Polkadot is a scalable, interoperable and secure network protocol for the next generation network, which allows any data to be transferred between unused blockchains in a completely trusted form, not just tokens. Polkadot aims to create a multi-chain application environment. There are two types of cross chain of Polkadot, namely, isomorphic cross chain and heterogeneous cross chain. The former is to open up the cross chain between parallel chains in the Polkadot ecosystem, while the latter is to open up the cross chain between Polkadot and all public chains.
Different from others, Polkadot's cross-chain design is to provide a relay chain. The relay chain is the main chain of Polkadot, and other single blockchains added to its ecosystem are called parallel chains. Parallel chains can be added to the relay chain through "slots". Blockchains that have been built (such as Bitcoin and Ethereum) need to be connected to the main chain of Polkadot through "transferring bridges".
Polkadot provides a network and interactive environment that allows blockchain developers, enterprises or individuals to create characteristic functions, customize the connection between the blockchain and Polkadot, so as to achieve interoperability with other chains. These transactions are scattered across each chain, allowing more transactions to be processed within the same time.
Polkadot's support for user controlled decentralized networks provides the foundation and simplifies the creation of new applications, institutions and services. It makes the creation of new applications, products and services simpler and more interoperable.
How does Polkadot（DOT）Work?
In the whole heterogeneous partition structure of Polkadot, the relay chain is the core of Polkadot. The DOTs of all validators of Polkadot are staked on the relay chain and verified for the relay chain. The relay chain is like a foundation and heart. Its main responsibility is to coordinate the entire system and parallel chains, such as network sharing security, consensus and cross-chain interoperability. The work on other specific chains will be entrusted to parallel chains with different functions.
Polkadot has no restrictions on what parallel chains can do, except that they must be able to generate proof of verifier validation assigned to parallel chains. The proof mainly verifies the state change of the parallel chain, including specific applications, smart contracts, privacy or others.
Parallel chains and relay chains can be connected through "slots" or "transferring bridges". When a new parallel chain is generated, the relay chain validator set becomes the state transition safety device of the parallel chain and shares the security of the relay chain. The parallel chain obtains finality from the relay, so it and its internal transactions cannot be restored. This finality can effectively prevent the occurrence of fork and other situations.
All parallel chains connected to the Polkadot relay chain must have a data transmission protocol - XCMP protocol after being "inserted". According to the XCMP protocol, parallel chains inserted into slots can send messages and communicate with each other to realize data cross chain.
For cross chaining between parallel chains that already have a complete blockchain, when the transfer transaction is sent to the address, it will be locked by the transferring bridge, and then a new address will be cast on other parallel chains, so as to realize cross chaining of assets. After success, financial activities can be operated in the opposite ecosystem.
What is DOT？
DOT coin is the native token of the Polkadot platform, which is used for ecosystem governance and as circulating gas, with a total issuance of 10 million. The first function of DOT is to authorize the holder to complete the governance and control right of the platform. This governance function includes determining network costs, auction dynamics and schedule for adding parallel chains, as well as special events such as upgrading and repairing Polkadot platform. These functions are not officially granted to DOT holders, but Polkadot's underlying code will enable DOT holders to participate in governance.
The second function of DOT will be to promote the consensus mechanism supporting Polkadot. Polkadot will rely on DOT holders to play an active role in enabling the platform to function properly and allow effective transactions across parallel chains. Participants will put their DOT at risk (called "staking" or "binding") to perform these functions, which can inhibit malicious participation in the network. The DOT required to participate in the network will vary depending on the activities undertaken, the duration of the staked DOT, and the total number of staked DOTs.
The third function of DOT will be the ability to add new horizontal chains by binding DOT (called "binding"). DOT will be locked during their binding period and released back to the account that binds them after the binding period ends and the parallel chain is removed.
DOT Crypto Wallet
In addition to placing DOT in the Gate.io exchange to facilitate trading, DOT can also be placed in the crypto wallet.
Polkawallet in the Polkadot network provides one-stop management of cross-chain assets, convenient collateralization and governance, and self-contained private keys. It provides users with a more humanized and convenient experience. As the access of the Polkadot network, it provides users with more intuitive visual data and status change display to ensure users' right to know and network participation.
Polkawallet will follow the steps of the Polkadot ecosystem project, continue to expand the cross-chain ecosystem, provide it with convenient access and use experience, and it will quickly integrate appropriate cross-chain application projects. This will be a colorful portal application.