polkadot DOT Decentralized WEb

Polkadot (DOT) Is All Set To Make the Decentralized Web a Reality

September 16, 2020 Off By Maheen Hernandez

The Polkadot network has gotten upgraded to runtime v23. Those who want to upgrade their nodes are asked to do so. Due to the changes, timely upgrade is suggested for the users. 

About the upgrade, Gavin Wood, founder at Polkadot previously tweeted:  “@Polkadot network’s first significant upgrade after becoming decentralized is about to happen… The upgrade brings support for paying out staking rewards to any account as well as time-delay proxies and a few other tweks and improvements.”

In Polkadot, it is possible to create an anonymous proxy, which is an account which can be accessed only be via proxy. Proxy means that it generates an address, but no corresponding private key.  The proxy feature is awesome because this avoids the need to manage multiple addresses and wallets for the purposes of operations security. This feature is considered to be an interesting and important one worthy using during a Hackathon.  The community feels that Polkadot will be here for sure.

Sydney Ifergan, the crypto expert tweeted:  “Polkadot (DOT) is climbing up in the ranking ladder and has been attracting lot of attention lately.  I am waiting to see how they compete and sustain with their features.”

Polkadot recently published on decentralizing the cloud where they have explored the promise and potential of distributed storage.  Polkadot is all set to make the decentralized web a reality. 

In this regard Parity Technologies tweeted:  “Will distributed data storage ever compete with web giants like AWS? Tune in Thursday to watch @protocollabs discuss @Filecoin and how it can help build Web 3.0.”

Polkadot (DOT) Price

The price of Polkadot (DOT) had gotten a major boost after the DOT token got divided in to smaller units.

For those who do not understand what a Polkadot project is all about:  Polkadot infrastructure consists several different blockchains known as parachains. These chains communicate with each other during a transaction and they are settled on the main chain.   Thus, the parachains will be able to collaborate and transfer value between each other, eventually helping them to combine their strengths to eventually reduce their weaknesses.  Therefore, the process turns several blockchains in to one hive minded network.

Very recently, this project has gained lot of attention.  Polkadot has been featuring sharding, providing for high scalability, and therefore working on an adaptable consensus mechanism which integrates different types of blockchains and their cross chain transactions. Some really good projects are already getting built on it.

  • 2