What Does It Mean for Polkadot to Split 100x (Polkadot Analysis)

What does it mean for Polkadot to split 100x? Editor’s note: This article is from ZhiMi University, written by Liu Changyong and authorized to be reproduced by Odaily Star Planet Daily.

What does it mean for Polkadot to split 100x? Polkadot is split into 10 different versions, each one being unique. In a new Polkadot network upgrade, every new DOT token will have one token destroyed, worth $100. This new blockchain is also known as a “relay chain,” and it is an independent, decentralized database composed of multiple participating validators. Within the Polkadot ecosystem, there are projects that want to migrate their tokens onto their own blockchain to implement these changes. So why split an old blockchain? It’s actually to introduce a new blockchain technology that allows everyone to build and maintain blockchain applications through a shared ledger, providing security to the entire blockchain. This is called parallel threads (Parachain), which is a heterogeneous multi-chain architecture that uses a relay chain as its underlying structure.

The original consensus algorithm for Polkadot was a proof-of-work mechanism, but now it has switched to proof-of-stake (PoS) as it requires time-locking to ensure transaction security. This means anyone can update or modify the information in the block header anytime, anywhere. However, when a new network appears, its codebase needs to be redesigned to support various features (including scalability), as well as lower fees, gas fees, and other performance limitations. If there is not enough capacity to support this task, smart contracts on Polkadot can operate as usual. In simple terms, one innovative idea on Polkadot is to establish bridges between blockchains.

There has been a lot of discussion about this technology. However, based on Polkadot’s introduction, the issuing party of Polkadot has two main goals: firstly, scalability, secondly, addressing privacy, and thirdly, enhancing blockchain interoperability and cross-chain interaction capabilities. Therefore, Polkadot’s team is very likely to be the first enterprise to launch such a solution.

In addition, Polkadot plans to release a blockchain platform called Cosmos based on the Substrate framework in the second half of this year. This protocol works together with Substrate to lower costs, improve efficiency, and expand the user base.

Polkadot Analysis

Polkadot is the first project in the Polkadot network to combine smart contract language with blockchain technology. It was released in July 2019 by Parity Technologies with its token DOT whitepaper.

According to the official website, Polkadot is an open-source network architecture built on the Substrate framework, with the main goal of achieving decentralization and cross-chain asset transfer. This protocol allows developers to create their own dapp applications and generate profits or passive income from them without relying on third-party intermediaries to manage their funds. Additionally, it provides an open standard that serves as a foundation platform for everyone using Substrate, simplifying the blockchain interaction process and introducing new features. (PolkaBase)