Polkadot Network | The Blockspace Ecosystem For Boundless innovation

2023-12-25T18:05:57

Polkadot is a Blockchain Based platform which allows cross-blockchain transfers of tokens as well as data and any asset. Through Polkadot you can interact with a number of different blockchains for mutual growth and benefits.

Using polkadot substrate one can easily create a custom blockchain. By connecting your chain with the Polkadot ecosystem you are ready to experience the real security.

Polkadot is based on next-generation nominated proof-of-stake (NPoS) model which is why it consumes very little energy as compared to other blockchains. Hence this is popular blockchain based platform.

Polkadot provides high level of security to all the chains which allows them to interact with each other independently without any security issues.

![push-polkadot-new-record-2.jpg"/>]() [src](Polkadot has its own token called $DOT which is used for governance purposes. Stakeholders are welcomed to make their choices when it comes to the changes in the ecosystem.

Polkadot $DOT token can be staked for rewards which are distributed to users according to the staked amount. This is to make sure that holders gets rewarded for holding the token.

You can hold or stake polkadot in a number of wallets which aim top security for your DOT assets. These wallets include Talisman , Fearless wallet , Nowa wallet , Subwallet , polkawallet , polkagate and Enkrypt .

One of the biggest benefit to use these non-custodial wallets is that only you have control over your funds, no other person can touch it. Only You have keys to the funds. This makes it easy to transfer funds anywhere without the need of a third party.

Over hundreds of dapps are built on Polkadot but here are few that are more user friendly and easy to use, HydraDX , Bifrost , Acala , EQ finance , MeWe , centrifuge , interlay , Arthswap , Kodadot , singular , stellaswap and algem.

![Untitled-design-32.jpg"/>]() [src](Polkadot is definitely a good blockchain that is widely popular across developers and community as well. I have used Polka Network recently and my experience was not that good due to two reasons

I used Fearless wallet to do some transactions on Dot network. First thing that i dont like about polkadot is that it does not allow to transfer less than 1 Dot. If you send less than this , your assets will be lost. If you have less than 1 dot in your wallet you cannot perform a transaction.

Second issue that it has currently is that you cannot transfer staking rewards to exchanges. This is another reason that is really a big problem with polkadot. This could be the reason Dot token is stucked under $10 since very long.

These issues that i described here can be a big issue for mass adoption for polkadot. It would really be difficult to use Dot chain for new users with these minimum requirement of holding Dot. Personally i found it difficult to understand how dot transfer works.

One Dot token is around $9 right now which means you cannot perform transaction on the network unless you have more than this amount. If Polkadot wants further adoption they will have to consider these issues.

Thats it for today. Thanks for reading. What do you think about my today's topic? Let me know your thoughts in comment section. In the end i would like to Wish you and your family a happy day ahead. Stay Blessed.

Motivation Dose Get out of your comfort zone and fight the troubles and hurdles that come your way to success. Success awaits you. Life is beautiful ، live it to the fullest. Dont be hopeless. Stand strong in the ups and downs of life as its part of life. There is always a light behind every dark side.

About Author @coolguy222 is a crypto trader and content creator on hive blockchain. He also runs a small business of Mobile accessories and Wrist watches. He loves to make new friends.

Posted Using https://inleo.io/@coolguy222/polkadot-network-the-blockspace-ecosystem-for-boundless-innovation

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