Web 3.0, interoperability and layer zero are all terms tossed around when describing Polkadot. But what do they mean, and how will they impact the internet and cryptocurrency market? Cointelegraph Research’s new report explores how Polkadot is tackling distributed ledger scalability and centralization of the web simultaneously. 

For starters, imagine a world where Facebook is replaced by a decentralized social media application built on Polkadot. This is what projects like Subsocial are building in their platforms, which let users determine what data to keep private and what to share. Users can leverage their data by monetizing it on Ocean Market, retaining full control at all times, while AI researchers and data scientists can access that data without exposing it, keeping it secure from breaches.

Not happy about the bank charging overdraft fees when your account balance reaches below $0.00? Well, one Polkadot-based project called Acala has built an on-chain automatic scheduler that is similar to a decentralized version of Stripe. This enables users to automatically transfer staking rewards to their wallet address, which can be linked to a physical credit card. This means that a person can be paid for helping to secure a decentralized money and banking system and that the money they earn can be sent to a credit card and used to buy a coffee at Starbucks. Instead of spending their staking rewards, validators could trade them for other assets on decentralized exchanges like Polkadex or create collateralized debt positions on Centrifuge in order to buy tangible assets like a house.

This report covers:

Web 3.0, interoperability and layer zero are all terms tossed around when describing Polkadot. But what do they mean, and how will they impact the internet and cryptocurrency market? Cointelegraph Research’s new report explores how Polkadot is tackling distributed ledger scalability and centralization of the web simultaneously. 

For starters, imagine a world where Facebook is replaced by a decentralized social media application built on Polkadot. This is what projects like Subsocial are building in their platforms, which let users determine what data to keep private and what to share. Users can leverage their data by monetizing it on Ocean Market, retaining full control at all times, while AI researchers and data scientists can access that data without exposing it, keeping it secure from breaches.

Not happy about the bank charging overdraft fees when your account balance reaches below $0.00? Well, one Polkadot-based project called Acala has built an on-chain automatic scheduler that is similar to a decentralized version of Stripe. This enables users to automatically transfer staking rewards to their wallet address, which can be linked to a physical credit card. This means that a person can be paid for helping to secure a decentralized money and banking system and that the money they earn can be sent to a credit card and used to buy a coffee at Starbucks. Instead of spending their staking rewards, validators could trade them for other assets on decentralized exchanges like Polkadex or create collateralized debt positions on Centrifuge in order to buy tangible assets like a house.

This report covers: