Polkadot Decoded Recap
Hello Citadel fans, and welcome to another article!
Recently, Citadel.one announced that support for Polkadot was imminent. Recently, Polkadot hosted their “Polkadot decoded” event, helping simplify the complex parts of the Polkadot ecosystem.
Citadel.One was present at the event, and shared transcripts of the major happenings here in our Telegram group.
In this article, we will cover an overview of the event in detail to see what came out of it.
Introduction to the Event
Vlad | Citadel.One
Hey guys!
As you know Polkadot is coming to Citadel.one this month. Polkadot is a remarkable, yet complex project. With today’s Polkadot Decoded event we want to introduce you to this project and learn all the ins and outs of it.
10 minutes to go with the event so, let’s start with a short video — the first episode of “Polkadot Behind the Code” where Gavin Wood, Polkadot co-founder, Ethereum co founder and CTO, discusses the idea for Polkadot and his vision for what he hopes it can accomplish.
https://www.youtube.com/watch?v=GcOKXAOh4Xw
Continuation of the event
We then introduced the features we would be enabling for the integration of Polkadot to Citadel.One.
These features (which will be available on the web platform and on the mobile app) include:
- Mobile App (Android and iOS)
- Hardware wallet Support (Ledger and Trezor)
- Multi node one click staking
- One seed support for multiple networks
- Advanced analytical dashboard
- Fiat on-ramp
- Built-in exchanges
- Sending and receiving
- Rewards notifications
Before we continue to the event however, here’s a sneak peek of the upcoming Polkadot staking page on Citadel.One
And here is the staking management screen that has been designed to make managing your staking positions as easy as possible:
Polkadot Decoded Event has started!
The first community talk covered Parachains.
A parachain is an application-specific data structure that is globally coherent and validatable by the validators of the Relay Chain. Most commonly a parachain will take the form of a blockchain, but there is no specific need for them to be actual blockchains.
This concept is unique for blockchains and currently Polkadot’s most innovative technology!
Parachains take their name from the concept of parallelized chains that run parallel to the Relay Chain. Due to their parallel nature, they are able to parallelize transaction processing and achieve scalability of the Polkadot system. They share in the security of the entire network and can communicate with other parachains through XCMP.
Parachains are Disrupting Smart Contracts
Parachains may have their own economies with their own native tokens. Schemes such as Proof-of-Stake are usually used to select the validator set in order to handle validation and finalization; parachains will not be required to do either of those things. However, since Polkadot is not overly particular about what the parachain can implement, it may be the choice of the parachain to implement a staking token, but it’s not generally necessary.
Discover Parachains here.
Parathreads
Parathreads are an idea for parachains to temporarily participate in Polkadot security without needing to lease a dedicated parachain slot. This is done through economically sharing the scarce resource of a parachain slot among a number of competing resources (parathreads). Chains that otherwise would not be able to acquire a full parachain slot, or do not find it economically sensible to do so, are enabled to participate in Polkadot’s shared security — albeit with an associated fee per executed block. It also offers a graceful off-ramp to parachains that no longer require a dedicated parachain slot, but would like to continue using the Relay Chain.
Auctions, and Crowd Loans, and Slots!
Parachain Slots Auction
For a parachain to be added to Polkadot it must inhabit one of the available parachain slots. A parachain slot is a scarce resource on Polkadot and only a limited number will be available. As parachains ramp up there may only be a few slots that are unlocked every few months. The goal is to eventually have 100 parachain slots available on Polkadot (these will be split between parachains and the parathread pool). If a parachain wants to have guaranteed block inclusion at every Relay Chain block, it must acquire a parachain slot.
The winner selection algorithm will pick bids that may be non-overlapping in order to maximize the amount of tokens held over the entire lease duration of the parachain slot. This means that the highest bidder for any given slot lease period might not always win.
More info about Auctions:
https://wiki.polkadot.network/docs/en/learn-auction
Parachains vs Parathreads
Polkadot Parachain Crowdloans
Anyone can create a new crowd loan campaign for a parachain slot . A campaign is configured as a range of slots (i.e. the duration of the parachain will bid for), a cap, and a duration. The duration can last over several auctions, meaning that the team will not need to restart the campaign just because they do not secure a slot on their first attempt.
Each created campaign will have an index. Once a crowd loan campaign is open, anyone can participate by sending a special transaction that references the campaign’s index. Tokens used to participate must be transferable — that is, not locked for any reason, including staking, vesting, and governance — because they will be moved into a module-controlled account that was generated uniquely for this campaign.
More info about Crowdloans:
https://wiki.polkadot.network/docs/en/learn-crowdloans
Some dos and don’ts of participating in Polkadot crowd loans
There was thena 25 minute break.
Following the end of the Crowd loan session, the Co-Founder of Acala, Bette Chen, came up to speak as well.
Acala is the all-in-one DeFi hub of Polkadot. Acala is an Ethereum-compatible platform for financial applications to use smart contracts or built-in protocols with out-of-the-box cross-chain capabilities and robust security. The platform also offers a suite of financial applications including: a trustless staking derivative (liquid DOT), a multi-collateralized stablecoin backed by cross-chain assets (aUSD), and an AMM DEX — all with micro gas fees that can be paid in any token.
Here’s the list of DeFi apps, developments and Incentives that we can expect in the near future built and implemented on Polkadot:
- Over-collateralized loans(KSM and LKSM will be used as the main mortgage assets)
- Staking derivatives LKSM(KSM pledges derivatives to help DeFi users release locked KSM liquidity)
- Earning yield and interest (Deposit coins to earn interest)
- Decentralized exchange DEX
- Stable assets(KSM is used as the main mortgage asset)
- Decentralized governance on the chain
- On-chain decentralized treasury
- Oracle native price feed
Next, we spoke about OriginTrail, a protocol for Making Supply Chains Work together with Žiga Drev
OriginTrail is an ecosystem dedicated to making global supply chains work together by enabling a universal, collaborative and trusted data exchange.
Powered by Polkadot, OriginTrail is bringing blockchain to the real world.
More about their use-cases by the link:
https://origintrail.io/case-studies
After that session, Sergei Lonshakov from Robonomics came up to talk about how Polkadot can help build Smart Cities.
Robonomics is the first open source platform which you can use to connect your robot as a service for end users or digital markets. The company supportы Web3 technologies that implement the exchange of technical and economic information between humans and machines.
Blockchain and Robots are closer to us than we think, do you think so?
Robonomics Project is aiming to introduce technologies that will make social services like car rents, CCTVs, Vending Machines and others be available without a centralized intermediary.
Next Polkadot Decoded Presentation — “Prove Your Identity & Protect Your Data With Social KYC by Ingo Rübe from KILT Project
Powered by Polkadot, KILT is working on implementing decentralized identity solutions in Web 3.0
On the Internet users register with their social media accounts. If those services become successful, they accumulate millions of logins and often collect and use data their users generate on the way.
This data is collected to improve User experience and User Interface, however it may lead to three major problems:
- The data silos are honeypots for hackers and thus a high security risk.
- The vast amount of users on one service automatically generates a monopoly. Better services coming up have little chances to get recognised and the monopoly service will not evolve as fast as it could, because it does not fear competition.
- The amount of data collected by only a few services, gives these services an unfair advantage in the age of artificial intelligence.
Next up, Automata Network representatives were called up to talk. Automata Network is a Web 3.0 Realized With Traceless Privacy and Seamless Compatibility
Some Tech Highlights by Automata Network:
- Anonymous voting for DAOs
Secret messaging between networks
Do-not-track querying for indexers
- Front-running prevention for DEXs
Tamper-proof data sourcing for oracles
Robust randomness for apps
- Speedy cross-chain transactions
Sub-second layer 2 for chains
Nonintrusive protection for DeFi
Representatives of the Citadel.one team then proceeded to ask Deli Gong 2 questions here: how does Automata solve Man-in-the-Middle problem, and whether the validators of the network will have access to this data.
First question was answered, that the information will go through an encrypted channel, however no answer was given, whether validators will be able to access it. Hope we will know the answer some time in the future.
Last Community talk — “A Dispatch From the Front Lines of Multi-Chain Deployment” with Derek Yoo from Moonbeam
Moonbeam simplifies the developer experience by combining full Ethereum compatibility with the power of Polkadot, including scalability, cross-chain integrations, and on-chain governance.
That was all for the event!
There is also a part two of the Polkadot Behind the Code event that can be found here.
Useful Links
About Citadel.one
Citadel.one is a non-custodial Proof-of-Stake platform for the management and storage of crypto assets. Users can create public addresses for all supported networks with one seed phrase, connect their Ledger or Trezor device, or import an address generated by another wallet.
The analytical dashboard provides relevant information on wallets’ balances and networks’ main metrics. In Citadel.one, we standardize the semantics, making interactions with the platform as easy as possible. The same goes for network metrics. By using universal terms, we are making it easier for users to understand and compare networks.
One of the main functions of the Citadel.one platform is participation in the PoS consensus — users can stake and delegate their assets, claim rewards, and follow the latest network proposals in the voting tab.
Citadel.one offers its users instant cryptocurrency exchange services that allow fast and secure crypto assets swap. It is also possible to buy and sell crypto with a credit or debit card. Citadel.one users can track rewards, withdrawals, transfers, and deposits across all supported networks and add comments to these transactions.
Among PoS platforms, Citadel.one supports BAND network($BAND) Secret Network ($SCRT), Cosmos ($ATOM), ICON ($ICX), IOST, Orbs, and Tezos ($XTZ). We also support Ethereum, Bitcoin, and Tether ($USDT) for our users’ convenience. Mobile and desktop versions, new networks, including Polkadot and Ontology, are scheduled for the upcoming updates. Furthermore, delving into the idea of true decentralization, we envision Citadel.one a decentralized autonomous organization and a genuinely community-owned platform in the near future.
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