Blockchain

How does Polkadot work?

A hybrid consensus technique is used by the Polkadot network. The Relay Chain's consensus uses GHOST-based Recursive Ancestor Deriving Prefix Agreement, a type of Proof of Stake. Blind Assignment for Blockchain Extension is a type of Proof of Work used by parachains connected to the Relay Chain. Validators, Collators, Nominators, and Fishermen are the four major participants in Polkadot's hybrid consensus.

Validators on the Polkadot network are in charge of verifying and adding parachain transactions to the Relay Chain blockchain. Validators must stake DOT in order to be considered for validation on the network. Polkadot's PoS consensus is also known as Nominated Proof of Stake because of this.

The quantity of DOT necessary to be considered a Validator varies depending on network involvement and is subject to change. It depends not only on the amount of money invested in each validator, but also on the size of the active set and the number of validators in the pool. Furthermore, the validators' list is updated every era, or every 24 hours.

What is DOT?

On the Polkadot network, DOT is a cryptocurrency. On the Polkadot network, it is utilized for governance, staking, and bonding. Any DOT holder has the ability to vote on proposed changes to Polkadot. Collators are also used to connect parachains to the Relay Chain via DOT. DOT could not be traded between users until May 27, 2020, when the first mainnet chain candidate, Phase 1, was released.

What is the difference between Old DOT and New DOT?

When the main net opened, the Polkadot network's first request was to 100x the existing 10 million DOT tokens. This was largely done to make the value of DOT transactions easier to count (because instructing a transfer of 10 DOT is "easier" than instructing a transfer of 0.01 DOT). Every existing DOT holder's "Old" DOT was doubled by 100, resulting in a new total supply of 1 billion "New" DOT. On August 21, 2020, this adjustment became effective.

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