What is it?

Polkadot is a network which prides itself in the development of a so-called web 3.0 framework.
Web 3.0 is considered in IT to be the next logical step in the development of the internet.
To put it in perspective:

• Web 1.0 deals with the sharing of documents (the initial phase and birth of the internet).
• Web 2.0 is the step-up from Web 1.0 and called “Participatory” or “Social” web whereby there is a focus/emphasis of user-generated content (current dominating phase with thanks to social media)
• Web 3.0 deals with the issues that have arisen in web 2.0 in regards to ownership and centralization in a handful of companies. To use simple “logins” to get access to almost the entire internet without having to create an account for each platform that would liked to be used. Key in this development is “decentralization”. The non-reliance on global conglomerates and bringing more power to the users themselves. Cryptocurrency and block-chain technology are cutting edge in this regard.

Polkadot itself is a network which develops and attempts to create a framework whereby different block-chains and decentralized applications can exchange information in a trust-less way. (Trust-less in this context as an indication for a lesser amount of trust in the network needed in order to function properly and without fault).

What can it do?

Polkadot network connects various blockchains and enables them to focus on 1 goal enabling it to remain secure, “clean”, efficient and fast.
Polkadot enables smaller blockchains to make use of its own native blockchain in order to speed-up transactions and increase the capacity of said smaller blockchains.
Polkadot enables to combine information stored on various blockchains in order to built a wide arrange of applications.

Opinion and analysis:

The shift to a web3.0 is inevitable. The internet as we know it is currently transitioning towards the foundations of a decentralized means of information storage.

At this point in time are the major players “Big Tech” like Facebook and Google who usurp various smaller web-based companies and enable logins to the internet from their supported applications and platforms. While this is a preliminary step towards the idea of a web 3.0, decentralization is paramount in this equation which is something Polkadot enables.

The problem with the aforementioned Big Tech is data being stored on centralized data-servers. Data which can be used and abused and lacks the amount of security and anonymity blockchain brings to the table.

As Polkadot is a network which, like Ethereum, enables applications to be built on top of it will it take centerstage in the development of decentralized services. Which implies it will be a major player future-wise. Taking hold of its (governance) token “DOT” is a safe and sane investment futurewise.

The advantages the DOT token enables can be found on the official website here.
Merely holding is a sure way for good profit future-wise but making use of it on the network itself for active participation helps in developing web 3.0 and taking away power from “Big Tech” in silicon valley. It furthers the development of a truly free and decentralized internet.

For more information check out the following websites:

Official website: Polkadot.network
Marketcap: https://coinmarketcap.com/currencies/Polkadot/
Official Whitepaper: Polkadot whitepaper
Official Lightpaper: Polkadot Lightpaper

Liked this article?

You can always help by donating to our Paypal.

Want to learn more?
Our official course let’s you learn all there is to Cryptocurrency.
You can find it here:
“The Ultimate Guide To Cryptocurrency“

We also have a dedicated course about the topic of DeFi.
In it we lay down the basics to Decentralized Finance.
This course is titled “DeFi Revolution” and can be found HERE.