. In addition, the card slot is only for rent and will not be sold permanently.
The time limit of each card slot is two years (24 months), each lease period is 3 months, and there are 8 lease periods in total. Therefore, one card slot can be taken away by up to 8 different project parties, and each company can use it for 3 months. Of course, it is also possible for a project party to rent directly for two years at a high price.
The auction adopts the candle auction method, that is, the price offered by the last auctioneer before the candle burns out is the final price, and no one is allowed to come up with a higher price. This auction method adds a certain degree of randomness, and it is not simply a matter of high bidder.
Crowd lending
As can be seen from the name of crowdlending, everyone (DOT holders) lends their dots to the project team, and they use the raised DOTs to participate in the auction.
Of course, in order to raise DOT from users, the project team will also launch corresponding incentives to attract users to lend them DOT.
About how ordinary users can participate, you can read this article:https://mp.weixin.qq.com/s/SjGs743teIKWJd-5SQrILA
Note that the Polkadot main network card slot auction will start on the 11th of this month, and users who want to participate need to hurry up!
Note that the Polkadot main network card slot auction will start on the 11th of this month, and users who want to participate need to hurry up!
Note that the Polkadot main network card slot auction will start on the 11th of this month, and users who want to participate need to hurry up!
Advance Network Kusama
Anyone who has used Fox Wallet knows that in addition to the Ethereum main network, there are four other test networks of Ropsten, Kovan, Rinkeby and Goerli. The same is true for Polkadot. Before the main network is officially launched, his test network is Kusama (Golden Sparrow).
Before Polkadot goes online, both the Polkadot official and different project parties in its ecology need to debug their own projects to ensure that they can run smoothly and safely on the Polkadot network, so they need to use the advanced network. Not only that, Kusama, the leading network, also needs the project party to auction the card slot by itself to access.
This means that the project party that took the lead in taking the card slot on the Kusama network has a first-mover advantage, can be the first to debug its own project, win more time before the mainnet goes online, and ensure that when the mainnet goes online, it can let itself The project will be launched immediately. So even if it is the card slot auction of Canary Network, the participation of ecological projects on Polkadot is very hot.
token economy
token economy
The Polkadot mainnet token DOT and the leading network Kusama token KSM.
The total amount of DOT issued is 1 billion (10 million before the split), with an unlimited inflation model. The inflation rate depends on the staking ratio in the network, with a maximum value of 10% when the staking ratio is close to 50%.
The inflation of DOT includes:
1. Additional incentives for verifiers and nominators
2. Treasury issuance
3. Reduction due to misconduct
4. Transaction fee
So the overall inflation is 1+2-3-4. Through this inflation model design, Polkadot distributes the inflationary DOT to specific users to support and maintain the ecological construction of the Polkadot network.
Polkadot ecology
At present, there are more than 500 projects in the Polkadot ecosystem, covering fields such as oracles, second-tier, cross-chain bridges, DeFi, data, exchanges, CeFi, privacy, and browsers.
In the Polkadot ecosystem, some of the most popular projects currently include: Acala Network, moonbean, Litentry, Manta, Parallel, Clover Finance, Astar Network, Efinity, etc. These projects also participated in the first batch of card slot auctions. Those who are interested can choose to vote for them.
DeFi field:
outlook
outlook
Polkadot has a great vision. If everything develops according to the direction set by Gavin Wood, a new world of web 3.0 will be opened, and the on-chain interaction of information and value will become more convenient and faster. But at the current stage, Polkadot is about to go online, waiting for it to be tested by the blockchain world.
Attached reference reading:
Attached reference reading:
1. Official website: https://polkadot.network/
2. White paper: https://polkadot.network/PolkaDotPaper.pdf
3. Briefly describe the Polkadot economic model: token distribution and incentive mechanism: https://www.chainnews.com/articles/568893155927.htm
4. Interpretation of 40000 words: an article analyzes the current status and future trends of Polkadot ecology: https://www.ccvalue.cn/article/1003607.html
5. Technical Guide | How does Polkadot's NPoS mechanism work? : https://www.8btc.com/article/581956
6. On the eve of the contention of a hundred schools of thought, eight thousand words explained "Polkadot Parachain Slot Auction":https://www.36kr.com/p/960446936938375
7. Polkadot project summary: https://polkaproject.com/#/
