{"id":2270,"date":"2021-12-01T16:18:46","date_gmt":"2021-12-01T13:18:46","guid":{"rendered":"https:\/\/evercodelab.com\/blog\/?p=2270"},"modified":"2022-07-27T11:47:35","modified_gmt":"2022-07-27T08:47:35","slug":"blockchain-polkadot-and-evercode-lab-white-label-wallet","status":"publish","type":"post","link":"https:\/\/evercodelab.com\/blog\/blockchain-polkadot-and-evercode-lab-white-label-wallet\/","title":{"rendered":"Blockchain, Polkadot and Evercode Lab White Label Wallet"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">It is not common for the Evercode Lab team to post \u2018reviews\u2019 of separate digital assets. With our <\/span><a href=\"https:\/\/everchain.eu\/\"><span style=\"font-weight: 400;\">Everchain White Label Wallet<\/span><\/a><span style=\"font-weight: 400;\"> we serve the entire web3 industry, not individual blockchains. At the same time, there are, along with such well-known coins as BTC and ETH, some digital assets that are definitely worth looking at. That is why, from now on, we are going to post some overviews of new or less-known blockchains. We believe that, as a team of blockchain development experts, we do have some important points to communicate. The first blockchain on this is <\/span><a href=\"http:\/\/polkadot\/\"><span style=\"font-weight: 400;\">Polkadot<\/span><\/a><span style=\"font-weight: 400;\">.<\/span><\/p>\n<h2><strong>Polkadot in the Web 3.0 Context<\/strong><\/h2>\n<p><span style=\"font-weight: 400;\">What is the essence of Polkadot and its role in the new blockchain era. This web3-based era is all about, according to <\/span><a href=\"https:\/\/techcrunch.com\/2021\/09\/16\/cryptos-networked-collaboration-will-drive-web-3-0\/?guccounter=1\"><span style=\"font-weight: 400;\">TechCrunch+<\/span><\/a><span style=\"font-weight: 400;\">, a \u2018decentralized web.\u2019 The new web means particular patterns of \u2018collaboration\u2019 enabled by \u2018decentralized networks that no single entity controls.\u2019<\/span><\/p>\n<p><a href=\"https:\/\/www2.deloitte.com\/us\/en\/insights\/topics\/digital-transformation\/web-3-0-technologies-in-business.html\"><span style=\"font-weight: 400;\">Deloitte<\/span><\/a><span style=\"font-weight: 400;\"> describes the fundamentals of the new web this way:<\/span><\/p>\n<ul>\n<li><span style=\"font-weight: 400;\">Interaction level constituted by \u2018wearable AR\/VR\u2019; voice technology, and IoT devices\u00a0<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Computation level constituted by \u2018distributed computing\u2019 through AI and 5G<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Information level enabled by \u2018distributed ledger technology\u2019 also known as blockchain\u00a0<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">As it is clear, such a seamless yet clearly \u201cautonomous\u201d environment will be notable for an entire set of distinctive features. Among them, <\/span><a href=\"https:\/\/www.investopedia.com\/web-20-web-30-5208698\"><span style=\"font-weight: 400;\">Investopedia<\/span><\/a><span style=\"font-weight: 400;\"> highlights such defining characteristics, on top of decentralization, as:\u00a0<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">\u201cTrustlessness\u201d is understood as an opportunity to interact with each other with no \u201ctrusted intermediary\u201d involved <\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">\u201cPermissionlessness\u201d is viewed as participation with no need to be authorized by \u201cgoverning body\u201d <\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">A greater role played by ML<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Connectivity <\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Ubiquiti\u00a0<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Such a blockchain-based future looks extremely promising and even breathtaking. However, there is a problem we have already mentioned on several occasions. Namely, it is the <\/span><a href=\"https:\/\/evercodelab.com\/blog\/en\/lightning-network-essence-role-implications-and-evercode-lab\/\"><span style=\"font-weight: 400;\">problem of scalability<\/span><\/a><span style=\"font-weight: 400;\"> associated with numerous blockchains. As well as the fact that there are plenty of blockchains already. All of them need to be linked with each other somehow to make the Web3 world possible.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">And that is when Polkadot comes into play.<\/span><\/p>\n<h2><b>Polkadot and Its Potential\u00a0<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Polkadot is a decentralized and open-source proof-of-authority blockchain launched in 2020. This technology is capable of uniting all existing blockchains within a single ecosystem. Simply put, Polkadot is a project functioning on its own blockchain potentially compatible with any other blockchains. In other words, any other blockchain can be linked with it. \u00a0 \u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Again, Polkadot\u2019s distinctive feature is that this network is multi-chain. Owing to this nature, this system is capable of concurrently processing an impressive amount of transactions with infinite scalability. Via a special technology, any blockchain can be connected with this ecosystem.<\/span><\/p>\n<h2><b>Polkadot Basics<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">The flexibility and adjustability of Polkadot make it possible to transfer various kinds of data. More than that, when it is necessary to introduce significant changes or deal with errors, forks are not required. Simultaneously, the system is notable for a high level of security. How can it be possible? The easiest way to understand it is to describe a range of basic terms.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">There are 4 crucial elements within the Polkadot network:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The relay chain constitutes the &#8220;core&#8221; of the system and provides a space for consensus and connectivity between multiple blockchains.<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Parachains are autonomously functioning blockchains linked to the system with their own functionalities.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Parathreads resemble parachains and can be used in a more cost-effective fashion when there is no need to get connected to the main network.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Finally, the so-called \u201cbridges\u201d make it possible to connect parachains and parathreads with external blockchains, such as ETH and BTC\u00a0<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">In addition to flexibility, Polkadot is known for its perfect balance between speed and security. This advantage is ensured by the four possible roles one can play in this system.\u00a0<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Nominators are responsible for choosing the so-called validators. As such, they are entitled to be rewarded for the creation of blocks. Consequently,\u00a0 it is in their interest to choose those who contributed more. In addition, they are those who actually supply the tokens (aka \u201cDOT\u201d)<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Validators\u2019 mission is to check transactions. As long as they do so, they get a certain amount of the DOT tokens.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Collators are involved in the block building process via the parachains. Together, they identify the block indicating the current state of the chain and transfer it to the relay chain.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Finally, fishermen are the main protection against fraud. They control collators and validators and are entitled to get rewards for the violations they detect.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Such an elaborate structure caught investors\u2019 attention all over the world. Since August 2020, it has reached its market capitalization <\/span><a href=\"https:\/\/www.statista.com\/statistics\/1277896\/polkadot-daily-market-cap\/\"><span style=\"font-weight: 400;\">peak<\/span><\/a><span style=\"font-weight: 400;\"> in November 2021 and exceeded \uff0450 billion! More than that, the price of the <\/span><a href=\"https:\/\/www.statista.com\/statistics\/1211795\/price-polkadot\/\"><span style=\"font-weight: 400;\">DOT token<\/span><\/a><span style=\"font-weight: 400;\"> rose from roughly \uff046 to\uff0450 this November. <\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><span style=\"font-weight: 400;\">We at Evercode Lab are keeping a close eye on Polkadot and hope it will make a truly Web3-based world possible!<\/span><\/p>\n<p>By the way, if you want to use their DOT tokens at your company, you should consider launching your crypto wallet with the <a href=\"https:\/\/evercodelab.com\/products\/everchain-wallet\">Evercode WL solution<\/a>\u00a0for digital assets!<\/p>\n","protected":false},"excerpt":{"rendered":"<p>It is not common for the Evercode Lab team to post \u2018reviews\u2019 of separate digital assets. With our Everchain White Label Wallet we serve the&#8230;<\/p>\n","protected":false},"author":1,"featured_media":2297,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[71],"tags":[85,79,83],"class_list":["post-2270","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain","tag-blockchain-en","tag-crypto","tag-crypto-wallet"],"aioseo_notices":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.3.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Blockchain, Polkadot and Evercode Lab White Label Wallet &#8211; Evercode Lab Blog<\/title>\n<meta name=\"description\" content=\"How to use DOT tokens with Evercode WLW\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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