Polkadot (DOT) aims to create a completely decentralized internet chain that connects internet sites that do not have a center to which it is connected, networks that are open to the public or do not need special permission with a blockchain. Polkadot blockchain has a native cryptocurrency called DOT. It was created by the Web3 Foundation, a foundation of Swiss origin, and took its place in the markets on August 19, 2020. Polkadot is a network established to develop functional solutions on scalability, customizability, and interoperability where necessary. Polkadot is also distinguished for its quick and low-cost transaction fees.
Polkadot, unlike many other blockchain platforms, can be run on two separate blockchain platforms. It is made up of two networks: the main network, also known as the relay chain, and parachains, which are networks where users can permanently store and create transactions. The Polkadot network's core blockchain is relay chains, which are connected to other blockchains. The network's security is likewise provided by this main blockchain. On the other hand, parachains can be built for any number of users and leverage the main blockchain, allowing blockchain transactions to benefit from the main network's security. All operations are carried out safely as a result of this. Users can design parachains based on their intended use at the same time. As a result, users are able to do their tasks quickly and securely. As a result, blockchain systems do not have to execute a large volume of transactions without exposing any data to the main network. At the same time, they use Polkadot's computing skills to ensure that network transactions are correct. Parachains have the flexibility to construct their own governance structures using Polkadot's shared security feature. More will be explained in a simple way, Polkadot hosts parachains, which are self-contained blockchains. These customized blockchains are created to achieve certain aims and overcome unique challenges.
If we focus on the reason for the appearance of the Polkadot, then, Polkadot was founded as a result of Ethereum's high price and scalability, and a group of programmers who wanted to develop their own solutions wanted to produce a more effective solution. On the Ethereum platform, there are some issues. This is also owing to his exorbitant compensation. In fact, one of the key reasons for the birth of platforms like Polkadot can be attributed to this. Polkadot, for example, is following Ethereum's trend. They hope to follow Ethereum's lead and create a system that is both cheaper and faster. They are attempting to be Ethereum compatible, as Ethereum has now become a standard. On the other hand, the design aims are one of the most significant variances. Ethereum intends to be a distributed financial and smart contract execution platform, whereas Polkadot wants to allow individuals to build full blockchains and connect them together.
Now let's take a look at the DApps based on Polkadot. First of all, I would like to express the meaning of DApp. DApp is a decentralized application, an application that runs on a blockchain system, which can operate autonomously, typically through the use of smart contracts. DApp is also a term for internet applications that are constructed in a proper way. P2P (peer-to-peer) refers to all programs that operate on a peer-to-peer basis. At the same time, decentralized applications built on the blockchain directly support cryptocurrencies. October additional fees are charged for transactions, as each connected user offers support for the network. We can consider it as an advantage of DApps. On the other hand, because DApps are always being enhanced, the user experience may not be as consistent as it is in a traditional program, where several developers collaborate to ensure that the code is error-free. We can consider it a disadvantage of DApps.
Polkaswap is a project currently under development, conducted by Soramitsu. Soramitsu is a blockchain company based in Japan. Polkaswap functions as a market maker. At the same time, it can be considered the Uniswap of the Polkadot ecosystem. It provides better liquidity, speed, and security for users. It is completely unauthorized, so no central authority can control transactions. Let's talk about some of the features of Polkaswap. Polkaswap has the ability to work between different blockchains or exchange cryptocurrencies belonging to different blockchains. On the other hand, a good feature is also affordable fees. It has much more reasonable pricing than Ethereum. Finally, it has the ability to perform operations faster.
Polkastarter (POLS) token serves as a decentralized fund-raising platform. The Polkastarter protocol has a structure that will allow you to operate dec chains. Users will be able to invest in new blockchain projects using this platform. There are numerous ways to raise funds in the bitcoin and blockchain worlds. Polkastarter is a cross-chain token pool and auction system built on Polkadot that allows projects to generate funds in a decentralized and interoperable manner. Several pools are now open, with more to follow soon.
LocalCoinSwap is a distributed crypto exchange aimed at solving most of the problems that we associate with centralized and distributed cryptocurrencies. LocalCoinSwap decentralizes the buying and selling of cryptocurrencies globally, with over 250 payment methods supported. Polkadot is one of the many assets that this platform supports, making it extremely adaptable.
MANTRA DAO is a DeFİ platform run by the community that focuses on staking, lending, and governance. It is also a fully integrated decentralized financial services ecosystem built on interoperable technologies and collectively controlled by its users. Mantra DAO provides a suite of decentralized finance solutions to the community because it is developed on Rio Chain for Polkadot.
The Ren project is an open protocol for all decentralized applications to access inter-chain liquidity. RenVM makes it feasible to integrate Bitcoin and ZCash into Ethereum DApps, for example. This functionality has now been extended to Polkadot's multi-chain environment thanks to a partnership with Acala network. In addition, unlike other cryptocurrencies, users do not need to buy or possess REN to utilize its platform. Instead, customers pay a fee in the Blockchain's cryptocurrency, which they use to perform their business.
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