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Known as the most powerful "competitor" of Ethereum, Polkadot is about to go online.What information deserves attention?



"The king of cross-chain", "the creator of Web 3.0", the new work of the man who created Ethereum", "the innovator of on-chain governance"...

Polkadot, which is known as the most powerful competitive project on Ethereum, recently announced the specific process of going online. Today, let’s take a look at what information about Polkadot is worth paying attention to.

Who is Gavin Wood? If you know anything about the cryptocurrency industry, you definitely know Ethereum. Gavin Wood is the co-founder and former CTO of Ethereum.

If V God is the father of Ethereum, he should be called the "mother" of Ethereum. why? Let's take a look at his contribution to Ethereum first:

He completed Ethereum's PoC-1 (Proof of Concept-1);

He authored the Yellow Book of Ethereum. In this yellow paper, Gavin Wood proposed the concept of EVM (Ethereum Virtual Machine), which laid the foundation for smart contract development;

The 24-hour trading volume of the NFT project DigiDaigaku reached 465 ETH, and the floor price was tentatively reported at 2 ETH: On August 10, according to OpenSea data, the 24-hour trading volume of the NFT project Digi Daigaku has reached 465 ETH (about 778,400 U.S. dollars). FreeMint is released in the form of sale, and the floor price once rose to 2.2ETH within 24 hours of going online, and the current floor price is tentatively reported at 2ETH. [2022/8/10 12:15:13]

He also invented Solidity, a development language specifically for smart contracts;

He developed the earliest C++ version client cpp-ethereum of Ethereum almost by himself;

He also founded Parity, the first Rust Ethereum client, claiming 3x the performance of Geth and the C++ version of the client, Parity has been widely welcomed by the market.

It can be said that Gavin Wood almost single-handedly implemented Ethereum from V God’s white paper, and it can be said that he is the man behind V God.

The founder of the Polkadot project is Gavin Wood. Gavin Wood was born in 1980 and is a British national.

Singapore chain game and entertainment company DEA appoints former Goldman Sachs executive Ryohei Nuka as its new CFO: News on August 3, Singapore chain game and entertainment company Digital Entertainment Asset Pte. Ltd. (DEA) today announced the appointment of Ryohei Nuka as its new chief financial officer Officer (CFO).

It is reported that Nuka joined Goldman Sachs in 2009 and was responsible for the product control operation (management accounting and price verification) of the equity and derivatives trading department. Since 2018, he manages a product control team in Japan and India responsible for the appraisal, due diligence and reporting to FRB and SEC of proprietary investments (private equity, commercial real estate and project finance) in the commercial banking sector. (Globe Newswire) [2022/8/3 2:55:55]

When Gavin Wood was on a China tour last year, Ma Dan, the founder and CEO of the vernacular blockchain, conducted an exclusive interview with him in Hangzhou. In the interview, Gavin Wood talked about the Polkadot project, security, the future of the PoW consensus mechanism, decentralization, the stable currency Libra to be issued by Facebook, etc. A personal suggestion was made. Moreover, Gavin Wood also shared his learning secrets, teaching everyone how to master knowledge in multiple fields and integrate them.

Andre Cronje: Will try to participate in and develop regulated cryptocurrencies: Golden Finance News, Andre Cronje issued an article saying: "Instead of trying to fight against regulators because of cryptocurrency regulation, it is better to try to participate in and develop regulated cryptocurrencies."

Andre Cronje says he has co-founded multiple entities to provide, advise and develop regulated encrypted access strategies with core focus including PCI and DSS HSM compliant custody solutions; risk, credit reporting and compliance; multi-currency payment channels and infrastructure; clearing houses and stock exchange tokenization portals; senior secured floating rate corporate DeFi bonds; crypto ETFs and mutual funds; national blockchains. [2022/4/19 14:33:52]

As early as 2014, when Gavin Wood was still in Ethereum, he wanted to solve the expansion problem of Ethereum. For various reasons, it could not be completed. In 2016, after discussing with many friends, all the ideas were integrated, and the Polkadot project was born: Polkadot.

In addition to solving the expansion problem, Gavin Wood also wants to solve the cross-chain problem: allowing independent blockchains to communicate.

Different blockchains, data information cannot communicate with each other, and each blockchain is an isolated island. In order to break this state of data isolation, Polkadot is committed to creating a network protocol, similar to the Internet TCP/IP protocol. By establishing a multi-chain architecture, all blockchains connected to this architecture can better complete the information exchange between each other.

Data: The total market value of non-state-owned digital assets in the United States has reached 3 trillion U.S. dollars: According to news on March 25, recently, U.S. President Biden signed an executive order called "Ensuring Responsible Development of Digital Assets", calling for Government agencies such as the Federal Reserve and the Ministry of Finance evaluate the benefits and risks of digital assets, and explore the development of the US central bank's digital currency. The scale of digital assets in the United States has grown rapidly. According to published statistics, in November 2021, the total market value of non-state-owned digital assets issued in the United States has reached 3 trillion US dollars, which is much higher than the approximately 14 billion US dollars in early November 2016. Analysts believe that this presidential executive order will not only affect the development of digital assets in the United States, but also affect the decision-making of other countries. Biden hopes to put the United States in a leading position in this industry. Given the hegemony of the United States in the existing world financial system, this will prompt other countries to think more deeply about this and make corresponding decisions. (Economic Information Daily) [2022/3/25 14:17:02]

To achieve this goal, Polkadot defines a set of Parachain and Relaychain.

Among them, the parallel chain is mainly responsible for data calculation and transaction information processing. Through multiple parallel chains, the horizontal expansion of the blockchain can be completed, that is, the performance problem of the blockchain can be solved.

The Layer 2 interoperability protocol Connext and the cross-chain protocol Nomad will deploy a cross-chain bridge in the Cosmos ecological chain Evmos: On February 15th, the Cosmos ecological chain Evmos announced that the Layer 2 interoperability protocol Connext and the cross-chain protocol Nomad will integrate their Cross-chain deployment to Evmos. With Nomad and Connext, institutions and users will be able to transact and call data between the Ethereum and Evmos ecosystems, and this deployment will allow ERC-20 tokens for Ethereum and other EVM chains to be available on Evmo, which can then be accessed through IBC is available throughout the Cosmos ecosystem. [2022/2/15 9:52:47]

The relay chain is a center of Polkadot, and its main function is to verify the blocks given by each parachain and give a proof of finality.

People always regard Cosmos and Polkadot as the two biggest cross-chain competitors, but strictly speaking, the two are really not on the same track.

The essence of Cosmos is to implement the IBC cross-chain protocol. From the perspective of the public chain platform itself, it is much simpler than Polkadot. Hub and zone are actually the difference in location. The operating principle is the same. The key is to use IBC to link.

From this perspective, Cosmos is closer to a real cross-chain project.

And Polkadot, more like a shard to the extreme, has become a smart contract platform with its own cross-chain.

Information about Polkadot's cost price:

The total amount of DOT is 10 million, and the (futures) highest price in history is 2416.76 yuan.

Cost price for the first fundraiser: end time on October 17, 2017 (locked for 2 years), price 1 DOT = 0.109ETH, 50% of the total amount sold, the price of ether on that day was 320 US dollars, converted 1 DOT cost = about 35 US dollars.

The second round will be held in June 2019, with a total of 500,000 pieces, an amount of 60 million US dollars, and a cost price of about 120 US dollars.

The current public information is these, and the project party may have other actions after it goes online.

The main track in 2018 is the basic public chain. In addition to the well-known BTC and ETH, a large number of public chain projects have emerged. They are seeking to establish their own ecosystem and strive to become the winner of the public chain battle.

Looking at it from a higher perspective, although the performance of these current public chain projects has improved, it is still difficult to become the "underlying highway" of the blockchain that everyone is looking forward to. In particular, it is worth thinking about: Under the thinking trend of "each public chain becomes an ecology by itself", each public chain has become an information island with different technical structures, disconnected and independent operation.

This is very embarrassing for DApp developers. Which public chain to choose has become a single-choice question that developers have to face, which vividly reflects the current dilemma of blockchain technology advancement. It can be seen that the current situation of poor interoperability between blockchains is greatly limiting the application of blockchains.

In contrast to today's Internet, the core of the reason why the Internet can bring great convenience to our real life is that it truly interconnects the entire world.

The so-called cross-chain technology, as the name suggests, is to realize asset transfer, information exchange, and application collaboration between different blockchain platforms. It is similar to a bridge between different public chains, realizes data transmission between different blockchain networks, and greatly reduces transmission costs.

The so-called cross-chain mainly includes two levels, one is the cross-chain at the data level, and the other is the cross-chain at the operation level.

For traditional public chains such as BTC and ETH, slow transaction speed and high transaction costs have become the biggest bottleneck. After applying cross-chain technology, they can run a large number of transactions to other networks, which greatly expands the performance of the original blockchain network.

The Bitcoin Lightning Network is actually an application of cross-chain technology. Its main function is to improve the transaction speed and practicality of the Bitcoin network.

In addition, some decentralized exchange platforms are also using cross-chain technology to improve the execution efficiency of currency exchange business and reduce service costs.

The original plan was to go online in the fourth quarter of 19, but it has been delayed. Finally, on May 7th, Gavin Wood mentioned that the countdown to the launch of Polkadot has entered, and the official announcement of the launch process is as follows:

It is mainly divided into six stages: POA, NPoS, governance, removing SuDo, starting transfer & core functions.

POA: In the first phase, Polkadot will operate as a Proof of Authority (PoA) chain maintained by six validators belonging to the Web3 Foundation. The chain allows users to stake DOTs and submit them to become validators or nominators.

NPoS: When the Web3 Foundation has sufficient information about the stability of the network and sufficient validators participate, the Web3 Foundation will use Sudo (a super user account with access governance functions) to initiate the first validator election. This election will transition the network from PoA to a second phase, Nominated Proof-of-Stake (NPoS), in which the network will be secured by economic stake tied to validators.

Governance: Sudo keys will enable the suite of governance modules in Polkadot after having a large number of validators and the chain is functioning properly. That is, modules that enable council, technical committee, and public voting. With the establishment of councils and governance tools, the public has the power to affect change in the system.

Remove Sudo: The public initiates a vote to remove Sudo from Polkadot, allowing token holders to control the entire network, thereby achieving true decentralization.

Support for balance transfers & core functionality: The final phase of Polkadot's rollout will involve unlocking its remaining functionality. One of these is the possible support for balance transfers across the network. After that, the remaining core functions of Polkadot will be unlocked one after another, such as allowing the first parachain and cross-chain.

The vernacular blockchain learned from PolkaWorld officials that Polkadot is expected to be officially launched at the end of May. After the launch, the above six stages will be launched. However, operations such as transfer and withdrawal that everyone cares about may need to wait until the payment transfer & core function stage to be realized, and the specific time has not yet been announced.


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Known as the most powerful "competitor" of Ethereum, Polkadot is about to go online.What information deserves attention?

"The king of cross-chain", "the creator of Web 3.0", the new work of the man who created Ethereum", "the innovator of on-chain governance"...Polkadot.

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