Polkadot DOT Explained With Animations
The Polkadot Project Is Bringing Some New Solutions To Crypto
Polkadot is a project that is attempting to connect a bunch of different blockchains together
What is Polkadot? DOT Explained with Animations
161,447 viewsSep 18, 2021
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Polkadot is a project that is attempting to connect a bunch of different blockchains together, similar to how we use a bunch of connected computers on the Internet. In this video, we discuss some specifics on how they want to do that! Join our exclusive discord community: https://discord.gg/D7hGbB5AuH Explore More Whiteboard Crypto: Facebook: @whiteboardcrypto Instagram: @whitreboardcryptoteam Website: https://whiteboardcrypto.com************************************************************************************************
Polkadot DOT Explained With Animations
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FULL VIDEO TRANSCRIPT
00:00you know how we have covered a ton of00:01different blockchains like solana and00:03tezos and cardano and monero and it just00:06seems like there’s a never-ending list00:08of these coins and platforms for you to00:10throw your money at basically each one00:12does something a little different but00:14they say they’re the next new and crazy00:16idea that will solve the scalability00:18trilemma well polka dot offers itself as00:21something actually new they plan to be00:23the very first layer zero solution we’ll00:26talk about what that means in a bit but00:28first welcome to whiteboard crypto the00:30number one youtube channel for crypto00:32education and here we explain topics of00:34the cryptocurrency world using analogies00:37stories and examples so that you can00:39easily understand them in this video we00:41are going to explain what polka dot is00:43how it plans to solve the big problem of00:46blockchains talking to each other and as00:48always at the end we’ll get into the00:50tokenomics of the dot coin and what that00:52means for the future price in crypto we00:55see an awful lot of emphasis given to00:57names and sometimes they can seem a00:59little odd the polka dot blockchain name01:02can actually be a huge asset to help01:04beginners visualize what it’s actually01:06about you can probably guess where this01:08is going polka dot is kind of similar to01:10you know polka dots the fabric pattern01:13featuring a blank background with01:14scattered dots is a good starting point01:16to visualize this project that’s because01:19right now crypto is a little unfriendly01:21we have a lot of these competing01:23projects doing similar things using01:25similar blockchains working in isolation01:28each of these blockchains can basically01:29be seen as one individual dot but that’s01:32just the start the reason polka dot is01:34important is because it lets us connect01:36all these chains with each other so01:39imagine you have this huge field of01:40polka dots but you could actually draw01:42lines in between all the dots and start01:44to connect them each dot would represent01:46an individual block chain and drawing01:48lines between them all connects all of01:50these different projects now you might01:52be wondering what problem does this01:54actually solve well one of the biggest01:56problems we constantly see in the crypto01:59space is a lack of what they call02:01interoperability the problem is like the02:03problem in early personal computers02:05before we even had the internet we have02:07all these blockchains hanging out like02:08stars and space drifting around without02:11any actual way to interact with each02:13other polka dot is basically a way to02:15make it easy to create and connect02:17blockchains to each other along with our02:19example computers were great but the02:21ability to actually send and receive02:23information between two different02:24computers really got people on board02:27polkadot is betting that the same thing02:29is going to be true for blockchains02:31bitcoin and ethereum and cardano and all02:33the other big chains might be great on02:35their own but they need to be able to02:37interact with each other easily this is02:39where we get into the polka dot02:40blockchain which actually serves as what02:42they call a layer zero function think02:45about it like a neighborhood we have our02:46little crypto neighborhood with all our02:48blockchains basically like individual02:50houses but how do all these houses all02:52get electricity water and roads so that02:55they’re all connected polka dot wants to02:56get even more fundamental than layer one02:59individual blockchains and just give03:01them an easy way to connect them all03:02together this layer zero foundation is03:05intended to make building and using03:06blockchains easier so now we kind of03:08understand how it works how does polka03:10dot actually work at its core polka dot03:13is just a proof of stake blockchain that03:15connects other blockchains to each other03:17they’re all connected but how do they03:19actually become connected how do they03:20maintain their connection and what does03:22being connected actually do for those03:24blockchains we’re going to answer each03:25one of these questions by talking about03:27two main components of polka dot the03:29relay chain and the many different para03:32chains that exist on the network think03:34about it like this the polka dot network03:36actually works like a hub and spoke03:38model for those unfamiliar with this03:40analogy this basically means that there03:42is one center and many different03:44branches coming off of the center for03:46polka dot the hub or center is the relay03:49chain this is the basis of the network03:51where all the different para chains come03:53to achieve consensus as we mentioned03:54before polka dot is a proof of stake03:56blockchain and requires that validating03:59nodes or basically people that want to04:00participate in the network stake at04:02least ten thousand dot coins which is04:05pretty much the token used on the polka04:07dot network kind of like ether on04:08ethereum this ensures that those04:10validating the blockchain are04:12financially invested in its future and04:14will not attack it or cheat so when all04:17these validators come together to04:18achieve consensus it happens right in04:21the relay chain but if the point of04:22polka dot is to connect different04:24blockchains and dabs which are04:26decentralized applications then how do04:28these things maintain their own04:30individual unique rules and use cases04:32well that is where para chains come in04:35para chains are the spoke part of the04:37hub and spoke model that we mentioned04:38earlier the pair of chains go and do04:40their own thing whatever that use case04:42of their specific blockchain is and then04:43they come back to the relay chain for04:45everything to sync up gavin wood who is04:47the founder of polkadot describes this04:49process like an office the employees in04:51an office will have their own specific04:53jobs that they do by themselves but04:55every so often they come together and04:56sync up and coordinate their work with04:58meetings or phone calls para chains are05:01simply timed to meet up with the relay05:03chain every so often to make sure that05:05everything is secure and on the same05:07page in fact this shared security is a05:09huge part of what makes polka dot05:11attractive instead of having to secure05:13your own network secure funding and05:15figure out a million other details05:17polkadot makes it easy to set up05:19parachains quickly and easily which05:21reduces the feedback loop time already05:23you can see that polka dot is set up to05:25be very responsive with new ideas and05:27experiments which definitely makes it05:29very robust and in some ways05:31anti-fragile the two main tools that05:33allow polkadot to change and adapt05:35quickly and thoroughly are the treasury05:37and its test network kusama now05:40according to gavin wood kusama has a05:42live fast dai young attitude and05:44embraces chaos normally blockchain05:46projects want to emphasize their05:48reliability and security to counter the05:50typical connotation that comes with05:52being a crypto project now this isn’t to05:54say that polka dot is not reliable or05:56secure but that they recognize the time05:58and place for experimentation and06:00adaptation let me make it simple for you06:03kusama is basically a practice network06:05now actually a lot of blockchain06:07networks have things like this where06:08users can test different things before06:10they actually get launched on the real06:12network the interesting thing about06:14polka dots test network kusama is that06:16kusama has real stakes the amount of06:19money and stakes are much lower than the06:21real polka dot network but it gives06:23people enough of an incentive to not06:25play around too much and actually try06:27things that they are both ready for the06:28real world and maybe a little risky also06:31kusama isn’t just a jv version of polka06:34dots varsity platform because it shows06:36which things are working and which06:37aren’t it actually ends up having a06:39significant influence on the development06:41of the real polka dot network so06:43basically kusama is just a test net for06:45pokedon the engineers might get upset at06:47me for saying that though let’s move on06:48to the treasury now we’ve actually06:50talked about treasuries and many other06:51blockchain projects like cardano an06:54official treasury is useful because you06:56know that when you are using the06:57blockchain to engage in transactions the06:59fees from those transactions are helping07:01the network as a whole these funds can07:03be used for a variety of different07:05reasons like community building and07:06outreach marketing security and software07:09development basically those who want to07:11make changes can use the funds from the07:13treasury by sending a deposit and then07:15their deposit is refunded if the changes07:17are accepted from the treasury and07:19kasama to its fundamental basis polka07:22dot clearly wants to position themselves07:24as a platform for innovation07:26interoperability scalability and07:29experimentation07:30to me it’s actually a fresh idea in the07:32world of crypto that may end up being07:34the idea that ties everything together07:36and actually creates a massive07:38interconnected crypto ecosystem i know07:41that sounds crazy but it’s probably the07:42best way i could put it personally i’m07:44quite curious to see how this all plays07:46out oh and as we in this video we wanted07:48to let you know about a secret project07:50that we’ve been working on if you’re new07:52to the world of decentralized finance or07:54want to learn about how to make money07:55using cryptocurrency we actually07:57recently put together a guide for07:59beginners that pretty much explains08:01important ideas and very simple topics08:03if you’re interested you can grab a copy08:05of that guide for free at08:06whiteboardcrypto.com but you don’t have08:08to if you don’t want to anyways thanks08:10for watching we hoped you enjoyed this08:12video we really hope that maybe you’ve08:14learned something and most of all we08:16hope to see you in our next video08:26you English (auto-generated)