Thread by @AltCryptoGems

Here's a little thread about $DOT - Polkadot.

Pretty much, Polkadot: "The Blockchain of Blockchains". 🤯

I will leave all the official links at the end. 👇

Please like, retweet & follow if you enjoyed this thread and have learned something from it!

#NFA #DYOR

The idea of @Polkadot was created in 2017, by Dr Gavin Wood (@gavofyork) just after inventing the #Ethereum Virtual Machine (EVM) and the infamous 'Solidity' programming language.

@Polkadot is the first "Layer 0" #blockchain that can connect multiple "Layer 1" blockchains to itself. They aim to create a unified network of blockchains that can be built and connected.

Polkadot operates two types of blockchains, the 'Relay Chain' and the 'Parachains'.

The core of Polkadot, the 'Relay Chain' is a nominated-proof-of-stake (NPoS) blockchain with validators and secures the network by 'Staking' $DOT, which is the Governance token.

The 'Relay Chain' does not support smart contracts and is limited in its functionality. It is designed to strictly make the NPoS consensus work, support the Governance system and validate 'Parachains'.

#Parachains' are Layer 1 networks, they have individual tokens and governance.

All Parachains are autonomous and form a #web of networks that stay in sync, secure each other and feed into the 'Relay Chain'.

There are currently over 100 connected Parachains.

@Polkadot is designed to be more scalable than the leading network, #Ethereum. Parachains can work as bridges to other major networks and have Layer 2 blockchains built on top of them.

The #Polkadot Team aims to allow users to make transactions securely, accurately and privately. Essentially, creating blockchains that don't disclose user information/data.

To further enhance security many Parachains have their counterparts on @Kusama. #Kusama shares the same architecture as @Polkadot, however, Kusama has a lower entry barrier, penalties and the latest technology perfect for testing protocols.

Applications that aim to run on @Polkadot, must first be tested for security and viability on the @KusamaNetwork.

#Kusama is its very own independent blockchain.

The difference between #Polkadot and other multi-chain ecosystems, e.g. @Cosmos $ATOM, is that the Parachains are dependent on the 'Relay Chain' and the ecosystem itself.

#Polkadot uses Substrate, which runs its blockchains autonomously. Whereas, @Cosmos allows developers to create a new blockchain and more by using 'Comos SDK', which we have gone through in a previous thread.

At the time of writing, @Polkadot is trading for $7.57 with a market cap of around $8.5B. $DOT's all-time high was $55 in November 2021 with a peak market cap of $56. #Polkadot has the technology to scale to great heights.

Polkadot & Kusama Socials & Websites

Polkadot Twitter - @Polkadot
Polkadot Website - polkadot.network
Kusama Twitter - @kusamanetwork

#Crypto #Polkadot #Kusama

That's it! Thanks for reading!

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