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Polkadot is a blockchain protocol that combines multiple specialized blockchains into one unified network. Until now, all blockchain protocols worked separately, the developers of Polkadot set out to change this by aiming to create an internet of interoperable blockchains for a decentralized network.
Founded in 2020 by Ethereum co-founder Gavin Wood, among others, Polkadot has joined the blockchain aimed at developing cryptocurrency ecosystems. However, it differs from protocols such as Ethereum, EOSIO and COSMOS in several key technological innovations.
Why it is such an important solution?
Currently, developers designing pioneering decentralized systems must build them virtually from scratch. This means that their talent, time and resources are invested in developing various competing networks rather than creating a common standard. Polkadot's goal is to enable developers to create value on all blockchains, not just one.
How does Polkadot work?
To achieve this, the protocol was designed to support two types of chains: the main chain, where transactions are permanent, and so-called paracheins - chains created by users. Importantly, paracheins can have virtually any number of uses while remaining attached to the main chain. Thus, they benefit from the level of security it provides.
Key elements
Main chain (Polkadot Relay Chain)
It is in this chain that transactions are finalized. To increase speed, this chain separates the addition of new transactions from their validation. As a result, the protocol is able to process more than 100 transactions per second.
To keep the network in agreement about the state of the system, the Relay Chain network uses a variation of proof-of-stake (PoS) consensus called nominated-proof-of-stake (NPoS).
Parachains
Parachains are blockchains created and attached by Polkadot users. They use the relay chain to validate transactions.
Bridges
They allow the Polkadot network to work with other blockchains. Currently working on bridges connecting Polkadot with blockchains such as Ethereum or Bitcoin, which would allow token exchange without its centralization.
The biggest advantages of Polkadot
Among the biggest advantages of the protocol, the developers mention:
Scalability
Because the ecosystem is a partitioned multi-chain network, it can process multiple transactions in parallel across multiple chains. This eliminates the bottleneck effect found in legacy networks, making it easier to scale the ecosystem.
Community Management
At Polkadot, it is the communities that manage their network as they see fit and have a significant impact on the development of the protocol.
Polkadot facilitates collaboration
Polkadot provides inter-chain communication, which allows users to transfer information between chains.
Specialization
Each parachain can have a novel design optimized for a specific application
Not sure which protocol will work best for your project? Make an appointment for a free consultation: contact@nextrope.com. Our experts will help you choose the technology solution that perfectly fits your needs.
