What is Polkadot Coin (Polkadot Coin Market)

What is Polkadot Coin? Editor’s note: This article comes from William’s idle talk (ID: William1913), authored by William Chen and authorized for reprinting by Odaily Planet Daily.

Polkadot Coin, as a blockchain-based distributed ledger system, aims to provide similar functionality to the existing Internet and achieve more efficient and low-cost transaction processing. The project was launched by Vitalik Buterin, the founder of Ethereum, in 2014. The team has developed Bitcoin protocol, Ethereum Virtual Machine (EVM), and some other public chains.

Polkadot is a decentralized financial platform built on its own network. It connects various assets such as tokens, stocks, bonds, and other digital assets using smart contract technology. These assets are used to pay fees and operate nodes without worrying about hacking attacks or network manipulation.

Although this concept may sound abstract, it is actually quite simple – it is to issue a cryptocurrency through an application program. This makes its name look similar to Bitcoin. So it is not that complicated – because it does not rely on any third party or company as an intermediary for transactions, but uses cryptographic principles and code-executed algorithms to ensure the integrity of the system, making it possible. This mechanism allows everyone in the network to participate and contribute, thereby contributing to the entire ecosystem.

Therefore, to create a cryptocurrency, you must first obtain a validator (miner). Then, validators can send tokens (“block rewards”) to their proof-of-stake consensus layer and generate corresponding blocks based on the parameters they choose.

Because of the characteristics of the blockchain itself, it has two main features: first, there is no minimum number of validators with trust; second, it is highly dispersed, and only a few users can control this particular data point. However, to some extent, this is not possible.

The second type is somewhat scalable, such as Bitcoin. Bitcoin currently uses sharding to solve the data problem, while Ethereum uses side chains to meet this requirement and also provides access to data stored on shards.

The third is completely permissionless proof of work (POW), which means that all computing work in PoS is transparent and traceable.

The fourth point is also very important – to ensure security, whenever someone tries to mine a new block of a lot of new hard disks, many things can happen when new and old computers continue to produce in continuously increasing capacity. For example, when we put together a block, we form a huge circular triangular structure, which can maximize the scale and form a more stable network environment, while avoiding the problem of a single main chain unable to handle a large amount of data, and preventing individual sets of different blockchains being redirected together.

Polkadot Coin Market

According to Gate.io global trading data, as of February 26th, 11:45, Polkadot (DOT) is priced at $39.68 with a 24-hour decline of 1.63%.

Earlier news showed that according to official information, Polkadot network has been upgraded to version v0.11.0 and launched on the mainnet. It is currently in the voting and review stage. More details will be announced in the coming weeks. Additionally, according to Gavin Wood, the testnet is expected to launch the mainnet in the third quarter.