The concept of cryptocurrency is now growing beyond investment. There is a war of technology used on this platform. 

Along with crypto investments, various other concepts also gained momentum. Every bitcoin trader works on the blockchain platform. This platform works as the building block enabling every crypto transaction. Every user transactions break down into many chains of blocks. These single units of blocks are then stored in user computers across the globe. Once the data mining is complete, unique IDs assigned to these transactions move to a public ledger. Such public ledger and user platforms are accessible on public networks. But the fun factor here is that there is no possibility to trace back these user accounts. If you are new to Crypto investment or trading check Bitcoin smart an advance trading platform. 

Understanding Ethereum platform

Ethereum is the blockchain technology that got its global launch after Bitcoin. The token ETH makes use of this technology to enable faster processing solutions. Ethereum platform became an instant hit amongst users. The platform is scale-able and flexible. Users can undertake a much easier transaction using this network as compared to Bitcoin.

Considering the technological advances and other capabilities, Ethereum developers announced a revamped version. Known as Ethereum 2.0 this technology allows for better solutions as compared to Ethereum. 

The technology is built on proof of stake philosophy as compared to proof of work. The PoS thought process is simple and easy to understand. 

Understanding Polkadot technology

Polkadot makes use of the Substrate platform to run all its transaction. This platform is compatible with Polkadot and enables users to run interoperable chains. The platform allows for easier access to rich and technologically advanced platforms. The platform initially helped users to create an independent platform on its network. Polkadot developers created their token using this network. The network is flexible and provides rich and vast technology uses to its users. One of the key benefits of using this technology is its ability to use a smart chain platform. Users can start leveraging the technology than building it from scratch.

Now that we have understood the use of both technologies let us also look at a few other factors. 

Polkadot vs. Ethereum

This has been a long-drawn comparison. Understanding both Ethereum and Polkadot technology will become a deciding factor. The web3 technology is growing and evolving day by day. 

Both Ethereum and Polkadot technology has got its benefits. It is scalable, flexible, and provides for a much easier solution to developing technology. For Other scalable cryptocurrencies options check Bitcoin smart

How is Polkadot different from Ethereum technology?

To understand its difference, it is important to first understand the underlying technology.

Polkadot architecture works on the relay chain concept. This is the heart of the technology and allows for network security of every transaction. The relay chain also works to ensure cross-chain capabilities within the network. 

The Polkadot technology also allows users to create parachains within the network. These chains enable users to optimize performance. Parachains can also be used to enable payment options in the network. 

At one point, Ethereum was an innovative technology in the field of cryptocurrency. It supported the development and use of decentralized applications in the system. All applications that use and work on this tool make use of Ethereum based payment model. But fast forward to today, various technologies are dominating the blockchain industry. 

Transaction speed

Ethereum currently handles more than 1 million transactions per day. Of which, the system is capable of executing only 15 transactions per second. These transactions also come with huge gas fees making. Considering the disadvantage, the developers are planning to increase the transaction limit size. The revamped technology will be able to handle much higher transactions. 

Pros and cons of both technologies

Parity infrastructure is a core blockchain technology company. Investors and developers can hire the underlying technology to launch new blockchains. The toolkit also allows users to customize the technology to user advantage. 

Ethereum 2.0 on the other hand runs on the Ethereum blockchain technology. The platform is scalable and offers flexibility. But, the technology does not allow for customized solutions on the network.

Now coming to an advantage of Ethereum, the blockchain is user-friendly. Parity allows for customization. Users can simply pick and choose various features in the tool. But the technical difficulty in handling these changes is higher.