BTCS Inc., a blockchain technology-focused company, announces the addition of Polkadot (DOT) to its blockchain infrastructure operations. Polkadot is a fast, scalable and decentralized solution that enables data to become more interoperable across today’s most heavily-utilized blockchain systems.
What is Polkadot?
Polkadot is a $17.8 billion blockchain network founded in 2016 by the co-founder & former CTO of Ethereum, Dr. Gavin Wood, with help from the teams at Web3 Foundation and Parity Technologies. DOT is expected to host several bridges that would allow its network to interact with other blockchains, such as Bitcoin and Ethereum, enabling tokens to be swapped across multiple networks without a central exchange. Additionally, the $200 million that Polkadot raised is one of the most successful raises of all time for the blockchain industry.
Moreover, DOT is a multichain network, allowing it to process many transactions on several blockchain systems in parallel. Legacy networks, like Bitcoin, operate in isolation and slowly process transactions one by one. Conversely, DOT’s parallel processing power significantly improves its scalability and is what allows the network to process up to 1,000 transactions per second, greater than 200x the speed of Bitcoin.
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One of Polkadot’s breakthrough innovations is what is known as Nominated Proof-of-Stake (NPoS). Each Polkadot validator, entities that are responsible for securing the network, is nominated by those that are staking on the Polkadot network. Another core innovation of Polkadot is known as Kusama, which is a pre-production test network that developers use to try out code before it goes live onto the main Polkadot network. BTCS is also actively securing Kusama’s network by running a validator node and generating revenue from those operations.
Polkadot Has Become One of the Most Interoperable and Secure Blockchains
Polkadot’s speed, scalability, and interoperability have led it to become one of the most widely-utilized blockchains on the planet. The growth of developers building on the network has grown faster than almost any other blockchain from 2,600 at the start of 2021 to over 10,000 today. In that same time, the amount of code grew from 600,000 lines of code to now over 2 million.
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“The amount of code being added year-over-year has been astronomical,” said Michal Handerhan, Chief Operating Officer of BTCS. “The fact that DOT has nearly 4 times the number of developers and lines of code from the start of 2021 to the end of 2021 should be a strong indicator for the platform’s potential.”
Technical Work Completed to Run a Polkadot Validator Node
BTCS has staked 38,372 DOT tokens valued at approximately $620k. In turn, BTCS is generating compounding rewards. Staking allows users to generate an annual percentage yield (“APY”) on their staked assets whereas validator node operators charge a fee on users’ staked asset rewards in addition to earning an APY on staked crypto. In turn, the highly scalable nature of both staking Polkadot as well as allowing users to stake DOT to earn token rewards is the premise behind BTCS’ Staking-as-a-Service platform that is currently being developed.
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