Row 86238

Row ID: 86238 | Dataset Entry | Axioma AXP Content Repository

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#Polkadot Con-Arguments Below is a Polkadot con-argument written by noxtrifle.

> Polkadot was developed in 2020 by Gavin Wood ([source](https://en.wikipedia.org/wiki/Polkadot_(cryptocurrency))), co-founder of Ethereum and creator of the Solidity programming language. It is a unique platform made up of a relay chain and several parachains ([limited to 100](https://thecrypto.app/knowledge/what-are-polkadot-parachains)) that can host other blockchains, such as ETH and BTC. > > These parachains delegate the responsibilities of consensus and security to the relay chain, while they themselves focus on the specific features of their blockchain. The latter acts like a central highway, with the parachains connecting to it at various points, like smaller roads branching off of a larger one at distinct points. ([source](https://wiki.polkadot.network/docs/learn-architecture)) > > However, Polkadot has several cons: > > # Centralization > > * An entity participating in governance [needs](https://polkadot.js.org/apps/#/staking/targets) at least 1,310,100 DOT nominated to them in order to become a validator, and it is near impossible to gain this amount of support as a new participant. Therefore, validation becomes centralized between well-known or wealthy validators who have the budget to advertise and offer elevated rewards. > * If more than 256 nominators support a single block producer, it is considered "oversubscribed" and rewards are solely distributed to the top 256 nominators in terms of staked DOT ([source](https://wiki.polkadot.network/docs/learn-nominator)). In order to ensure they receive DOT staking rewards, many are pushed to stake their DOT tokens in centralized staking pools or exchanges, further centralizing the validation process. > * There is a single point of failure - Gavin Wood. He [leads](https://www.parity.io/about/gavin-wood/) the two organizations behind DOT: Parity Technologies and the Web3 Foundation, meaning that Polkadot is subject to the risk of a Bankman-Fried-esque scenario with Wood. > > # Security > > * In 2017, Parity Technologies was subject to a [513,774 ETH hack](https://deadline.com/2017/11/big-hack-freezes-156m-in-funds-damaging-some-entertainment-startups-1202206411/) worth over 500 million dollars, that delayed the Polkadot ICO by several years and notably dimished investor trust in the security of the project. > * A $1.2 billion Acala Network [hack](https://twitter.com/AcalaNetwork/status/1559129241026977793) took place in August 2022. > * [Hacken](https://hacken.io/discover/are-the-current-polkadot-parachains-safe/) states that: "If any project connected to other ones via cross-blockchain transfers gets exploited, stolen funds can flow to other blockchains and create a lot of troubles for their ecosystem as well as for their liquidity."

*****

Would you like to learn more? Check out the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Polkadot) to find submissions for other topics.

FieldValue
text #Polkadot Con-Arguments Below is a Polkadot con-argument written by noxtrifle. > Polkadot was developed in 2020 by Gavin Wood ([source](https://en.wikipedia.org/wiki/Polkadot_(cryptocurrency))), co-founder of Ethereum and creator of the Solidity programming language. It is a unique platform made up of a relay chain and several parachains ([limited to 100](https://thecrypto.app/knowledge/what-are-polkadot-parachains)) that can host other blockchains, such as ETH and BTC. > > These parachains de…
label r/cryptocurrency
dataType comment
communityName r/CryptoCurrency
datetime 2024-05-24
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Raw Record

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  "text": "#Polkadot Con-Arguments\nBelow is a Polkadot con-argument written by noxtrifle.\n\n> Polkadot was developed in 2020 by Gavin Wood ([source](https://en.wikipedia.org/wiki/Polkadot_(cryptocurrency))), co-founder of Ethereum and creator of the Solidity programming language. It is a unique platform made up of a relay chain and several parachains ([limited to 100](https://thecrypto.app/knowledge/what-are-polkadot-parachains)) that can host other blockchains, such as ETH and BTC.\n> \n> These parachains delegate the responsibilities of consensus and security to the relay chain, while they themselves focus on the specific features of their blockchain. The latter acts like a central highway, with the parachains connecting to it at various points, like smaller roads branching off of a larger one at distinct points. ([source](https://wiki.polkadot.network/docs/learn-architecture))\n> \n> However, Polkadot has several cons:\n> \n> # Centralization\n> \n> * An entity participating in governance [needs](https://polkadot.js.org/apps/#/staking/targets) at least 1,310,100 DOT nominated to them in order to become a validator, and it is near impossible to gain this amount of support as a new participant. Therefore, validation becomes centralized between well-known or wealthy validators who have the budget to advertise and offer elevated rewards.\n> * If more than 256 nominators support a single block producer, it is considered \"oversubscribed\" and rewards are solely distributed to the top 256 nominators in terms of staked DOT ([source](https://wiki.polkadot.network/docs/learn-nominator)). In order to ensure they receive DOT staking rewards, many are pushed to stake their DOT tokens in centralized staking pools or exchanges, further centralizing the validation process.\n> * There is a single point of failure - Gavin Wood. He [leads](https://www.parity.io/about/gavin-wood/) the two organizations behind DOT: Parity Technologies and the Web3 Foundation, meaning that Polkadot is subject to the risk of a Bankman-Fried-esque scenario with Wood.\n> \n> # Security\n> \n> * In 2017, Parity Technologies was subject to a [513,774 ETH hack](https://deadline.com/2017/11/big-hack-freezes-156m-in-funds-damaging-some-entertainment-startups-1202206411/) worth over 500 million dollars, that delayed the Polkadot ICO by several years and notably dimished investor trust in the security of the project.\n> * A $1.2 billion Acala Network [hack](https://twitter.com/AcalaNetwork/status/1559129241026977793) took place in August 2022.\n> * [Hacken](https://hacken.io/discover/are-the-current-polkadot-parachains-safe/) states that: \"If any project connected to other ones via cross-blockchain transfers gets exploited, stolen funds can flow to other blockchains and create a lot of troubles for their ecosystem as well as for their liquidity.\"\n\n*****\n\nWould you like to learn more? Check out the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Polkadot) to find submissions for other topics.",
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