polkadot is quickly developing for the third quarter there are important changes planned there is a bridge being built between polka dot and lrand through the xp network all of those are important for the platform and the dot coin as well right now polka dot is on the parrot chain rollout phase this might not be the most creative of names but at least it is informative and this phase and the future of polkadot is what we're gonna talk about today this is your daily altcoins we talk about the crypto world and many developments that are happening in this space every single day so if you're a starting investor or even an advanced investor an interested person or just want to understand what some of the things in the crypto world do this is the place for you by subscribing you're not only supporting us but you're joining a giveaway in which you can win one of several cryptocurrencies of various values so hit that subscribe button focus and enjoy the video you're going to see right now first let's talk about the developments in the polkadot network that is gaining more and more attention we know that polkadot is a protocol that makes it possible for users to take many kinds of data not just tokens from one blockchain to another and this makes those blockchains interoperable so if you're new and don't quite understand what polka dot is think of it as a bridge that connects two islands those islands of course are different blockchains that can now connect to each other this way polkadot makes it possible for the internet to become much more private and simple to use that is a great goal if you ask me polkadot has four main components relay chain polka dots heart helping to create consensus interoperability and shared security across the network in different chains this is that basic idea of being a bridge then we have parachains those are independent chains that can have their own tokens and be optimized for specific use cases after that there is parathread similar to parrot chains but with flexible connectivity based on an economical pay-as-you-go model so basically a fancier version of parrot chains and bridges allows power chains and parathreads to connect and communicate with external blockchains like ethereum those are not the polka dot as a bridge but the bridge between those para chains that can be created with polka dots platform right now polkadot is working on that parachange rollout those are uselessly tested and then deployed onto the protocol for the smoother transition after parrot chains are deployed those are being tested on kusema a weird brother of polkadot you can learn more about kusama in this video that we made a few days ago now what is the xp network to put it simply it is apparent chain on polka dot which allows users to build their own nfts using a type of editor which does not require you to know any type of coding so think of it like building a website there are many ways to build a website right you can start from scratch write all the code by yourself and then publish it or you can use something like wordpress and use already existing templates to create your website one is for programmers and the other can be done by basically anybody so the xp network is technically that wordpress thing that lets you build your own websites but in their case it is nfts or non-fundable tokens that you can create like you would create a website we've touched on nfts before and considering how hot they're getting every single day the xp network can be very useful in the coming months and beyond now we need to explain what lrand is and then we can discuss the bridge between all three of them lrond is a blockchain protocol that is fast and costs a tenth of a cent per transaction it is the self-proclaimed beginning and the backbone of a new internet economy its token is called egld and it has a relatively small and limited supply which is a great thing if you're looking for something that can quickly grow in value other than that it has ways to deflate its currency which is always great for the investors so polka dot is a platform that can be used to bridge different blockchains with each other the xp network is an nft creator parachain that is based on the polkadot platform and lran is a completely different blockchain platform that is very much like ethereum this is the most well-known similar blockchain to elrond the guys from all these three projects then came together and decided that it would be pretty interesting if they could build a bridge between them a bridge a platform of sorts that enables anyone to build nfts on multiple chains that method of using no code will be implemented in this new platform to make it as accessible as humanly possible and after creating an nft you could migrate it to ethereum then to polka dot then to lrund and so on does it sound like a good idea i think it does because xp network is polka dot native the first step of this collaboration will be to develop a bridge between polkadot and elrond this will allow the bi-directional flow of assets between xp networks polkadot parachain and elrond's mainnet and finally the deployment of nft decentralized applications or dapps the bridge will operate according to the following principles one the terms of xp network smart contracts are delivered to elrond and a parallel wallet is created then assets are prepared and their exchange rates are retrieved from an article two the initiating blockchain attempts to pre-commit something like a test if it succeeds a similar pre-commit is run on the elrond side three if both tests succeed the actual transaction is initiated assets are released and sent over to the new owner but if the pre-commit on elrond's side fails the transaction is aborted and both parties retain their original assets the first bridge between elrond and a substrate-based blockchain is an important step towards a financial system where value can freely flow through a heterogeneous technological landscape xp network has been pushing hard and building at an outstanding pace we look forward to seeing their first nft apps deployed in our mainnet said beniamin minku elrond network ceo does a freely flowing financial system sound good to you it does to me what does that mean for the average joe for me and for you firstly this bridge will give us the ability to build our own nfts and that is already a big reason to be excited but when you consider that nfts can get much much more than just bad art and a money laundering scheme then you can truly see what it can bring for not only me and you but for the whole world as with almost all other things decentralization is a superior method of doing things along with everything else nfts are a way to do exactly that to build an application a service that will be accessible to everyone will be private secure and cheap by building this bridge xp network polkadot and elrond make it possible for those entrepreneurs to more easily and cheaply transition the world from a normal to a freer and more private version for us investors this means that prices will go up why well accessibility gives more people the ability to use certain things right if more people can use something and that something can be used for something beneficial people will use it and what do we say about people using things the more people use something the more valuable it gets for polka dot this means that it can go back to the highest point and soon enough reach that sweet 100 for elrond that means that it can go to the moon literally it is already one of the most valuable cryptos when it comes to pair token add to that this bridge that will make lrun much more popular and add to that the fact that its token has a limited supply and you have one of the most promising and worthy cryptocurrencies as we always say you should research by yourself doing that will tell you many things that we might have missed or just left out and with that this 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