We are familiar with the fact that when we talk about cryptocurrency the two most dominant currencies that come to our mind are Bitcoin and Ethereum. But at present, if we see the new crypto coin that has emerged as the most spoken coin is the Polkadot and the reason is its blockchain. This coin has shown the potential of becoming a next era coin with some exceptional features in it. Visit the official page of british-bitcoinprofit.com for more information on bitcoin trading.
When Bitcoin came it had become the one such cryptocurrency that offered transmission of the cash without the help of any mediator. But it had some scalability issues that were found to not exist in the cryptocurrency Ethereum. This cryptocurrency does not much solve this problem but it also brought many other features such as allowing multiple apps to be made and also run on its blockchain. But one of the most spoken features that it has brought in the digital market is transferring through the medium of the smart contract. But due to Ethereum being expensive for some minor works and also being in so much usage by different platforms its assistance is being released by many projects. This is where Polkadot comes as a saviour to wipe the problems of the above two mentioned cryptocurrencies. Since Polkadot has come into the history of cryptocurrency its rise has been sky-high. Immediately after a span of a few months, the native currency got enlisted as among the top cryptocurrencies.
Polkadot
A very proficient computer scientist named Gavin wood is associated with the formation of this cryptocurrency. It has also been said that the Ethereum cryptocurrency also lays its co foundation to the same scientist. With the help of a secured platform, it allows many users to use its blockchain to make transfers in the most convenient way possible. It is said to have brought an upgraded version of Ethereum which has not yet been brought into the crypto business. Its foundation which looks after its network has been said to be fully scalable and the very famous thing which is being said about this coin is that “it is the future of blockchains”.
How this Cryptocurrency Has Been Brought into the Crypto Industry
Just like many other cryptocurrencies that came through the publishing of a white paper, in the same manner, this currency also developed through the help of its white paper which was released by the wood in the year 2016. Kusama is the project that leads to the existence of Polkadot.
During its initial phases, this network was launched as a POA that is Proof of Authority protocol. But later in 2020 itself, it shifted to POS which is proof of stake protocol. The changes that have been brought to its network is said to have been the most helpful steps that helped it to achieve the goal of becoming like other networks that are decentralized but with advancement than the other networks.
Talking about the token that it utilizes is represented as DOT. As per the ranking of cryptocurrencies, it stands at number 8th as per its capital. Some of the benefits that this token provides are staking benefits, network governance and lastly the bonding benefits.
Conclusion
The title of the article makes it clear that we are talking about the blockchain of Polkadot. Various reasons make this network the most accepted after Bitcoin and Ethereum. some of them have been discussed above. I trust after knowing the benefits you are fully aroused to invest in this cryptocurrency.