Disclaimer: The Industry Talk section features information from players in the crypto industry and is not part of the editorial content of Cryptonews.com.
Polkadot was a growing start in the blockchain industry during his short tenure. And it’s not hard to see why the network has garnered so much attention: Founded from key members of Etherium, Polkadot was designed to overcome congestion and high gas costs, and innovates the blockchain of a way that reduces both costs and technical barriers to entry. With the recent announcement of the first parachain slots auctions, this is a good opportunity to review the Polkadot ecosystem and take a look at several examples of projects making full use of Polkadot’s value proposition. .
What is Polkadot?
Before we dive in to see these examples, let’s take a look at what Polkadot is and why it is different from the thousands of other blockchains operating today. Simply put, Polkadot is a multi-chain network that acts as a bridge between blockchain projects. It connects to these different networks and uses its ultra-efficient architecture to ensure security and fast transactions (clocked up to 1000 per second). Networks can become attached to Polkadot by bidding and winning “slot auctions”. Here they bid on DOT, the Polkadot currency, which is held as a staked bond as long as the chain is connected. These connected chains are called “parchains” because they work in parallel with the Polkadot relay chain.
Why would another blockchain project want to connect to Polkadot? There are several reasons, but the most important is due to specialization. By connecting to Polkadot, individual projects can enjoy excellent transaction speed and security. They will also have easy connections to other projects on Polkadot and bridges to external networks such as Bitcoin and Ethereum. By doing this, project teams can focus more on the exact functionality they want for their product, benefit from a more efficient process (both during and after development), benefit from greater security than most teams could develop on their own, and even develop their project faster with the use of Polkadot’s modular building framework called Substrate.
Think of it like this. In an apartment building, each occupant could choose to obtain their water supply by carrying buckets to their apartment. If they did, however, they would end up spending much of their day finding, collecting, transporting, and filtering each bucket, instead of doing the things they prefer to do. Instead, residents pay a small fee to a water company, which brings filtered water to their taps. Polkadot provides this to blockchain projects with speed, accessibility to other chains, and security. In addition, Polkadot leaves the governance of each project to its members, so even though they are linked to a larger chain, they remain independent.
Imagine how much extra time you would have after going from collecting your own water to activating the water service. For blockchain projects, it’s pretty much the same sentiment, and there are already a number of examples showing the impressive innovation that can happen when teams focus on their value proposition instead of the necessary elements but distracting from building a blockchain project. Here we’ll look at three key examples: Acala, Polkadex, and Kusama.
The Acala project, currently configured as a working testnet, is Polkadot’s all-in-one DeFi hub. The platform is Ethereum compatible and offers the use of smart contracts and cross-chain capabilities out of the box. It was built with Polkadot’s substrate and takes advantage of the ecosystem’s speed, security, interoperability, and superior bridges.
- Trustless Staking Derivative (Liquid DOT), allowing users to release their staked DOT as fungible liquid assets that extract the value of the derivative.
- A stable currency, the USD, backed by multiple assets and decentralized. It is stable by design (Acala $ 1 = US $ 1), allowing low cost, low risk transfers globally.
- Financial services that include loans, interest, business tokens and, for those staking out Acala’s ACA utility token, an opportunity to participate in governance.
- Plans for a decentralized sovereign wealth fund (dSWF), which would create a stand-alone model that would hold a reserve whose return would fund R&D efforts, parachain placement and ensure the project is healthy and growing for many years to come.
- The results of Testnet were very impressive, including:
- Over 90,000 community members
- 1,300+ knots
- 30+ ecosystem partners
- 45,000 accounts
- 615k transactions signed
- 52M USD of total blocked value testnet
Acala has integrated perfectly into the Polkadot ecosystem and is on the verge of quickly gaining a large community.
The Polkadex team used Substrate to create DEX which combines the best of centralized exchanges (speed and ease of use) and decentralized platforms (borderless, secure, scalable). It is an order book-based cryptocurrency exchange that will be a parachain on Polkadot in order to offer its users the ability to connect to external networks.
The main features include:
- Uses a smooth switching protocol between backlog and AMM to match orders.
- For affected users, additional benefits include the ability to deploy on-chain trading robots for algorithm-based trading.
- For high frequency traders (bots and non-bots), Polkadex has a significant advantage over competing exchanges due to Polkadot’s incredibly high transaction speed. This advantage will be retained for some time, as Polkadot’s speed will continue to evolve in ways that other ecosystems are unable to do given their architecture.
- Layer 2 Trusted Execution Environment (TEE) This is essential to ensure cryptographic proof of transactions, hack / theft prevention, and allow users to keep their funds on the exchange without worry.
- The flexibility of Fiat by allowing traders to purchase crypto using a credit card.
- The decentralized KYC option gives merchants the choice of storing their personal data in wallets rather than on the platform, complying with regulations while maximizing privacy.
The Polkadex team recently posted a demo video for their app, showing the ease of use and impressive features. You can see the demo here.
The Kusama Network made headlines and history in its role as “canary” (think of a canary in a coal mine, sacrificing itself to alert of danger) to ensure that the auction and the deployment of Polkadot parachaines. run smoothly and without disaster. In June 2021, the first live parachaine was deployed to Kusama, and although it was an empty shell (aptly called “Shell”), it validated the concept of parachain which defines the functionality most promising of Polkadot. After several weeks of testing, the first value-added parachain has been added, chosen through a process of common good over the auction-based process that will follow. The parachain, Statemine, will allow the holding and transfer of KSM, the transfer of authorized fungible assets and the creation / issue / transfer without authorization of assets (fungible and not).
Kusama will act as a scout for the Polkadot network, and because his processes for the first parachain are actively audited, he has already completed the first of many auctions for a parachain slot. The winner of the first auction (a modified candle format) was Karura, which is a DeFi hub that will serve as a counterpart to Acala, which runs on the Polkadot ecosystem and even shares the same code.
This trip will allow Kusama to deliver the ultimate canary for Polkadot, with added value created as more parachains win auctions and join the Kusama ecosystem. It will also pave the way for the niche auction methodology, helping project teams better understand what is needed to compete and win niches to integrate their blockchains.
A bright future
Polkadot changed the crypto paradigm with its unique ecosystem structure. By offering low fuel costs, solid security, and blazingly fast transactions, the parachain methodology will allow teams to focus on the unique innovations that they are passionate about for their blockchain project. They will be able to grow quickly through Substrate, garner community support and earn a spot at auction, and then take full advantage of the important benefits offered as a Parachain.
Jeff Bezos took to the skies for an 11-minute ride aboard his company’s rocket, reinforcing the drive to make space tourism viable and fulfilling a childhood dream of exploring the skies.
Blue Origin’s New Shepard rocket soared into the sky over a West Texas launch pad at around 8:12 a.m. local time on Tuesday, carrying the world’s richest man, his brother and two more. This is the first flight with people on board for Blue Origin, which Bezos founded in 2000 with a vision of a future in which millions of people will one day live and work in space. The New Shepherd had flown 15 times without a crew.
At an altitude of 47 miles (76 km), a 10-foot-high capsule with large windows and reclining leather seats will detach from the booster and ascend beyond the Karman Line 62 miles above Earth. , where passengers experience weightlessness and unforgettable views for a few minutes. They then attach themselves and fall in free fall towards the desert ground with six parachutes. Just before touchdown, a retro-thruster slows the descent for a smooth landing.
Blue Origin created the suspense around the theft with a high-profile auction. An anonymous bidder offered $ 28 million to fly alongside Bezos, but what Blue Origin described as a timing conflict left an opening for Oliver Daemen, the 18-year-old son of a Dutch financier. Also on board: Bezos’ brother Mark, 53, and Wally Funk, 82, a former trainee astronaut. Funk will be the oldest person to travel in space and Daemen the youngest.
The suborbital journey began nine days after billionaire Richard Branson demonstrated the capabilities of his rival company by boarding a Virgin Galactic ship and performing a similar flight at an altitude of 53.5 miles below, where passengers have also experienced weightlessness. Both companies want to sell rides in the space to wealthy tourists. The high-profile excursions of their billionaire founders serve as a vote of confidence in the safety of such trips.
Bezos, 57, said he had been planning to travel to space since he was five years old. He started Amazon.com Inc. as an online book business from his Seattle garage in 1994 and made it the world’s largest online retailer, making him the richest man on the planet with net worth exceeding $ 200 billion, according to the Bloomberg Billionaires Index. .
He sold shares of Amazon to fund Blue Origin, which is based in Kent, Wash., Now has 3,500 employees and also builds rocket engines used to launch satellites. Bezos stepped down as CEO of Amazon earlier this month to become executive chairman of the e-commerce giant.
Branson’s robbery earlier this month stole thunder at the launch of Bezos and sparked social media wrangling. Blue Origin denounced the Virgin Galactic flight in a July 9 tweet, calling it a “high-altitude plane” with puny windows. Blue Origin says it has the largest windows in space. On Monday, Virgin Galactic on Twitter wished the Blue Origin team a “successful and safe flight.”
Despite the struggle for the space tourism buzz, the ultimate goal is to make such trips routine on rockets that are reused as airplanes. The New Shepard booster will return to an airstrip so it can be reused rather than shattering in the atmosphere. Reusable rockets are key to lowering the cost of space travel, which could make them more accessible. Blue Origin did not disclose the expected price of future space travel or the amount paid by the teenager.
© 2021 Bloomberg
The left is telling an “absolute lie” and degrading the “real horror of racism” by claiming that election laws that have been passed or are being discussed in several states are like new Jim Crow rules …