Polkadot Crypto | Polkadot Explained | What Is Polkadot Coin
Polkadot Crypto | Polkadot Explained | What Is Polkadot Coin
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Welcome to our Polkadot Crypto video!
Polkadot is a relatively new cryptocurrency quickly gaining popularity. Bitcoin still tops the list for cryptocurrency and isn’t at risk of being dethroned anytime soon. But Polkadot is rising in rank and threatens other high-ranking cryptocurrencies like Ethereum.
History of DOT
It is difficult to nail down exactly when Polkadot began as several of the founders have been putting its pieces together for the better part of a decade now. Blockchain interoperability has been talked about for as long as multiple blockchains have existed. Therefore the concepts and frameworks that make up Polkadot have existed for quite some time, however Polkadot the project formally got its start around 2018 during the first web3 conference. The Polkadot project raised more than $100 million dollars during a 2017 ICO, but was relatively silent in the years to come. The highly anticipated Poldadot blockchain and its underlying token DOT was officially released into the markets in August of 2020.
Advantages of DOT
Polkadot is promising things that other projects are also trying to deliver. The difference is that Polkadot is trying to build and launch a ship that is parked in a hanger, or rather on the runway. Ethereum on the other hand has to try and deliver its promises in the air. It is much more difficult to upgrade an already existing blockchain to have completely new functionality rather than build a new one from scratch on the ground.
How Does Polkadot Work?
Polkadot cryptocurrency is set up as a blockchain — a way of storing information that works similarly to a database. Blockchain technology stores information to create:
A permanent timeline, without the need to purge data
Uneditable records, so Polkadot can’t be easily hacked
Transparency and visibility to anyone
Decentralized currency not limited to control by a single bank or entity
How Is Polkadot Different Than the Competition?
Polkadot is newer than other popular cryptocurrencies. Bitcoin was the first to emerge in the world of cryptocurrency. It offers basic abilities compared to the second-most popular cryptocurrency, Ethereum, which can complete more complex tasks.
However, there is a charge for each task with Ethereum, so the cost of more complex transactions adds up quickly. And Ethereum has only one “lane” for transactions, which can lead to network congestion.
Parachains
Polkadot is different because it offers parachains, short for parallel chains, which are series of connected blockchains. These blockchains run alongside one another in a way that speeds up transactions. Having multiple lanes to complete transactions leaves less chance for network overload.
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The information contained herein is for informational purposes only. Nothing here shall be construed to be financial legal or tax advice. The content of this video is solely the opinions of the speaker who is not a licensed financial advisor or registered investment advisor. Trading cryptocurrencies poses a considerable risk of loss. The speaker does not guarantee any particular outcome.
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⏰ Time Stamp ⏰
00:00 Intro
00:34 What is Polkadot (DOT)
01:54 Outro