Thread by @Cov_duk

#Polkadot 101: the multi chain ecosystem

Here is your intro guide to Polkadot, the latest L0 that has been gaining a lot of traction

A thread 🧵👇

2. #Polkadot is a network that allows data transfer between blockchains. It is an ecosystem that unites multiple individual networks into a single one.

In other words, it is the base layer (L0) upon which other chains (L1s) are built.

3. Polkadot has two chains:

The relay network is the main network that is used for transactions and consensus.

Parachains are independent networks that use the Relay chain’s power to process on chain transactions.

4. Essentially, parachains are L1 blockchains that build on top of the #Polkadot foundation. These can be different apps or chains.

These are similar to zones in the #Cosmos ecosystem.

5. $DOT is Polkadot’s native token that is used for governance.

There are 1,000,000,000 $DOT tokens in total.

However, to avoid complex calculations, the community voted to adjust the ratio by a 1:100 ratio so that 10 million tokens would be created.

6. #Polkadot’s networks are parallelized, meaning that parachains can be added or removed easily.

All transactions are verified by the Relay chain. These networks allow Polkadot to process over 1,000 transactions per second.

7. Parachains are independent chains that use the relay chain’s powers to verify the accuracy of on chain transactions.

Bridges enable Polkadot to interact with other chains.

8. #Polkadot is a very interesting L0. The future is multichain. That has become very evident.

Polkadot provides the base layer for L1s to build off of and interact with. L0s are incredibly important. Cosmos another L0 that has been popping.

9. The interoperability in the #Cosmos ecosystem has allowed a bunch of great L1s to thrive.

But there is room for more than 1 L0. Cosmos has its flaws.

10. #Polkadot has a couple of great features. Each parachain can be customized to each app’s requirements.

Each parachain can upgrade itself very easily. It is very scalable and can support multiple networks.

11. Each parachain is fully interoperable with each other, as in the case with #Cosmos’ zones.

12. #Polkadot has gained a lot of attention lately. And for good reason, Polkadot is working to provide the base infrastructure for the entire blockchain universe.

It enjoys fast speeds, high security and scalability. The key thing to look our for is developer activity.

13. Accounts to follow for $DOT insights:
@PolkadotBoss @Bcpaintball26 @ManOnTheDot @gavofyork @PolkadotNation @BillLaboon @CaptainMrMars @polkadex @polkadotdefi @DotParachains @polkadotplus @OguzhanSengor @Hayess5178 @FaryalgGohar @Tokenicer

A retweet would be great!

14. Accounts to follow for $DOT insights:
@AltcoinSherpa @CryptoFaibik @RayLuCode @cryptopou @BrhnKcby61 @niftesty @1am_MARI0 @gunit3124 @NickDGarcia @danreecer_ @ashwathbk

A retweet would be great!

15. I hope that was insightful, a retweet would mean a lot. I regularly post 101s and breakdowns, follow to keep up.

Here are my past 101s: covduk.notion.site/4798517af2944e…