Polkadot (DOT)

[pmbug]

Here's an example of Polkadot's parachain technology finding some real world use case:

A division of professional services firm Deloitte, one of the “Big Four” accounting firms, will use the Polkadot-based Kilt blockchain to offer logistics and supply-chain services focused on the shipping industry.

Ingo Rube, founder of the KILT Protocol, told CoinDesk in a fireside chat at the India Blockchain Week conference that Deloitte is working with Nexxiot, a supply-chain technology company, to offer a new type of logistics service called KYX.

KYX is a combination of Know Your Client (KYC) and Know Your Cargo – two processes that identify and verify the client's identity and their shipped goods, respectively. This system is built on the Kilt network.

"Using decentralized and open-source solutions 'Built on KILT,' any entity could create a service built on a blockchain without having to deal with cryptocurrencies or needing blockchain experience," Rube said in a statement.
...

https://www.coindesk.com/business/2023/12/07/deloitte-taps-polkadot-ecosystems-kilt-blockchain-for-digital-shipping-logistics/\

Polkadot unites and secures a growing ecosystem of specialized blockchains called parachains, forming the basis for a truly interoperable decentralized web.

KILT is building on Polkadot because it is the only technology to date that combines low fixed and definable network costs with aspects of the tamper-proof “trustless” nature of blockchain. KILT's parachain on Polkadot launched in October 2022 to leverage the bank-level security required by enterprise, and to provide KILT identity solutions to Polkadot projects.

KILT Protocol: An Identity Blockchain | Ecosystem | Polkadot

KILT is an identity blockchain for issuing decentralized identifiers (DIDs) and verifiable credentials, offering secure solutions for enterprise and consumers.

www.kilt.io

I like Polkadot (DOT). It was a great performer for me when I had a small bit staked on Kraken (before the SEC forced Kraken to abandon the staking service for customers). I had to learn how to stake DOT natively and it was a learning experience, but it really was not that difficult. In my experience, Polkadot doesn't move as quickly as the rest of the crypto market. It's like a turtle - moves slow and steady, but follows the direction of the market.

 

[Goldhedge]

I like Polkadot (DOT)

Is DOT a ticker? If so, I didn't find a chart.

 

[pmbug]

Is DOT a ticker? If so, I didn't find a chart.

DOT is the acronym that is commonly used to represent Polkadot. Use the "ranked by market cap" link in the OP and you will find DOT at 15th currently.

 

[pmbug]

Big picture info on Polkadot (DOT):

Polkadot's OpenGov Ignites Proposal Surge and Voter Engagement

Polkadot migrated from Gov 1 to OpenGov in June, a move that has spurred a surge in growth and user engagement; proposals surged over 400%.

www.crypto-news-flash.com

 

[pmbug]

More info on Polkadot (DOT):

...
The new year promises to be a rather busy time for Polkadot. Agile Coretime, On-Demand Parachains, Ethereum Snowbridge and the Kusama bridge are four major pieces of infrastructure imminently landing. Elastic Scaling adds a fifth technology which I’d expect to see in 2024. I can also say I’m looking forward to the expansion of our DAO primitives, between new fellowships, multi-asset sub-treasuries, expanded XCM and some exciting new primitives which we have in development.

Sassafras, our novel forkless block-production consensus algorithm, has taken shape and we can expect this to begin being used in testnets over 2024. Parity Labs is also working on a number of new technologies; a recent RFC (closed as it goes through some major iteration in the prototyping phase) known as CoreJam might give the interested some ideas about the direction being taken here.
...

More (long):

Polkadot 2023 Roundup

Polkadot founder Gavin Wood reflects on the key events within the ecosystem during 2023, and provides a vision of how 2024 might pan out.

polkadot.network

Seems like a good bit of development ongoing for Polkadot.

 

[pmbug]

I was watching the (second) video in this tweet:



Around the 1:50 mark, a guy from Acurast demonstrates their distributed cloud computing system using Android smartphones that looks a lot like the Edge Node computing system from Theta Networks:



I went to their website for more info and their system does not run in the background. If you want to participate in the network and earn rewards, you need to use an old phone because their app will lock the phone down for dedicated use to the cloud computing:

...
Upon installing Acurast's Processor application, the Android device is fully locked down, with only the application running. Make sure to utilize one of the recommended devices to be able to get Jobs assigned to your device.
...

Acurast Processors | Acurast Docs

Acurast Processors are the infrastructure providers for Acurast's decentralized serverless cloud. Processors provide the compute power of their phone and are used by developers to run their Deployments.

docs.acurast.com

The docs indicate that the device needs to be running Android 11 at least.

...
For the reward flow, the consumer defines the budget for the execution of the specified job. The budget can be defined in native ACU tokens, or for example, FIAT-pegged stablecoins. This mechanism allows for deterministic financial planning of executions for both the processor and the consumer. The processor automatically receives the reward upon successful execution of jobs.

Acurast Orchestrator | Acurast Docs

The Acurast Orchestrator is a centerpiece of the consensus layer, combining the orchestration (i.e., the scheduling of deployments and enabling the liquid matching) of the Processor’s computational resources and Developers. The orchestrator plays an essential role in the definition, agreement...

docs.acurast.com

I need to investigate further to really understand the reward system and cost/benefit potential.

 

[pmbug]

BEEFY will enable trustless cross-chain bridging - that means cryptos can be moved/traded across different chains (like between Polkadot and Ethereum) securely - without possibility of hackers stealing the transfered tokens. I believe it also means that Ethereum apps can now bridge ETH via the Polkadot chain to other destinations and avoid the high gas fees on the Ethereum chain, but don't quote me on that.



JAM? I wonder what's cooking ...

 

[pmbug]

I wasn't looking for it, but I found this:

Key Points

• The Polkadot system aims to connect different blockchains, expanding possibilities for developers and users.
• As a key enabler of web3, Polkadot could see significant growth if this vision becomes widely adopted.
• Polkadot's success hinges on its ability to continue innovating and attract a vibrant developer community.
• Motley Fool Issues Rare “All In” Buy Alert

...

More:

Is Polkadot (DOT) a Millionaire Maker? | The Motley Fool

Polkadot aims to disrupt the web. Could it also disrupt your portfolio?

www.fool.com

^ does a decent job explaining Polkadot's USP.

 

[pmbug]

I'm not sure why, but Polkadot (DOT) is up 43% over the last 24 hours. Still got a long ways to go to match it's all time high, but it's nice to see that it isn't dead.

 

[pmbug]

I think this is the news that drove DOT's surge (Mythical Games builds on Polkadot):

 

[pmbug]

I did not know this. I like $PEAQ and think it has strong potential for growth. $PEAQ's success would mean success/security for Polkadot too. More on $PEAQ here:

DePIN - growing industry built on crypto

I learned something new today:DePIN stands for Decentralized Physical Infrastructure Networks. It's a new way to build and maintain infrastructure in the physical world. This "infrastructure" can be anything from WiFi hotspots in wireless networks to solar-powered home batteries in energy...

www.pmbug.com

 

[pmbug]

Polkadot's tech was stress tested and achieved a very high transaction throughput in real world conditions. There are vey few competitors that are claiming transaction throughput in this range - Hedera (HBAR), MultiversX (EGLD) and maybe Algorand (ALGO) are the only ones off the top of my head that are claiming these numbers, but I'm not sure they ever stress tested their networks like Polkadot just did - their claims are more theoretical AFAIK.

 

[pmbug]

Re: post #11:

 

[pmbug]

Polkadot is powering an NFT economy for a free to play, web browser based game:



I'm not sure how it all works, but if the game becomes popular, it will provide steady transaction throughput for the DOT network.

 

[pmbug]

Polkadot 2.0 represents a transformative leap in blockchain technology, combining a bold rebrand with groundbreaking advancements like Agile Coretime, Async Backing, and Elastic Scaling. Fully operational on Polkadot, Agile Coretime enables dynamic core allocation, while Async Backing improves network speed and capacity by reducing block time to 6 seconds. Elastic Scaling, expected in 2025, will allow projects to dynamically lease additional cores, further enhancing scalability. These innovations position Polkadot as a leader in accessibility, speed, and efficiency, creating an ecosystem where community-driven actions drive the network's evolution.
...

More:

Polkadot 2.0: The Future of Decentralized Networks | CoinMarketCap

Polkadot 2.0 represents a transformative leap in blockchain technology, combining a bold rebrand with groundbreaking advancements like Agile Coretime.

coinmarketcap.com

Looks like Polkadot is still evolving.

 

[pmbug]

... Polkadot's tech was stress tested ...

They released a detailed report on the stress test results:

...
The stress test leveraged Polkadot 2.0 features like Asynchronous Backing, Agile Coretime, and Elastic Scaling—which is not yet live on Polkadot—to showcase their impact under extreme conditions.
...
The network maintained stable performance throughout the tests, with batch transactions per second (TPS) peaking at 143,343 tx/s during the live community Spammening event, using only 23% network capacity. Based on this performance, projections suggest a theoretical network throughput exceeding a whooping 623k TPS at full 100 core utilization.
...
The Spammening experiment demonstrates Polkadot's readiness to support high-throughput applications at scale. Developers can confidently build decentralized applications (dapps) and blockchains on Polkadot knowing the network can handle extreme transaction volumes while maintaining consistent performance. Users benefit from a network that can scale to meet high demands without compromising speed or cost.
...

The Spammening | Polkadot

Experience Polkadot’s ultimate stress test in the Spammening. #RekTheMeter as we explore the limits of Polkadot’s resilience, scalability, and fearless innovation.

polkadot.com

I knew that the Spammening (stress test) was conducted on Polkadot's "sister blockchain" Kusama, but I was unaware that Kusama had already implemented the Polkadot 2.0 enhancements/tech. The results are actually really impressive.