Polkadot Ecosystem Overview

POLKADOT ECOSYSTEM OVERVIEW

Polkadot is an open-source protocol built for everyone. It empowers networks to work together under the protection of shared security. What it means is that by connecting to polkadot blockchain developers can secure their blockchain from day one. It’s a scalable, interoperable, and secure network protocol for web3 technologies.

Polkadot is a true multi-chain application environment where things like cross-chain registries and cross-chain competition are possible. This implies that not only tokens but data can as well be transferred across public, open, permissionless blockchains as well as private, permissioned blockchains. With that, it's %100 possible to build an application that gets permissioned data from a private blockchain and use it on a public blockchain.

POLKADOT BRINGS THE FOLLOWING SOLUTIONS TO BLOCKCHAIN TECHNOLOGY:

Interoperability: Polkadot enables cross-blockchain transfers of any type of data or asset, not just tokens. Connecting to Polkadot gives you the ability to interoperate with a wide variety of blockchains in the Polkadot network.
Scalability: Polkadot provides unprecedented economic scalability by enabling a common set of validators to secure multiple blockchains.
Blockchain innovation: you can now create a blockchain in minutes using the blockchain-building framework “substrate”. Connect it to Polkadot and get interoperability and security from day one.
Forkless and future-proof: Polkadot is designed to be a truly resilient network. It's able to adapt and upgrade itself without forking.
High level of security: Polkadot introduces “pooled security” where multiple chains are secured by Polkadot's validators. Blockchains can get security instantly when they connect to Polkadot, giving them a strong incentive to join the Polkadot network.
Network governance: Polkadot has an open governance system. Upgrades to the network are coordinated via on-chain governance, ensuring that Polkadot's development reflects the values of the community and avoids stagnation.

CORE COMPONENTS OF POLKADOT:

There are basically four components of the ecosystem, such as :

Relay Chain: Polkadot’s “heart,” helping to create consensus, interoperability, and shared security across the network of different chains.
Parachains: independent chains that can have their own tokens and be optimized for specific use cases.
Parathread: similar to parachains but with flexible connectivity based on an economical pay-as-you-go model.
Bridges: allows parachains and parathreads to connect and communicate with external blockchains like Ethereum.

DOT:

The DOT powers the Polkadot network. DOT serves four (4) distinct purposes:

Governance over the network
Operation
Bonding

As of the time of writing this article, DOT is $16.53 USD with a 24-hour trading volume of $2,238,103,884 USD. The current CoinMarketCap ranking is #5, with a market cap of $14,973,597,220 USD. It has a circulating supply of 905,648,270 DOT coins.

PROJECTS ON POLKADOT ECOSYSTEM :

Many top projects have started building on Polkadot and getting ready to be connected to the relay chain. Some of these projects are as follows:

Reef Finance: A liquidity aggregator and yield engine that enables trading with access to liquidity from both CEXes and DEXes while offering smart lending, borrowing, staking, etc.
StaFi Protocol: Provides liquidity for staking assets on the ETH2.0 ecosystem.
Kulupu: A proof-of-work blockchain with on-chain governance.
Chainlink: developing on oracle.
Aragon: Focused on DAOs
ChainX: A bitcoin/ethereum bridge (mainnet launched already and BTC and SDOTs have been mapped and are mining the PCX tokens, these tokens are then staked.
Ocean Protocol: Unlocking data for AI
Edgeware: The smart contracts are written in Rust and executed in WASM. And many more. See a complete list of projects currently building on Polkadot ecosystem

THE TEAM BEHIND POLKADOT:

The web3 foundation is partnering with the best in-class entities to build Polkadot and foster the development of the services and applications that will run on it. Parity technologies and polychain capital are also working tirelessly for the success of Polkadot.

FOUNDERS:

Robert Habermeier- He is a Theil fellow and co-founder of Polkadot. He has a research and development background in blockchains, distributed systems, and cryptography
Peter Czaban- Peter is the technology director of the web3 foundation, where he works on supporting the development of the next generation of distributed technologies.
Dr. Gavin Wood- At parity, Gavin currently leads innovation on substrate and Polkadot. He is the president of the web3 foundation and the co-founder of Ethereum.

For detailed information about Polkadot, please visit:

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