12-09-2021, 01:38 PM
The tech DOT brings to our ecosystem is the same vibes as ETH showing up when crypto
<!-- SC_OFF --><div class="md"><p>I frequently see confusion regarding the technical details of Polkadot (DOT). Here is a really quick explanation. If you have questions - please ask and I'll try to explain.</p> <p>Okay, so, imagine the history of crypto as it relates to tech advancements in this space.</p> <p>First, there was BTC. This represents mono-chain value transfers.</p> <p>Then, there was ETH. This advanced our ecosystem to mono-chain computation where the most basic computation is value transfer, but then loans etc.</p> <p>Then ETH became bloated and fees went up. Competitors appeared - also computation mono-chains, but lower fees and better technicals. First-mover network effects result in BTC and ETH maintaining their value.</p> <p>Now, our ecosystem is at the point where we have cross-chain value-transfer bridges a la "wrapped tokens."</p> <p>Next? Cross-chain computation-transfers. This goes beyond just moving value between chains - its having one chain tell another chain to compute something that it's more specialized at computing than the first chain and having both chains trust the results.</p> <p><em>This</em> is Polkadot. It provides not <em>just</em> cross-chain value transfer but allows for cross-chain <em>computation.</em> This is why it is important. It unlocks the next step in crypto which is analogous to the introduction of ETH into a pre-ETH ecosystem. It introduces computation to an area that currently only has value transfer. </p> <p>p.s. parachains launch on DOT <strong>Dec 18</strong>. </p> </div><!-- SC_ON --> submitted by <a href="https://www.reddit.com/user/MeoMix"> /u/MeoMix </a> <br/> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/rc3i25/the_tech_dot_brings_to_our_ecosystem_is_the_same/">[link]</a></span> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/rc3i25/the_tech_dot_brings_to_our_ecosystem_is_the_same/">[comments]</a></span>Kind Regards R
<!-- SC_OFF --><div class="md"><p>I frequently see confusion regarding the technical details of Polkadot (DOT). Here is a really quick explanation. If you have questions - please ask and I'll try to explain.</p> <p>Okay, so, imagine the history of crypto as it relates to tech advancements in this space.</p> <p>First, there was BTC. This represents mono-chain value transfers.</p> <p>Then, there was ETH. This advanced our ecosystem to mono-chain computation where the most basic computation is value transfer, but then loans etc.</p> <p>Then ETH became bloated and fees went up. Competitors appeared - also computation mono-chains, but lower fees and better technicals. First-mover network effects result in BTC and ETH maintaining their value.</p> <p>Now, our ecosystem is at the point where we have cross-chain value-transfer bridges a la "wrapped tokens."</p> <p>Next? Cross-chain computation-transfers. This goes beyond just moving value between chains - its having one chain tell another chain to compute something that it's more specialized at computing than the first chain and having both chains trust the results.</p> <p><em>This</em> is Polkadot. It provides not <em>just</em> cross-chain value transfer but allows for cross-chain <em>computation.</em> This is why it is important. It unlocks the next step in crypto which is analogous to the introduction of ETH into a pre-ETH ecosystem. It introduces computation to an area that currently only has value transfer. </p> <p>p.s. parachains launch on DOT <strong>Dec 18</strong>. </p> </div><!-- SC_ON --> submitted by <a href="https://www.reddit.com/user/MeoMix"> /u/MeoMix </a> <br/> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/rc3i25/the_tech_dot_brings_to_our_ecosystem_is_the_same/">[link]</a></span> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/rc3i25/the_tech_dot_brings_to_our_ecosystem_is_the_same/">[comments]</a></span>Kind Regards R