Polkadot ($DOT): ¿El futuro de la blockchain? | Review & Análisis

Hello friends, I am Jaume Vicent and I
welcome you to Cryptorobin, the YouTube channel where you will find all the news and the
best information about the world of crypto. In today's video we will talk in depth
about Polkadot, an innovative decentralized blockchain project that aims to create a
connectivity infrastructure between different blockchains and at the same time offer
scalability options and new functionalities. Without further ado, let's see who is
behind this great project. But first, if you like the world of crypto and want to
be aware of all the news, do not forget to subscribe to the channel and activate the bell
to receive all our updates. Now, let's see what Polkadot is. Behind Polkadot we find one of the
most recognized figures in the crypto world, Gavin Wood, one of the
blockchain developers who was part of the original Ethereum team, working side by
side with Vitalik Buterin. In this sense, one of the highlights
of Wood's work on Ethereum is the Solidity language, created by him and which offers Ethereum
some of its great capabilities. However, in 2016 Wood left Ethereum and
started his own project.

At the time, Wood wanted to create a blockchain capable of
overcoming Ethereum's weaknesses. Its main objectives were to improve
its scalability and enable new
cross-chain or cross-chain operating infrastructures. In October 2016, in association
with Marek Kotwicz, he presented the first whitepaper on his Polkadot project.
Since then, the network has been gaining popularity and today it is one of the
fastest growing blockchain projects. In its early days, Polkadot was
funded by Parity, Wood's company, and the Web3 Foundation.
However, both companies were very focused on the development of Ethereum,
so they did not have enough funds to finance Polkadot, which
led the developers to conduct an ICO (Initial Coin Offering), which lasted
from the 15th to the October 27, 2017, this ICO was extraordinary and managed to
raise 143 million dollars. Polkadot is a decentralized blockchain
that works much like Ethereum, but has been able to overcome its weaknesses by
offering a number of unique features. First, Polkadot works as a
single transmission and processing chain, allowing it to receive
information from other chains, process it, and send it back to the
source chain.

With this feature, Polkadot can become a
scalability layer for any other blockchain. Second, it can work
independently, creating its own chains with its own capabilities, such as support
for executing smart contracts or tokens. This allows native dApps to work.
These two initial features allow Polkadot to offer more security
and scalability through a system called "sharding" and parallel execution within
the network, increasing overall performance. Sharding is a computer technique that
splits the main chain and the network into several attached substrings and subnets. In this way,
each substring has its own history, nodes and the
necessary infrastructure for its operation.

In this sense, the substrings
are called "parachains". Each parachain has its own blockchain
or history, which supports its own existence of tokens, nodes and smart
contracts. In this way, each parachain has its own capabilities and the necessary computing power
to meet its needs. Polkadot's main chain is called Relay
Chain and it exists under the union of histories of all Polkadot parachains. This
organization allows you to execute smart contracts and also scale easily.
This segmented functionality allows you to run Bridges or Bridges, with which the
parachains can open communications with other blockchains such as Ethereum, EOS or Bitcoin and
serve as a link. As, in addition, the parachains communicate with each other, the bridges that point to
other chains function as cross-chain channels. In short, it is possible to connect Bitcoin
and Ethereum with other blockchains. On the other hand, Polkadot does not have
native support to create smart contracts, however, the parachains are extensible and modular,
so they have the ability to create layers of abstraction that allow the execution
of smart contracts, but in a controlled way so that they do not affect the rest of the network.
This system also makes design , programming and deployment much
easier, making Polkadot a more secure network.

In addition, parachains
with smart contracts can activate alternative high-speed protocols that allow
the execution of these smart contracts with minimal impact on the Polkadot ecosystem.
This has caused many projects such as EdgeWare, Ink or Moonbeam, to take advantage of this
system to create their own parachains that implement solutions compatible with
the Ethereum EVM and with smart contracts. The Polkadot system
requires a great organization for its operation to be the best. For this,
a whole new network organization has been created in which four elements stand out.
The first, as in any blockchain, are the validator nodes that verify, validate
and inform the network about the information contained in each block. These blocks come from
the nominators, who are in charge of creating the candidate block to be analyzed and validated.
Given how Polkadot works, validation requires very powerful hardware, a lot
of bandwidth and a connection exclusively dedicated to your work on the network, since sharding
requires very high computing and connection power requirements.

Additionally, to be considered a
validator, you must block DOT tokens. On the other hand, we find the nominators, a
special type of node whose function is to create a secure link between the validators and the
entire network operation process. Nominators take transactions from the network
, group them, and perform a necessary metadata generation process so that validators
can verify the transaction and include it in Polkadot's history. This is a
similar function to that performed by miners on Proof of Work systems and
Proof of Stake validator nodes. Nominators also provide validators with the structure of a
block that validators must examine. The next nodes are the classifiers, which
help the validators to keep a complete history of the parachain to which they are assigned.

Their
job is to maintain the information necessary to create new blocks within the parachain that will
eventually end up within Polkadot's track record. Classifiers also collect
and run transactions to create a block, along with a Zero Knowledge Proof
(ZKP) and send it to one or more validators. Finally, Polkadot has the so-called
fishing nodes. These nodes monitor the parachains for duplicate transactions or
illegal operations within the network, to avoid them, in exchange for a reward.
It is the organization and the joint functioning of these four pieces, like a large orchestra
, that allows Polkadot to create the entire system of generation, verification, validation and
emission of blocks within Polkadot and all its parachains. Furthermore, the communication
between the substrings and the main chain is asynchronous and parallel, guaranteeing
a high communication speed. And what about consensus?
In Polkadot all the elements of the blockchain work together
to create their own consensus, known as NPoS or Nominated Proof of Stake,
it is a variation of Proof-of-Stake. In Nominatd Proof of Stake, the validators
have to provide the infrastructure and maintenance of the network. They
are responsible for the production of new blocks and their validation
in the parachain, which guarantees the purpose and security of the network.
NPoS is inspired by the Phragmen sequential method, a method introduced in the
late 19th century to optimize the choice of a set of a
specified number of people within a larger set of candidates.
NPoS guarantees decentralization and fair representation through
justified proportional representation.

Justified proportional representation
ensures that spaces are allocated to validators in proportion to their
nominations. Therefore, the more nominations and more tokens backing a validator, the
greater the probability that the validator will be chosen for the active pool. The set of
active validators changes at the end of each Era. Once the validators are chosen for
the active pool, based on their nominations, the support provides a distribution of the
nominated stake so that each validator in the active pool has approximately the
same amount of stake that supports it.

This increases the overall security of the network by
raising the stakes by backing up the weakest links in the validator pool,
ultimately making it more resistant to attacks. In NPoS, all validators in the
active set receive the same amount of rewards, from which the validator's commission is deducted.
Remaining rewards are distributed to nominers in proportion to their participation,
just like Proof of Stake. To keep the network running,
Polkadot has its own governance token, called DOT. DOT serves, in the first
place, for the governance of the protocol, offering validators a
voting power with which they can participate in the decisions and the evolution of the project.
Additionally, DOT serves to link and incentivize validators to act honestly within the
network.

Even parachains can be created, joined, or destroyed thanks to DOT tokens,
offering enormous flexibility and maintainability. As for the exchenges that DOT is in,
we can find it in Binance, Huobi Global, OKEx, Kraken, DigiFinex, Gate.io, Kucoin,
Bitfinex or Crypto.com, among others. As for the future, Polkadot is a project
with a great projection, since despite its current stability, it is still a very
new project with a great capacity for growth. The last update of the network arrived in February
of this year, in this sense, the Polkadot roadmap places the full functionality of the
Relay Chain for the second half of 2021.

When the network reaches this level, it will be possible to
analyze in depth what it will be. its true operation, development and what we can
expect from it, since from that moment, the Relay Chain will evolve according
to the needs of its users. Once the Relay Chain functionality is
complete, the development of Polkadot 2.0 will begin , which will seek to improve privacy,
making use of zero-knowledge tests and improving the general scalability,
both horizontally and vertically, of the network. Polkadot has positioned itself as one of
the great blockchain projects , which has led to a great
acceptance of its DOT token, which currently has a good
future projection. Currently, it is ranked # 8 in the top 100
cryptocurrencies by market capitalization on CoinMarketCap. In addition, the Polkadot community has grown a lot,
thanks to the functionalities of the project. This has led to the network being considered by
some as an “Ethereum-killer”, since it is capable of executing smart contracts compatible
with the EVM, thanks to layers of abstraction.

And this is all we have to tell you about
Polkadot today. We hope that all this has been very useful and that it has helped you
better understand what this blockchain is and how it works. I say goodbye to you here, if you liked
the video give us a like and subscribe to the channel. Do n't forget to activate the bell to receive
all the updates. Before you go, leave us a comment telling us your opinion
about Polkadot and DOT tokens, as well as any suggestions you have about
crypto projects that you want to know more about. I am Jaume Vicent and this is
Cryptorobin, see you later and see you soon..

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