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Polkadot is a public chain infrastructure focused on cross-chain technology created by Gavin Wood, the former CTO of Ethereum, and is an indispensable section on the Web3 layout. Polkadot is a scalable heterogeneous multi-chain blockchain, which aims to connect the current independent blockchain networks in series, so that different chains can communicate and exchange data, and create the cornerstone of the next generation of value Internet.

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Polkadot Token Economic Model

1. Token economy: Polkadot will mint or burn DOTs to reward nodes running the consensus protocol, provide funds for the Treasury, and control inflation rates.

2. Punishment: DOT also plays a role in punishment protocols designed to reduce attacks or confrontational behaviors.

3. Governance: DOT is also used as a voting right, so that DOT holders can express their opinions on governance decisions through referendum.

4. Parachain allocation: Finally, DOT is used to decide which projects are allocated parachain slots through auctions and deposits.

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Token distribution

Token distribution

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Competitive Analysis

Competitive Analysis

Polkadot and Cosmos are both leaders in the cross-chain track, let’s take them out for a corresponding comparison

1. Security model

Security is not shared between the Cosmos Hub and the partition chain, and security is created independently

Polkadot parachains share security with the relay chain through slots. Provide security endorsement for parachains and relay chains by staking DOT.

2. Network topology

The network topology of Cosmos is an acyclic structure, interconnected by multiple Hubs, and the value capture is decentralized. The benefits of ecological development will be distributed among multiple Hubs. Polkadot is a root relay structure, and the growth of all applications will promote the value-added of DOT. Polkdot's expansion method is more conducive to value capture.

In general, the focus of the ecological battle between Polkadot and Cosmos is to compete for developers, including concepts, technical training, tool support, and comprehensively lower the threshold for one-click chain issuance and project innovation.

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financing

financing

In October 2017, Polkadot sold 5 million DOTs through the Dutch auction, with a lock-up period of 2 years. According to the current market price, the cost of each DOT was 30-35 US dollars, and the total fundraising was 485,331 ETH. The total fundraising was calculated according to the current price The amount is about 145 million US dollars.

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Program features

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consensus mechanism

consensus mechanism

NPoS is Nominated Proof of Stake, also known as Nominated Proof of Stake, which optimizes the problem of POS rich people keeping rich.

Important roles in NPoS, validators and nominators.

The verifier is the node, which needs to run and maintain the node, and the nominator is the person who votes the node, and does not need to run the node.

The NPOS mechanism can ensure that a relatively large part of DOT is pledged in the nominator-verifier mechanism, guaranteeing the value basis of tokens, and causing the cost of attacking the system to be relatively high.

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technical framework

Polkadot's technical framework is mainly composed of the following organizations.

Substrate: Adapt to the development framework of Polkadot, which is equivalent to the solidity of Polkadot developers

team background

team background

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Gavin is the Co-Founder and CTO of Ethereum and started to create blockchain technology. He invented fundamental building blocks of the blockchain industry, including Solidity, Proof-of-Authority consensus, and Whisper. Gavin is currently leading innovation for Substrate and Polkadot at Parity. He coined the term Web 3.0 in 2014 and serves as president of the Web3 Foundation.

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Robert Habermeier is a Thiel Fellow and co-founder of Polkadot. He has a research and development background in blockchain, distributed systems, and cryptography. A long-time member of the Rust community, he strives to leverage the language's capabilities to build highly parallel and performant solutions.

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Peter is the Technical Director of the Web3 Foundation, where he works to support the development of next-generation distributed technologies. He has an MSc in Engineering from Oxford University, where he read Engineering and focused on Bayesian Machine Learning. He has worked in defense, finance, and data analytics industries, working on mesh networks, distributed knowledge bases, quantitative pricing models, machine learning, and business development.

Bitrise Capital (Bitrise Capital) is a venture capital institution focusing on the blockchain field. Its main investment direction is digital currency and mining. Bitrise Capital (Bitrise Capital) has invested in more than 60 projects.

Bitrise Capital (Bitrise Capital) is a venture capital institution focusing on the blockchain field. Its main investment direction is digital currency and mining. Bitrise Capital (Bitrise Capital) has invested in more than 60 projects.

In August 2020, Bitrise Capital (Bitrise Capital) announced that it will establish a special fund of 10 million US dollars, focusing on investing in Defi and other innovative track projects, including but not limited to Defi, IPFS/Fil, Polkadot Ecology and other popular fields, to promote blockchain The healthy development of chain ecology.

In August 2020, Bitrise Capital (Bitrise Capital) announced that it will establish a special fund of 10 million US dollars, focusing on investing in Defi and other innovative track projects, including but not limited to Defi, IPFS/Fil, Polkadot Ecology and other popular fields, to promote blockchain The healthy development of chain ecology.