What is Polkadot
Polkadot is a large-scale multi-chain platform that offers the most advanced way of connecting blockchain networks. The platform provides the ability for fundamentally different blockchains to contact with each other and even combine various methods of protection. Besides, the platform includes a feature of arbitrary state transition functions.
The project is capable of transmitting data not only on public, open, or permissionless blockchains but also on private and permissioned networks.
This allows anyone to develop apps that receive permitted data from a private network and share that data on a public one.
Polkadot uses a complex management mechanism that allows it to gradually evolve following the loyal wishes of the assembled stakeholders.
To do this, the project integrated a significant number of various new mechanisms, including the amorphous state transition function stored in the chain and defined in the platform-neutral intermediate language (for example, WebAssembly), and several voting mechanisms in the chain, such as referenda with adaptive super Threshold majority votes and vote for party approval.
GRANDPA: Trustworthy Consensus Algorithm
In addition to the on-chain governance, Polkadot also implemented the GRANDPA feature (GHOST-based Recursive Prefix Inheritance Agreement) for a high level of security and resilient network.
Having good network conditions, GRANDPA can authorize blocks with instant speed. In bad network conditions, for example in case of a network partition, GRANDPA can complete a large number of blocks just right after partition resolution.
The Polkadot platform has its digital asset, which is called DOT. It has three main functions:
- Control. DOT cryptocurrency owners have full control over the protocol. Since there are no miners in the ecosystem alongside the use of a PoS consensus, token holders can fully regulate such events as protocol updates or any other network corrections;
- Functioning. Polkadot is based on the game theory model and gives rewards to those holders who act honestly on the network. Thus, bad actors will lose their funds in case of deception. This principle allows the system to remain safe;
- Binding and payment. The DOT cryptocurrency makes it possible to add new parachains or delete inactive ones.
Polkadot includes many different so-called “parachains” (parallelizable chain) that allows a user to achieve the required level of privacy. The peculiarity of the ecosystem is that transactions can be carried out simultaneously and distributed between blockchains instantly. The principal aim here is to ensure that all participants from various blockchains remain private and that transactions are carried out in good faith.
Polkadot’s anonymity is based on three pillars:
- Relay chain, which is the center of the system. It provides the exchange of transactions between blockchains. This pillar also guarantees the highest level of consensus and security implementation;
- Parachains. These parallel blockchains carry out operations and send transactions between blockchains;
- Bridges. It’s a particular form of blockchain connectivity with its consensus, e.g., Ethereum.
What is Polkadot Wallet
Basically, a wallet is the main user interface through which a person interacts with the cryptocurrency system. Polkadot wallets allow both storage and management of one’s assets: with this software, you can buy, send, receive, and exchange DOT.
Atomic Wallet is a desktop and mobile application that allows anyone to fully control their DOT portfolio among with other 300+ popular digital assets since private keys and transactional data are stored on users’ devices, and not on the provider’s servers.
The wallet was founded back in 2017 by Konstantin Gladich, who is a Ph.D. in data science with 5 years of solid experience in blockchain and cryptocurrencies and 10 years in IT. It’s pretty easy to use the Atomic Wallet since it’s compatible with Windows, Mac OS, Ubuntu, Fedora, and even Debian, which makes this wallet cross-platformed. The wallet’s primary goal is to combine the simplicity of UX and a wide range of functions, which provides easy access for all levels of users.
Polkadot Wallet Security
The first and the most important thing you should know about the wallet is that it stores all data on a user device. Moreover, all local data protected by the Advanced Encryption Standard (AES) symmetric encryption mechanism.
AES is symmetric block encryption that was chosen by the U.S. government as the best way to protect sensitive data and is used all over the world both in software and hardware to encrypt all sorts of data.
Another layer of security is the Transport Layer Security (TLS). TLS is a special protocol that provides the highest standards of privacy and integrity of data between two interacting apps. The cryptographers’ community widely agrees with TLS as the most secure protocol these days, which is used for web browsers and other apps that secure data exchange over the network.
How does Atomic Wallet Work?
Atomic is extremely simple, so anyone can easily use it without any technical knowledge required.
First things first: Download the wallet from here.
After installing the wallet on your computer, launch it and click the “Open Wallet” button. Create a difficult to hack pass to protect your account.
Once you set the pass, the wallet will generate a 12-word backup mnemonic phrase. Make a copy of it and keep it safe. Keep in mind that no one can help you to restore your wallet if you lost your mnemonic phrase.
Have you copied the phrase? Success! Your wallet is ready for use. Manage, exchange, and stake (coming soon!) DOT in a secure and easy way.
Where to keep Polkadot?
The most important thing you should know before choosing the place to keep your crypto is that it should be highly safe and secure. Atomic Wallet is the right option for that as, first, it’s a decentralized app, which means your private keys and other confidential information are held only by you on your device. Moreover, having Atomic Wallet, you get instant access for storing more than 300 cryptocurrencies for free as well as to use our exchange, built-in buy crypto, and decentralized staking options. All in all in one simple interface!