Polkadot 1.0 & Polkadot 2.0 (Q2 2024) Comparition
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How did @gavofyork's Polkadot Whitepaper 2016 stand the test of time? Some awesome Quotes coming! 📜
Cooperation: "While Ethereum 2.0 & Polkadot share some fleeting similarities we believe their end goal is substantially different & that rather than competing, the two protocols are likely to ultimately co-exist under a mutually beneficial relationship for the foreseeable future"
Polkadot 1.0: Parachains like Moonbeam that allow building Cross-Chain connected dApps & provide endless resources & tools
Polkadot 2.0: Polkadot-Ethereum bridge 🌉
Decentralization: "Polkadot is intended to be a free & open Project, the Protocol specification being under a Creative Commons license & the code being placed under a FLOSS license. The Project is developed in an open manner & accepts contributions where ever they are useful. A system of RFCs [...] will allow a means of Publicly collaborating over Protocol changes & upgrades"
Polkadot 1.0: Most of the work done by Parity & Web3 Foundation
Polkadot 2.0: Parity Technologies laid off 385 Employees in Oct 2023. Web3F launches $45M USD Decentralized Futures Program for any Builders wanting to contribute to the Protocol. Any DOT Holder can cast a Proposal on OpenGov or make a pull request to the Code
Governance: "Can decisions be made with sufficient inclusivity, legitimacy & transparency to provide effective leadership of a decentralised system?"
Polkadot 1.0: Any DOT Holder could launch a Proposal, but there was a Council & Technical Committee for evaluation
Polkadot 2.0: The fate of the Protocol is up to every DOT Holder through voting on OpenGov
Security: "Made the case for a single Relay-Chain & multiple homogeneous chains providing a transparent interchain execution mechanism"
Polkadot 1.0: The heart of Polkadot, providing Shared Security, Consensus & Cross-Chain Interoperability
Polkadot 2.0: Setting a Validator, Nominating, Bonding, Voting, Making Proposals, Sending - will be done outside of the Relay Chain, so it focuses only on security
Updates: "It is built to be a largely future-proof harness able to assimilate new blockchain technology [...] without Hard Forks"
Polkadot 1.0: No hard forks
Polkadot 2.0: No hard forks 😂
Flexibility: "No unnecessary requirement, constraint or limitation should be placed on Parachains"
Polkadot 1.0: Any Chain can become a Parachain, but the best way was to use the Substrate open-source Framework to build one. Can have it's own Token/or choose not to, Governance, Mechanics. Launched on a 2year slot on Polkadot after winning on an auction
Polkadot 2.0: Polkadot Blockspace as a Service is not limited to Parachains, but is for Projects of all size. Blockspace will be bought in Bulk (28days with possible renewal) or On-Demand (tailored solution). Substrate is now part of Polkadot SDK, a powerful repository, that provides all the resources needed to start building on the Polkadot Network
Goal: "The goal of Polkadot is to provide a Framework under which new Blockchains may be created & to which existing Blockchains can, if their Communities desire, be transitioned"
Polkadot 1.0: 6 initial Parachains
Polkadot 2.0: 50+ Parachains, 700 Projects
Biggest Gaming Chain in Web3 - Mythical Games, migrating from Ethereum to Polkadot
Biggest Energy Chain in Web3 - Energy Web, built on Eth tech, migrated to Polkadot
Scalability: "Present-day Blockchain Architectures all suffer from a number of issues not least practical means of Extensibility & Scalability"
Polkadot 1.0: Never stopped producing Blocks
Polkadot 2.0: Handled 6,5Mil transactions 21.12.2023 without slowing down or fee increase (that was only 3% of Network's capacity)
Speed: "However, current real-world blockchain networks are practically limited to around 30 transactions per second"
Polkadot 1.0: Up to 1000tps for one Parachain
Polkadot 2.0: Up to 1M tps with 100 Parachains & Asynchronous Backing
Verdict... Delivered! 🎯
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🧵Discover the impact below👇
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The #Polkadot and #Kusama ecosystems are growing impressively with great news on a daily basis 🗞️
#PolkadotInsider is pleased to bring you the recap of highlight events in the @Polkadot and @kusamanetwork ecosystems in the last 72hrs 📰
Check it out 👇🧵
#DOT#KSM
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Modular blockchains have taken off in 2023 as a narrative and will surely make a splash entering the next year. ✨
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https://t.co/G8sAi0ty8W