Thread by @ProphetDotsama

"What makes @Polkadot stand out from other projects?"

[THREAD]

1⃣Shared security
2⃣Forkless upgrades
3⃣Trustless communication
4⃣XCM transfers
5⃣Software, not security
6⃣On-chain governance
7⃣Network effects
8⃣Developer activity

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In this thread, we will discuss the distinguishing features of Polkadot that makes it stand out from the crowd.

Link to the detailed article:
prophetdotsama.medium.com/what-makes-pol…

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1⃣Shared security

The shared security means all the connected parachains leverage the security of the Polkadot relay chain, irrespective of their market cap.

The parachain with a $5 million market cap is as secure as the relay chain with an $8 billion market cap.

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For a new PoS chain with a small market cap, it is a legitimate threat that a whale could acquire a huge amount of tokens and harm the network.

Thus, being a parachain and outsourcing the security from the Polkadot relay chain prevents this whale manipulation problem.

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2⃣Forkless upgrades

Polkadot’s forkless upgrade feature allows chains to upgrade their logic without going through traditional hardforks.

Updating a chain is as simple as updating a mobile app. This ease of update makes the chains future-proof.

https://twitter.com/danreecer_/status/1570605683309182976

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To date, the Polkadot relay chain has been forkedlessly upgraded 40+ times without going through a validator, security split.

3⃣Trustless communication

The Polkadot parachains, however, could transfer tokens to other parachains and the relay chains without requiring trust.

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This is possible because of the shared state feature of Polkadot. The state transition proof of all parachains is finally verified by the relay chain validators.

Thus all the chains share state with the entire system, and this makes the trustless transfer of assets possible.

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4⃣XCM transfers

XCM is a messaging language that defines how a message should be composed, delivered, and interpreted by the destination chain.

XCM uses “state channels” to transfer tokens across chains, that are as secure as the relay chains.

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$2.5 billion value have been lost in bridge the hacks. The XCM protocol removes the need for centralized custodians, preventing any sort of hack.

5⃣Software, not security

The @Web3foundation announced that the SEC has classified Polkadot as software, no longer a security.

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6⃣On-chain governance

The token holders elect a council of members with power to veto the token holders.

In addition, there is time-based voting, where the voting power increases when the user locks tokens for a longer time. This is referred to as “conviction voting”.

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The self-funded treasury is used to finance innovative new ventures, liquidity bootstrapping events, and for other initiatives like WagMedia.

Again, the utilization of on-chain treasury is decided by the governance process.

Great thread by @pitcoin_

https://twitter.com/pitcoin_/status/1579161460458287105

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7⃣Network effects

Imagine a network of 100+ app-specific L1 blockchains interoperating with each other in a trustless manner using #XCM.

All these 100+ chains will have their own ecosystem of L2 and dApps, all secured by the multibillion-dollar security of the Polkadot.

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8⃣Developer activity

Polkadot has the second highest amount of developer activity of any other crypto ecosystem. Since 2021, Polkadot has had the second-largest dev community after ETH.

Acc. to Messari, Polkadot’s weekly commits were three times that of the next project.

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Conclusion

I hope this thread was helpful in clearly explaining the leading features that make Polkadot stand out from the crowd.

Polkadot, with cutting-edge features like shared security, XCM, on-chain treasury, and forkless upgrades, is the interoperability king.

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