{"id":554,"date":"2022-11-20T10:45:38","date_gmt":"2022-11-20T10:45:38","guid":{"rendered":"http:\/\/78.47.81.216\/?p=554"},"modified":"2022-12-19T09:32:48","modified_gmt":"2022-12-19T09:32:48","slug":"case-study-origins-of-polkadot","status":"publish","type":"post","link":"https:\/\/blog.ag.qubiq.cc\/?p=554","title":{"rendered":"Case Study: Origins of Polkadot"},"content":{"rendered":"\n
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Polkadot, aka a \u201cblockchain of blockchains,\u201d is thought to be one of the most successful blockchain projects ever. It is aimed to solve the eternal problems of networks such as Ethereum and Bitcoin, providing new possibilities to web3 users and business.<\/p>\n\n\n\n

Let\u2019s dive into the history and ideas behind the Polkadot project.<\/p>\n\n\n\n

What is Polkadot<\/strong><\/p>\n\n\n\n

Polkadot is a next-generation protocol that mainly resolves the problem of interoperability. It connects blockchains, allowing them to operate seamlessly together at scale. Polkadot ables to transfer data across previously incompatible networks, such as Bitcoin and Ethereum.<\/p>\n\n\n\n

In other terms, Polkadot is a blockchain with a core network \u2014 the relay chain, which hosts other blockchains, allowing them to connect and communicate with each other. The project is powered by the native coin DOT.<\/p>\n\n\n\n

The idea behind Polkadot<\/strong><\/p>\n\n\n\n

The Polkadot ecosystem tries to resolve many limitations of modern blockchains, such as scalability, security and of course, interoperability. The idea is even hidden in the project\u2019s name: a polka dot pattern includes multiple dots that form a seamless print. They probably symbolize different blockchains united in the Polkadot network.<\/p>\n\n\n\n

The origins<\/strong><\/p>\n\n\n\n

The project was conceived in 2016 and it took it a couple of years to materialize. Polkadot\u2019s history is closely associated with Ethereum: its founder is Dr. Gavin Wood, who previously was a core developer of Ethereum, and deployed its smart contract language, Solidity.<\/p>\n\n\n\n

Wood left Ethereum to build a more sharded blockchain, and in October of 2016, he published Polkadot\u2019s white paper.<\/p>\n\n\n\n

Polkadot was officially launched in an \u2018initial\u2019 state in May 2020, and the DOT token hit the market in August. A year later, DOT got recognition and was listed on Coinbase.<\/p>\n\n\n\n

How it evolved<\/strong><\/p>\n\n\n\n

Soon after the launch, validators started joining the network and showing their intention to participate in consensus. Polkadot quickly evolved to become a proof-of-stake (PoS) network in June 2020. A month later, the governance of the chain was transferred into the hands of the DOT holders.<\/p>\n\n\n\n

As of today, Polkadot supports 100 parachains, offering developers a great degree of freedom. Polkadot can process 1,000 transactions per second, however, the potential upper limit is 1 million transactions. It is still to be.<\/p>\n\n\n\n

Hitting the market<\/strong><\/p>\n\n\n\n

DOT token is consistently among the top 20 cryptocurrencies by capitalization, according to Coinmarketcap. Its daily trading volumes surge to $6-$7B in peak periods, and indicate a great interest from users who want to participate in the Polkadot ecosystem.<\/p>\n\n\n\n

Another reason for Polkadot\u2019s popularity is cost efficiency. For high-traffic dapps with a large number of users, deploying on Polkadot is expected to be more economical than creating own blockchain or building on top of an existing smart contract platform.<\/p>\n\n\n\n

Polkadot has also introduced a range of advanced technology and trading tools to the crypto market, such as staking, and is expected to do more. Currently, Polkadot can boast nearly 145K monthly users \u2014 less than the Ethereum blockchain, but still a lot for a relatively new blockchain.<\/p>\n\n\n\n

Overall<\/strong><\/p>\n\n\n\n

Polkadot can offer many unique benefits to entrepreneurs, developers,<\/p>\n\n\n\n

users and investors. Its stable and reliable network along with its roadmap look like a promising scenario for the project\u2019s evolution, which will be interesting to follow.<\/p>\n","protected":false},"excerpt":{"rendered":"

Polkadot, aka a \u201cblockchain of blockchains,\u201d is thought to be one of the most successful blockchain projects ever. It is aimed to solve the eternal problems of networks such as Ethereum and Bitcoin, providing new possibilities to web3 users and business. Let\u2019s dive into the history and ideas behind the Polkadot project. What is Polkadot […]<\/p>\n","protected":false},"author":7,"featured_media":555,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[64,38],"authors":[37],"class_list":["post-554","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized","tag-case-study","tag-education","authors-alphaguilty"],"acf":{"reading_time":2},"author-name":"AG Content Manager","suggested-articles":[{"ID":776,"post_author":"7","post_date":"2023-01-09 11:16:21","post_date_gmt":"2023-01-09 11:16:21","post_content":"\n

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NFT <\/strong>is the latest concept in crypto that seems capable of resonating with a wider audience and attracting more than just avid crypto-enthusiasts. NFT <\/strong>continues to interest investors and digital data collectors. Not surprisingly, many people want to mint an NFT<\/a><\/strong> and are interested in this question. If you want to learn even more about NFTs - check out this ultimate guide<\/a> to them by our CEO, Mykhailo Sitalo!<\/p>\n\n\n\n

NFTs <\/strong>allow many people to earn and multiply their capital many times over in just a few hours. If you are a crypto enthusiast, and you are interested in a hidden gem project, it is vital that you understand what minting is and how to mine NFTs<\/strong>. How much does it cost - another important issue. <\/p>\n\n\n\n

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Today we will tell you about the cost of minting<\/strong> and the NFT minting process.<\/strong> There will be a lot of useful information about NFT minting<\/strong> not only for newcomers but also for experienced users in the field of NFT<\/strong>. Do you want to make a great investment or earn more money <\/strong>by selling an NFT<\/strong>? So, it is very important for you to look into this subject.<\/p>\n\n\n\n

Minting process<\/strong>: what is it?<\/h2>\n\n\n\n

Minting <\/strong>an NFT <\/strong>means creating an NFT<\/strong><\/a>. So, minting <\/strong>is the act of publishing a token. The most popular blockchain for NFT <\/strong>creation is the Ethereum blockchain<\/strong>. NFT minting is the process of publishing a unique digital element on the blockchain, this creates an immutable record of authenticity and ownership. Once minted, the token can be bought, sold and traded.<\/p>\n\n\n\n

In other words, minting <\/strong>is the operation of creating a token with its registration in the Ethereum blockchain<\/strong>. So, data about the NFT <\/strong>and its author will be included in the network. <\/p>\n\n\n\n

Before minting <\/strong>an NFT<\/strong>, the creator can choose token settings, including royalty requirements - rewards for reselling it on the NFT marketplace<\/strong>. There are also a few other points to consider in more detail:<\/p>\n\n\n\n