What is Polkadot and IOTA? Platforms that are gaining traction #1 - March 2021

Polkadot - A scalable, interoperable & secure network protocol

^{Source: Polkadot}

Problem: There are issues that multiple blockchains are facing today that includes,

• Interoperability
• Scalability
• Speed
• Security
• Complex Development Platform/ Tools

Solution: Polkadot supports any type of data transfer between any type of blockchain. So It provides seamless integration between public, open, permissionless, and private, permissioned blockchains.

Example: Fleet tracking data like latitude, longitude (location) is usually private for the business and they don't want to expose the fleet location publically for everyone, It will be implemented using private, permissioned blockchian but for a specific shipment/courier live tracking, there is a need to expose the specific vehicle tracking related data to user who has booked the shipment/courier until it gets delivered so here for this feature data has to be available on a public chain.

Technology and Developer Tools:

• It uses WebAssembly(Wasm).
• It uses libp2p network, a cross platform framework for peer-to- peer applications.
• It is developed in Rust, C++ and Golang which makes it very easy for developers.

A network of multiple blockchains called parachains that connects to Polkadot's main chain, is called relay chain. So any application that you run on Polkadot is actually a parachain.

Polkadot token

It uses DOT token for the exchange of services. It is the cryptocurrency used on the Polkadot network.

You can read more about Polkadot here

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IOTA - It is not a blockchain but it is the first distributed ledger best suitable for the “Internet of Everything”.

^{Source: IOTA}

IOTA uses Tangle network. It immutably records the exchange of data and value. It is a low-energy network designed for devices, such as sensors, industries,

Few key features are:

• Provides a Scalable solution for Internet of Things.
• Zero Fees Transaction
• Secure, Trustworthy, and Tamper Proof
• Distributed

Some of the real-life uses are:

1. Digital Identity - Borderless Digital Identity.
2. Mobility - Connect Vehicles
3. Car Wallets & Smart Charging - Electric Vehicles can autonomously pay for charging.
4. Usage based Insurance
5. Track & Trace - Vehicle/Shipments status tracking throughout the supply chain.
6. eHealth - Securely monitor patients using health sensors.
   & many more. You can read all details here

IOTA token

It uses an IOTA token for the exchange of services. There are no locked tokens, no early corporate investors, and no tokens are warded to founders.

You can read more about IOTA token here

I would like to share more interesting information about the emerging blockchain and DeFi platforms in upcoming posts. Stay tuned!

Thank you!

@steemcurator01

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References:

• https://polkadot.network
• https://www.iota.org

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DISCLAIMER
^{This blog is only for the education purpose. It is not financial advice. Please consult your financial advisor before making any financial decision.}