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Fundamentals of Polkadot Economic Model

Foundations of Polka's economic model

3-Minute Read

References

[Polkadot Lightpaper] ()

Polkadot architecture

Polkadot is called a next-generation blockchain protocol, which is a multi-chain system that allows the exchange of data between any other blockchain, in contrast to the common [PoW](https://en.wikipedia.org/wiki/Proof_ of_work) mining than the common PoW mining, I prefer something like Polkadot to generate blocks through NPoS, where we can directly run nodes on thousands of edge devices, which makes the whole chain with stronger security and decentralization of the whole chain.

Polkadot uses a sharding mechanism with the following architecture:

The core chain of Polkadot is Relay Chain, which we call Relay Chain, and all the sharding processing is in the so-called ParaChain, which we call the parallel chain. All transaction processing is done in the parallel chain, which can ease the congestion of the core chain, just like the current ETH 1.0, when the volume of transactions on the chain ETH MainNet increases, the queue blockage problem will occur because all nodes need to verify the blocks of packaged transactions, and the most obvious manifestation is that the gas processing fee of Ethernet starts to increase, and if the original gas is maintained The parallel chain in Polkadot can communicate with the relay chain through API interface to complete the data transmission. The parallel chain will construct and submit candidate blocks to the relay chain, and the relay chain will finalize which blocks will be added to the chain by final consensus confirmation. Through the mechanism of fragmentation, Polkadot’s can easily achieve chain performance and function scaling. For example, we can bridge the two different links Ethiopia and Bitcoin into the Polkadot relay chain, so that we can exchange from ETH to BTC, or BTC to ETH, the whole process is seamless and we achieve cross-chain payments.

Composition

  • Relay Chain -> The core component of Polkadot that ensures the security of the network, reaches consensus, and completes cross-chain protocols.

  • Para Chains -> Para Chains can be an independent blockchain in a parallel chain, which can have its own Token. Para Chains can be docked to a relay chain by purchasing Slots.

  • Bridges -> Make it possible to interface Polkadot with networks like Ether or Bitcoin by Bridges.

  • Validators && Nominators -> Secure the Relay Chain by pledging tokens DOTs, validate candidate blocks from Collators, and participate in the consensus of the entire Relay Chain with other validators, and also allow Nominators to initiate nominations to Validators by pledging a certain number of DOTs tokens to the validators, thus allowing Nominators to also participate in the overall network governance process.

  • Collators && Fishermen -> Provides proofs and maintains slices for verifiers by collecting information about users' slicing transactions.

  • Council Members -> The main functions of Council members are: to propose referendums and to reject referendums that are harmful.

  • Technical Committee Technical Committee -> The Technical Committee consists of members of the team that built Polkadot and can propose emergency all-name votes along with the Council for quick voting and implementation.

  • Dot Token -> The three roles of the token Dot, Governance, Pledge, Bonding, are described in English as Governance, Staking, Bonding.

    Governance: The token holder has the privilege to manage the entire Relay Chain, including the upgrading and maintenance of the network.

    Pledge: Token holders secure the network by pledging a certain amount of tokens, good participants are rewarded, and in turn participants who damage the network lose a portion of their pledged tokens.

    Binding: The joining of new parallel chains is done by binding tokens.

How to participate

Refer to doc:

  1. How to Nominate on Polkadot

  2. Run a Validator

Become a Validator

In progress…

Become Nominator

In progress…

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