Contents to be discussed or shared with the readers:
- About Polkadot.
- What is Polkadot and why it’s so special for Blockchain industry.
- How it can be Ethereum Killer?
- Advantage of Polkadot over Ethereum .
I’ll explain you about Polkadot.
Q. What is Pokladot?
Ans. Polkadot is a platform that allows diverse blockchains to transfer messages, including value, in a trust-free fashion; sharing their unique features while pooling their security. In brief, Polkadot is a scalable, heterogeneous, multi-chain technology.
Polkadot has every support that Ethereum lags in. Now, Polkadot overcome all negatives that Ethereum has as it works on with different parallel chains which are called Parachains. All these parachains can communicate with each other using ‘Relaychain’ which allows interoperability in Polkadot network. So, if your project succeed on Polkadot network then it doesn’t adjust dot network because here the transactions of chains are allowed to be done in their own tokens.
That is why the transaction per second for Polkadot network is 1000 TPS (Transaction Processing Unit) and for Ethereum it is 15 TPS (Transaction Processing Unit). This one is the major difference between Polkadot and Ethereum. That is why people prefer Polkadot over Ethereum.
One more major difference is, only stakeholders have the governance right over Ethereum’s network. On the other hand, Polkadot had voting system and people decide through vote that what is good for the community.
Polkadot basically claims to be forkless network. So, if you have some upgrades to be done then it can be done without any fork.
One more major advantage with Polkadot is if you have your own chain which is not part of Polkadot then you can still connect it with the help of ‘Bridges and Substarte’. But all this you cannot do with Etereum or Bitcoin networks.
Comparison between Polkadot and Ethereum:
If we talk about ether network then it works mainly on one single chain means all projects are hosted on one single chain. This results in overload on one single chain and in ether network all transactions are forced to be done in ethereum only.
So we have seen if network like Uniswap and Usdt have high demand then it results in Ethereum network congestion causing high fee and more time in transaction .
This is one of the biggest disadvantage of ethereum network as its not scalable at present .
Now polkadot overcome all negatives that ethereum has as it works on different parallel chains which are called Parachains . Now all these parachains can communicate with each other using Relaychain which allow interoperability in polkadot network .
So if there are many blockchains who have different project goals then they can all still work together as an ecosystem over polkadot network .
Thats why the transaction per second for polkdot network is 1000 TPS and for ethereum it is 15 TPS. This is one of the major difference in both of them resulting in more demand of polkadot these days .
Other major difference with ether is that in ether network governance rights are with only the creators (to make any changes they don’t ask community holders for opinion).
Whereas on Polka all stake holders have the governance right in form of vote and that is done by using dot tokens.
So the side that has more votes win and that changes are applied for the good of community. Another advantage is blockchain upgrade so if we talk about ether network whenever there is a dispute between main decision maker.
It results in a fork and we have seen that recently in BCH as well which is not divided into BCHN and BCHABC, because of this conflict there community is also divided into 2 and it will never help for a project growth.
Polkadot basically claims to be forkless network . So if you have some upgrades to be done in your network it can be done without the fork
One more major advantage with polkadot is if you have your own chain which is not part of polkadot then you can still connect with it with the help of bridges and substrate. But all this you cannot do with ether or Bitcoin network .
These are the major difference in ether and dot network and thats why polkadot is important for blockchain as it provides the ecosystem which is badly needed in this industry .