having witnessed first hand the amount of money in China, and the will of that money to escape rigged market/exchange rates, I believe the China ban impact is greatly underestimated.
China is busy hacking Google Chrome and stealing coins instead. Also delete Google Chrome as it's vulnerable.
exactly right, xrp is just catching up. Same game up and down, with everything happening with btc its def not a long term hold trade the sht out of it
pendulum-chain.medium.com
satoshipay.medium.com
As this (for me) is all about Pendulum/Satoshipay/dtransfer I concentrated on the main parts of the jigsaw that matter. Firstly Bitcoin, whilst it is irrelevant here it is important to note the difference between Bitcoin and Ethereum. Invented by Satoshi Nakamoto, Bitcoin was first (and now biggest) online currency launched in 2009 and importantly it is based on a permission less blockchain. In normal speak this simply means that no permission is required to become part of the blockchain so in theory anyone can become part of the blockchain which means it is completely open and de-centralised. But with the success of Bitcoin the big brains soon realised that actually, for the concept to evolve you would need more control and privacy. Enter Ethereum. Etherum was designed by another genius, Vitalik Buterin who realised back in 2013 that this new Blockchain technology could be used for far more financial applications than bitcoin by creating a permission less and permissioned Blockchain in one, thereby having all the advantages of Bitcoin blockchain but also allowing permission (or private) blockchains where the owner can control who sees what This is very important as institutions like financial institutions require privacy and this has opened up the Ethereum blockchain to the whole world of Defi. But technology keeps moving on, as the blockchain grows the network needs to continually be split or sharded into more portions to be able to scale. This is apparently complex. Enter Polkadot Polkadot blockchain is the Brainchild of Gavin Wood, Co-founder of Ethereum who set out to develop a ‘sharded’ version of Ethereum whilst still at Ethereum in 2013. There is a huge amount of technical stuff, disputes, stuck funds and all sorts of goings on during the development, but for this purpose the important thing is that Wood went on to Co-found EthCore which later became Parity and Polkadot blockchain was launched. Polkadot is able to scale/shard far more efficiently than Ethereum because it is built on a framework developed by parity called substrate (same as Pendulum) There is no point in me trying to explain Substrate as my brain is simply not big enough but it is apparently good, very good and has become the go to framework. To give some idea back in 2018 Gavin wood gave a live demo where he built a blockchain and dApp from scratch in 15 minutes. This is where Nodes come in because nodes are the problem for Ethereum scaling. Nodes are basically computers that connect and support the network validating transactions and there are thousands of them. For a blockchain to expand, these nodes need to store and process huge amounts of data/stuff and apparently this is where Ethereum design falls short. Enter Para chains (got there in the end). The flexibility of the Polkadot blockchain solves this scaling problem by allowing multiple sizable blockchains (Para chains) to connect to the main blockchain. And these only need to utilise the nodes/computers on that on that chain. This means that it allows numerous independent transactions to be actioned at the same time without blocking up the other chains nodes. As things have stood Defi applications have been tied to the relevant blockchains. If you wanted to use Solana for a transaction based on Ethereum – you couldn't. Each blockchain token is stuck on that blockchain. Polkadot is different as any blockchain can plug in as a Para chain, thus enabling previously isolated blockchains to connect and do business. This is basically known as web3. So these Para chains are custom blockchains built and designed for various projects and applications, and integrated on the Polkadot main blockchain which is called the Relay chain. For example Acala were the first Para chain. Acala is a platform that enables you to swap assets from other blockchains (say Solana to Ethereum). And Pendulum will enable defi transactions to be exchanged from other blockchain crypto assets into Fiat assets simultaneously (which is currently a complicated and expensive process) which opens up FOREX for the first time. The other huge advantage of this technology is that all the Para chains benefit from Polka dots base features and security without having to set their own, but the applications are still independent which enables transactions to perform faster and at lower costs as they are not go through the rest of the blockchain (as with Ethereum) and importantly they are private. |
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