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Golden Hardcore | What you need to know about Polkadot



Golden Finance recently launched the Hardcore column to provide readers with introductions or in-depth interpretations of popular projects. While DeFi on Ethereum is in full swing, Polkadot has also made significant progress recently. DOT completed the mainnet mapping in early July. On August 19, Polkadot opened the DOT token transfer function at block height 1205128, becoming the real mainnet native token. In addition, on August 21, Polkadot plans to conduct a 1:100 token split at block height 1248328 (approximately at 13:15 UTC on August 21, 2020). This issue of Hardcore takes you into Polkadot. Launched in 2016, Polkadot is managed by the Web3 Foundation, which is dedicated to building a free decentralized web. The Web3 Foundation contracted Parity Technologies to build its protocol. Its founders are Gavin Wood, eter Czaban and Robert Habermeier. Gavin Wood was one of the co-founders of Ethereum, thus bringing legitimacy and confidence in the eyes of many cryptocurrency enthusiasts, especially Chinese audiences. Maggie, Vice President of Golden Hashrate Cloud Operations: At present, the participation methods of Filecoin are mainly mining and purchase of exchange futures: According to official news, on August 19, Golden Hashforce Cloud was invited to participate in the summit of the new wave. Financial Mining Conference. Maggie, Vice President of Golden Hashrate Cloud Operations, shared the theme of "New Posture of Filecoin Mining". Maggie said, “At present, the main network is not yet online. The main ways of participating in Filecoin are mining and purchasing exchange futures. Mining includes purchasing mining machines and cloud computing power. Golden computing power cloud is mainly cloud computing power Direction. Golden Computing Power Cloud is a computing power sales platform launched by Jinse Finance and Economics. Users on our platform mainly participate in Filecoin mining by purchasing cloud computing power. The main features include: 1. We Carry out in-depth cooperation with top mining machine manufacturers. After research, there are more than 300 mining machine manufacturers on the market. We have carefully selected excellent mining machine manufacturers for cooperation to check the computing power of users. 2. The purchase of mining machines has an entry threshold. The price of basic mining machines is more than 10,000 yuan. Users can start purchasing from 0.1T on the golden computing power cloud platform, and the minimum 150 yuan can participate in the Filecoin test network rewards and first mining Bonus. 3. Golden Computing Power Cloud provides three major guarantees, from the main network launch time, payback period, and principal guarantee, to give users a sense of security." [2020/8/19] The team is distributed Has extensive experience in digital ledger systems, blockchain protocols (especially Ethereum), cryptography and wallet technology. Although primarily developed by Parity Technologies, multiple independent teams have contributed to the development of Polkadot. Golden Morning News| List of important developments overnight on July 18: 21:00-7:00 Keywords: New York Times, Ethereum, the United States, hackers 1. New York Times: A group of young people participated in this week’s Twitter attack; 2 . Analysis: The number of Ethereum daily transactions is close to the highest level in history; 3. Cryptocurrency tracking company: Twitter hackers are using the Wasabi wallet to mix bitcoins; 4. The release date of the Ethereum 2.0 testnet may be announced next Monday; 5. US justice 6. Report: Nearly 78% of ETH is in wallets eligible to be network validators; 7. Grayscale has not bought Bitcoin for three weeks; 8. Wang Yongli: "Numbers Currency One Ledger" or the most likely model breakthrough of the central bank's digital currency; 9. Bancor released the V2 version of the smart contract code and launched a bug bounty program. [2020/7/18] Polkadot's protocol is similar to a bridged sharding protocol, with a focus on maintaining communication, value transfer, and collective blockchain security. It unifies blockchains into one network by allowing different blockchains to run in parallel and interoperate with each other. A unified network enhances the strengths of different blockchains and circumvents weaknesses. According to the Polkadot team, Polkadot is a project for developers. It is designed to connect public chains, private chains, oracles, DApps and application services, and work seamlessly in parallel. Therefore, it helps to connect different independent blockchains together into a unified Web3 Internet. Golden Relativity | Blockchain in the Two Sessions: Social Governance and Public Services: At 16:00 on the afternoon of June 4, Golden Finance held the third AMA of the "Two Sessions Series" - Governance, and invited leaders from different departments to be guests of "Golden Theory of Relativity” tells about blockchain governance and public services in society. Please lock the Jinse Finance live broadcast room! [2020/6/4] Polkadot is built on the Substrate blockchain construction framework, which is derived from Parity's experience in Ethereum, Bitcoin and enterprise blockchains. Polkadot state machines are compiled using WebAssembly (WASM), a high-performance virtual environment. Additionally, Polkadot uses libp2p for peer-to-peer discovery and communication. It is coded in C++, Rust and Golang languages to facilitate development by a wide range of developers. The Polkadot governance model is clear on-chain. It aims to include all stakeholders in the governance committee. Users only need to hold native DOT tokens to participate in the system's decision-making. Currently, the Polkadot Council and Technical Committee have been established, so the project and its development direction are fully in the hands of DOT holders. Governance proposals are submitted by the Council, Technical Committee or DOT holders. A public vote is then held by DOT holders. On-site | Jinse Finance presented the "2019 Best Mining Machine for Profitability" award. A total of 10 companies won the award: On December 27, 2019, the "Creation with the Times" awards ceremony hosted by Jinse Finance was held in Beijing. Jinse Finance "created with the times" selected the best mining machines for 2019 yield. After the selection by the judges, the Avalon mining machine A1166, the ant mining machine S17, the Shenma mining machine M20s, the hummingbird mining machine H7 Pro, and the ant mining machine Ten enterprise districts including Machine S17 Pro, Ebitminer E12, Antminer S17e, Whatsminer M21S, Whatsminer M30S, and Innosigma A9++ won the "2019 Best Mining Machine" award. This event invited more than 100 well-known blockchain companies at home and abroad, more than 300 industry leaders, representatives of many industry upstream and downstream service agencies and other industry celebrities to witness the awards ceremony. Jinse Finance's "Co-creation with Time" activity invited more than 40 senior industry experts as a professional selection team to conduct a comprehensive review in combination with online voting. Through different awards, each company's efforts to realize the empowerment of entity innovation and lead the future development of the industry will be evaluated. Commendation, realize the joint exploration of blockchain with the times, and create a beautiful blueprint for the industry. [2019/12/27] Polkadot is still under development. Polkadot launched the Genesis block on May 26, 2020, through a relay chain, which will eventually release up to 100 parachains. It is expected to be fully launched by the end of 2020. It is currently being tested on an open testnet to verify functionality and security before full testing. Analysis | Golden disk: PAY/BTC breaks down: Gold disk analysts said: After a sharp rebound yesterday, PAY/BTC fell into a downward trend again today, breaking down, and there is no sign of stopping the decline in the short term. [2018/8/3] The Polkadot project will revolutionize blockchain technology by providing a bridge-like framework with the following advantages: 1. Infinite scalability: Polkadot can support an unlimited number of blockchains and connect them together. These are called Parachains. 2. Adaptable consensus mechanism: Since different blockchains operate with different consensus mechanisms, the Polkadot platform provides an open and adaptable consensus mechanism to host them. 3. Cross-chain transactions: This framework can support value transfer between different blockchains. This is essential for interoperability and true integration. 4. Clear governance mechanism: It has a clear governance mechanism, which breaks the main problems faced by other blockchains. 5. Upgradability: Polkadot supports upgrades, without the need for laborious hard forks to deploy protocol changes. 6. Collective security: Blockchains connected to Polkadot can be protected through a unified security umbrella. This can help protect smaller chains that cannot be secured on their own. Polkadot tokens, represented by DOTs, are the native assets of the Polkadot platform. It has three main functions: governance, staking and bonding. The total supply of DOT is 10 million. Governance As mentioned earlier, DOT holders have the right to govern the platform. When we say "entitled", we don't mean they are privileged, but it is built into the Polkadot protocol that DOT holders inherently have a governance function. These features include changes to network fees, auctions, and the schedule for adding parachains. Parachains are chains that run in parallel to the Polkadot relay chain. In addition, DOT holders can also have an impact on upgrades, bug fixes, and other system maintenance. Staking Decentralized networks require a consensus mechanism to ensure that only valid transactions are confirmed. Polkadot utilizes NPoS (Nominated Proof of Stake) as its validation algorithm. Moreover, DOT holders can choose to participate in this essential network operation. Generally speaking, DOT holders can mortgage DOT to verify the Polkadot network. Mortgage DOT has risks, and they can get rewards in return. This would also disincentivize bad actors from joining the network, as they would likely lose their staked tokens if they "misbehaved". The requirements to participate in staking largely depend on the duration of the stake and the total number of tokens staked. The final use case for bonding DOT tokens is bonding, the process of bonding DOTs to add new parachains. It is an extension of the proof-of-stake functionality. Following the formation of the DOT 100x Denomination Split Council and Technical Committee, a community poll was conducted to determine how many Plancks should be considered one DOT token. Planck is the smallest exchange unit in Polkadot, and this value will not change. What the community votes on is how many Plancks one DOT is equal to. Now the community has decided that one DOT is equal to 1e10 Plancks instead of 1e12 Plancks. Therefore, the new version of DOT tokens will be equal to 1/100 of the old DOT tokens. The token split will take place at approximately 13:15 (UTC) on August 21, 2020, at block height 1248328. At that point, the user doesn't have to do anything because it's just a front-end change. Similarly, most exchanges automatically increase the user's DOT deposit after currency adjustments. That is to say, if you deposit 10 old DOT tokens before the currency value adjustment, you will automatically have 1,000 new DOT tokens after the currency value adjustment. In order to protect users from exchanging new DOTs, users must wait until the split to withdraw new DOTs. Investors must keep in mind that some exchanges (such as OKEx, MXC, etc.) have trading pairs denominated in old DOTs, while others (such as Binance and Kraken) have trading pairs denominated in new DOTs. DOT holders and traders should confirm their DOT policies with their exchanges. The Polkadot ecosystem has a wide range of services and uses. There are currently 188 projects under development on Polkadot. The areas of these projects include DeFi, cryptocurrency wallets, infrastructure, Oracle, DAO, privacy, exchanges, games, Internet of Things, expansion solutions, etc. Some famous projects such as Chainlink, Ankr, Celer Network, Akropolis, Ocean Protocol, 0x protocol, imToken, etc. are being deployed on the Polkadot protocol. Decentralized finance (DeFi) relies on composability, cross-chain communication, value transfer, and protocol integration with each other. This is actually the whole goal of the Polkadot project. Therefore, DeFi projects can utilize Polkadot. For example, DeFi automation and aggregation project Akropolis relies on integrations with Maker, Compound, Curve, and dYdX. They cooperate with each other and make great contributions to the Polkadot ecosystem. Phase 0 of Ethereum 2.0 is expected to go live in November 2020, and it will launch a highly anticipated staking mechanism. However, the full deployment of Ethereum 2.0 will not be completed until several years later. It appears that Polkadot bears a striking similarity to Eth2. For example, both blockchains support sharding, which means they can allow individual shards to take on the workload separately and communicate with each other to execute transactions in parallel. They all implement a hybrid consensus model, stake mechanism and state transition functions. Polkadot is quickly gaining traction in the DeFi space and the broader crypto community. Polkadot projects are rapidly gaining value due to ease of integration, funding and broad composability, and Polkadot ecological bears seem to have a positive impact on project token prices. As the Polkadot ecosystem further matures, it is likely to become an integral part of the blockchain field and smart contract platform.


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