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Polkadot / DOT transaction approval mechanism

5 mins read

Polkadot / DOT transaction approval is supported by people with four roles: Collators, Validators, Nominators, and Fishermen. The roles played by each and their contents are as follows.

 

  • It is responsible for collecting para chain transactions, concealing them, and then passing them on to the relay chain. For each para chain, one transaction collator organizes the transaction and tokens are paid as a reward. You can become a participant by staking with the token DOT.
  • Approve the block of para chain sent from Collators and write to the relay chain. The transaction approver also needs to steak the DOT, and if he commits fraud, he will be penalized and the DOT token will be confiscated.
  • Responsible for selecting Validators. You can choose to stake DOT tokens directly to the transaction approver. However, since it is the “transaction approver” who approves the block, the reward is received from the transaction approver when the transaction approver selected by him is approved. If the transaction approver you have selected commits fraud, your tokens will also be confiscated, so be careful when selecting.
  • It is responsible for monitoring whether fraudulent transactions are taking place. Instead of going through the block approval process, Fishermen will monitor the transaction approver for fraud. You can become a participant by staking DOT tokens like any other participant

 

Features of Polkadot / DOT

The features of Polkadot / DOT are as follows.

Achieve interoperability of different block chains

One of the major features of Polkadot / DOT is that it realizes interoperability between different block chains. With Polkadot, it is possible to connect not only Polkadot’s chain (Para chain) but also various different chains such as Bitcoin and Ethereum to each other.

In the world of decentralized WEB, “decentralized assets” existed, but “decentralized exchange method” did not exist, so in order to exchange decentralized assets such as Bitcoin, “centralized” I had to use something like “exchange”.

With Polkadot technology, decentralized assets can be traded on a P2P (peer-to-peer) basis, making a big step towards a “true decentralized web”.

 

 

“High scaling capability” and “high-speed processing”

Since the exchange between polkadot / DOT para chains is done in “parallel processing”, polkadots can demonstrate high scaling ability. Traditional block chains process transactions in sequence, but Polkadot uses a parallel processing mechanism to create an environment where more transactions can be processed easily.

 

Good security model

Currently commonly adopted ” Proof of Work (PoW)” and ” Proof of Stake (PoS)” systems are competing for resources to keep the network secure, and the block chain is large-scale. There was a risk of being easily attacked until it grew into a good community.

But Polkadot takes a “pooling security” approach. This means that the security of the block chain will be put together and applied to all block chains. By connecting the block chain to Polkadot, developers can keep the block chain secure from the beginning.

 

Transparent on-chain governance

Polkadot / DOT protocol updates can be done “without chain branching” by transparent on-chain voting, so protocol development cannot stall due to “unclear process”. Relay chains use sophisticated, transparent, rules-based governance to resolve conflicts and update networks.

DOT tokens are used to participate in governance decision-making processes such as organizing, adopting, and voting proposals. Para chain is designed to allow you to design your own governance mechanism to maximize your freedom without affecting other para chains.

 

Reliable consensus algorithm

Polkadot / DOT has adopted a consensus called “GRANDPA (GHOST-based Recursive Ancestor Deriving Prefix Agreement)” to build the safest and most resistant network.

GRANDPA can determine blocks almost instantly under excellent network conditions, and even in a bad network environment such as network separation, once the problem is solved, a large number of blocks (theoretically hundreds) can be determined at once. It is explained that it can be confirmed.

 

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