The short answer to the “What is Polkadot crypto” question is: a way to hold onto your own personal data and interact with other blockchains without a third party.
Now, what that means and implies is pretty big. It means that business and personal data can be transferred securely from one blockchain into another database or blockchain. It prevents situations like the 8,000 businesses affected by a major information leak by the Small Business Administration website.
Want to know how to keep your Social Security, date of birth, and other information safe? Want to know how to make money while doing it on the Polkadot network?
Keep reading to find out that and more.
Polkadot Crypto Explained
Polkadot crypto is much more than finding out the Polkadot price of the day.
The creator of Polkadot is none other than the co-founder of Ethereum, Gavin Wood. The whitepaper is a dense web of terms you can easily feel overwhelmed by. But the “lightpaper” is a bit more approachable to find out its aims and goals.
It might not mean much to most readers, but Polkadot was written in a language called “Rust.” This language is a general-purpose language like C++, designed for safety and performance.
That means transactions can run with fewer security leaks and more dependably on the Polkadot protocol if it’s written well. Considering safety with our data is a feature Polkadot wants to promote, Rust is a perfect match.
Using Rust, Polkadot aims to connect blockchains in a safe environment. It connects blockchains together to share a multi-chain application environment where cross-chain registries and computation are possible.
Effects on one chain produce a variable, data, or token that can get input into another chain to produce other work.
The example Polkadot gives is a school that creates a permissioned academic record on their private blockchain that they can send as proof of degree verification to a public chain or private business’s blockchain.
Imagine you go into an interview and they ask for your credentials, you tap on your key in your personal blockchain to your school’s private blockchain, along with your potential employer’s blockchain address. Moments later your degree is validated and the validation is sent to your employer by the school.
The Financial Side of Polkadot
All of this data transfer business doesn’t exclude new innovations in the financial scope of the world.
Right now, it’s quite difficult to get blockchains to speak to one another because of different inputs and variables that are separate. Polkadot aims to be a solution to this, which means that exchanges (decentralized or centralized) on their own blockchains can now speak to the main blockchains easier, through Polkadot.
It means that many smart contract protocols on Ethereum can grow into their own full blockchains and stop relying on Ethereum Gas prices to do their work. At the same time, they can expand their functionality.
In this sense, Polkadot network protocol makes an entire internet of blockchains, an IoB if you will. It allows communication between and extends the capabilities of existing and future blockchains that use it.
What Is Polkadot Crypto? Staking In Your Future
What is Polkadot crypto? Polkadot crypto is a stake in your future. It protects your privacy, protects your data, and perhaps even your anonymity. Not only that, it enables new financial models and capabilities to test in the real world.
Get ready for a global shakeup. The Polkadot world is coming!
To be prepared for the implications of Polkadot and other projects that are soon to follow, keep browsing our articles to stay informed!