This Blockchain Solves Pain Points, Concludes EQONEX in Latest Research Report
Polkadot is a great investment opportunity as it is a technology designed to solve the unique challenges of blockchain. While some commentators describe Polkadot as a challenge to Ethereum, they see it as a valuable next-generation ecosystem that has the potential to deliver tremendous value, listing the Polkadot Token (DOT) on exchanges and providing our Digivault deposits.
A new study examines the benefits of the 8th largest asset in the cryptocurrency market.
SINGAPORE, October 28, 2021 / PRNewswire / Nasdaq-listed EQONEX Labs, the cryptographic research arm of EQONEX Limited (Nasdaq: EQOS), today published a detailed, easy-to-download research report analyzing the evolution and implementation of the Polkadot protocol. Blockchain technology has renewed the financial ecosystem and provided many opportunities for investors to participate in new asset classes. However, the ecosystem suffers from three main challenges, the so-called “trilemma”, which includes fragmentation (lack of interaction), governance, and scalability.
According to EQONEX CEO Richard Byworth, “Polkadot is a great investment opportunity as it is a technology designed to solve the unique challenges of blockchain. While some commentators describe Polkadot as a challenge to Ethereum, they see it as a valuable next-generation ecosystem that has the potential to deliver tremendous value, listing the Polkadot Token (DOT) on exchanges and providing our Digivault deposits."
“The Polkadot project represents a paradigm shift in the world of blockchain technology, introducing protocols that bring multiple changes to the rules of the game, including democratic governance, interoperability between multiple blockchains, and a modular and updatable blockchain development framework. said Claire Zhao, Blockchain Researcher at EQONEX, one of the authors of the report.
Polkadot is a blockchain protocol that introduces a mechanism for decentralized blockchain governance. Based on the Substrate development environment, developers can create specialized, custom blockchains tailored to the needs of their projects. Interoperability with the Polkadot blockchain unites independent blockchains into a single network including public, private, and consortium networks.
This opens the door to interoperability, i.e. the ability of blockchains to interact with each other, paving the way for a truly decentralized blockchain environment where normally incompatible crypto holders can communicate with each other in a trusted and secure way.
Decentralized Governance Protocol governance refers to the ability of protocol users to determine the future direction of a project.
Polkadot token holders on the relay chain will be able to participate in a complex governance process where changes can be proposed through referendums covering topics such as determining changes in the payment of network fees. Scalability Polkadot is not fully enabled and lacks para chain and para-threading capabilities. However, it can already support around 1000 transactions per second, a significant improvement over Ethereum’s 13 transactions per second. With the introduction of Parachain and Para-thread, Polkadot is expected to scale to over 1 million transactions per second.