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Why Can Polkadot Become One Of The Most Influential Blockchains In The World?

Why Can Polkadot Become One Of The Most Influential Blockchain In The World?

One Of The Biggest Ideas That Blockchain Seeks To Make Operational Is To Reduce Infrastructure-Focused Oversight. 

More precisely, the blockchain seeks to provide the people with an infrastructure that operates independently of the existing regulatory frameworks or at least oversees it in a way that influences the people.

In general, large companies and organizations that set policies to access infrastructure and platforms are often at odds with the people’s interests. Sometimes, you may agree to the terms and conditions of a particular program without even looking at them.

In this way, companies can better control the data they generate in interaction with specific software or platforms and use this personal data to achieve greater profitability.

Decentralized and open source technologies have provided a powerful solution to overcome this problem. In digital currencies, decentralized technologies have shown how infrastructures such as blockchains can eliminate dependence on traditional mechanisms. One of the decentralized technologies that have attracted the attention of the media and users these days is the Polkadot blockchain.

What is Polkadot?

Polkadot is a network that hosts thousands of blockchains and digital currencies and has attracted many investors. That is why the media have covered it. Polkadot is a new blockchain in an ecosystem dominated by Bitcoin and Ethereum. However, Polkadot is trying to introduce itself as the next-generation blockchain and is designed to combine a complete network of specific blockchains.

By providing a convenient platform, Polkadot allows developers to build decentralized applications that do not have the problem of being tampered with or blocked and enable fast and cheap transactions; It is now known as a serious competitor to Ethereum.

The exciting thing about Polkadot is that it enables integrated blockchain operation with scalability. The new blockchain platform can provide better and more efficient capabilities to access services through various applications and providers. Since Polkadot allows the transfer of any data in any blockchain, it can use for multiple applications in the real world.

Most importantly, Polkadot can integrate the best blockchain features to create new opportunities to enter decentralized markets.

Polkadot has introduced a digital currency called DOT to cover the costs required to develop this infrastructure to achieve this goal. The price of this digital currency fluctuates with the supply and demand and hopes for the future of the Polkadot network. Anyone with a dot can get a vote for the future of the network. Investing in currency, like other digital currencies such as Bitcoin and Ether, is investing at the end of the web.

Although Dot is the leading digital currency of the Polkadot network, each user can create a blockchain and a different digital currency on this network and benefit from the shared security model of the Polkadot network. Unlike digital currencies, Polkadot is no longer based on mining, and its units are distributed like stock proofing.

History of Polkadot

History. Before going into more detail about the Polkadot ecosystem, let’s look at the Polkadot. Parity Technologies developed Polkadot under the leadership of Gavin Wood and Jutta Steiner. Both were former senior managers of Ethereum Infrastructure. It is good to know that the Polkadot project is supported by the Web3 Foundation and provides a large part of the budget needed for the research and development of this infrastructure.

In 2015, Preity started working on Ethereum Node software called Parity Ethereum Client. Preity, however, shifted its focus from that project to Polkadot and another related project, the Substrate, the specific infrastructure of the Polkadot network.

Thus, Polkadot‘s journey began in November 2017, despite the developers releasing the first code on GitHub. Subsequently, the company introduced two concept proofs in 2018, accompanied by the first Polkadot parachute in July 2018.

Parachain can be considered a particular type of blockchain network with a unique structure for managing data and information in parallel in the Polkadot ecosystem. Polkadot was officially launched as a prototype in May 2020, and a few months later, it enabled token transfer in August 2020. The difference is that by connecting to the central network, there is no need to define separate nodes. To understand why the above blockchain has gained so much popularity in these two years, we will examine its best features below.

What is the feature of Polkadot?

Polkadot blockchain applications can revolutionize identity management, commodity tracking, finance, IoT, governance, and web decentralization.

Heterogeneous Sharding

Sharding is a technique that ensures access to the three components of scalability, security, and decentralization in the blockchain world. Heterogeneous shading means connecting several independent blockchains called parachutes through a single network, allowing them to process transactions in parallel and exchange data in a secure environment.

Blockchain programs have a lot of work to do to match features and verify transactions, which requires a lot of processing power. Blockchain applications require continuous communication of nodes with each other.

More precisely, network security and stability will reduce if it is impossible to communicate between nodes and verify transactions. Polkadot architecture indicates that this blockchain is sharded. In other words, it connects different chains in a particular network. Polkadot should allow different chains to process transactions simultaneously.

Polkadot can securely flexibly exchange data between chains. Polkadot’s unique heterogeneous shading model ensures that each chain in the network can use protocols optimized to perform various tasks instead of following a versatile protocol used by Ethereum and other innovative contract platforms. Support for other chains and flexibility with specific applications provided by the Polkadot blockchain paves the way for creative ideas.

Scalability

Blockchains face limitations in processing the large volume of decentralized transactions they may encounter in the future. Limited operational capacity and a complex and time-consuming consensus mechanism in elementary blockchains delay transactions and significantly increase fees in the event of network congestion.

It is important to note that a blockchain platform cannot support a set of decentralized applications that are constantly evolving. Scalability with limited throughput made the primary blockchains rapidly constrained and unable to support some real-world applications.

Some scalability problems are because validation nodes have to check and verify transactions one at a time in most blockchains. It causes blockchain networks always to face high-traffic bottlenecks, but Polkadot developers were able to find a solution.

The Polkadot ecosystem brings different blockchains into a specific charging network and ensures that various transactions are processed in parallel. This system can be helpful in clearing bottlenecks that are evident in regular networks.

In addition, Polkadot can guarantee scalability with a new feature called nested relay chain. Tutorial relays can help increase the number of shreds you can add to your network.

Range of forks without forks

Another critical point in the Polkadot ecosystem is the non-fork upgrades of the network. Applications, browsers, and games often receive updates, and most of them go through this process automatically.

Like application software, blockchain solutions need to be upgraded to stay connected. In general, developers fix bugs quickly before they become problematic. Over time, new features are added to applications as they reach better solutions.

On the other hand, upgrading blockchains can be a difficult task. Blockchains typically require network branching to perform updates; new chains are formed with new rules and encourage users to use this chain.

However, it takes months to plan and execute a branch, and most importantly, the many components in the network cause multiple divisions in the community of users and network developers.

With the evolution of this process, the Polkadot network made it possible for blockchains to update themselves without chain branching. Polkadot revolutionized the blockchain upgrade process by introducing non-branching updates. This update is done through the transparent system of On-Chain Governance (Polkadot). The fork-free update feature in Polkadot ensures that projects are more agile.

In addition, this upgrade provides that projects can adapt and evolve as technology advances. Most importantly, the Polkadot blockchain reduces the risks associated with controversial splits.

Transparent sovereignty

In addition, the Polkadot platform solves one of the significant problems of common blockchain platforms. The previous blockchains had no formal governance mechanism. Stakeholders had no power to propose or reject protocol amendments unless they had the support of influential people in the projects. With this description, what makes Pulcadat special? Polkadot activates sovereign privileges for anyone who owns.

Dot owners can make suggestions to change the protocol or vote on existing requests. In addition, they can play a role in electing council members who represent shareholders in the Polkadot governance system.

Collaborative design

Mid-chain compatibility is the last and most important aspect that shows what Polkadot is and how it changes the way we view the blockchain. Previously, blockchains worked like enclosed cities that did not have access to other networks.

Intermediate communication and interoperability are essential needs. Inter-chain interoperability and message delivery can help Shards communicate, exchange values ​​and share performance, and bring more and better innovations. Polkadot offers significant benefits in blockchain planning that aid Polkadot interactions with the popular decentralized economy (Defi) protocols and virtual assets in external networks.

What helps Polkadot offer excellent capabilities?

The most straightforward answer to this question is the Polkadot architecture. It connects independent blockchains through a single web, allowing them to process transactions in parallel and exchange data in a secure context. Proper connection of all points in Polkadot can show its functionalities in a better way. As mentioned, the Polkadot network uses a heterogeneous shading method.

The parachutes are connected to the Polykadat relay, which ensures their safety. In addition, parachutes can communicate with external networks through stairs. Every blockchain needs vital components to function correctly, and the most critical parts of a Polkadot architecture are:

Relay Chain

Rail China is the critical component of Polkadot that supports the security, interoperability, and compromise features of the Polkadot network. Each of the independent blockchain chains of the Polkadot network benefits from the shared security model of the Polkadot platform by connecting to Railchin and sharing their blocks in this chain.

Polkadot network validation nodes are responsible for validating and verifying blocks sent from all network blockchains by sharing dot tokens on Religion. In addition, all network governance decisions are made with the participation of dot-token holders in all polls held in Rileychin.

Parachains

Parallelized Chains are independent blockchains with specific tokens and capabilities that improve the system’s overall performance. Therefore, network transactions are executed parallel on the parachutes and recorded on the relay at regular intervals.

Each of these specific periods is called a slot, and each parachute has its slot on the relay. Transactions performed on each parachute are processed by collators and recorded in blocks. In addition, each parachute can communicate with them by sending and receiving transactions from other parachutes.

Parachutes can follow a Pay-As-You-Go method to connect to Rilichin or rent a slot to ensure a continuous connection.

Bridges

Stairs are unique blockchains that have been modified to enable polka dots to connect and communicate with external networks such as Ethereum. With a decentralized structure and without trust, these bridges make it possible to send and receive transactions from other traditional blockchains such as Bitcoin and Ethereum. By using blockchain bridge technology, the problem of isolation of blockchains is solved, and interoperability between different blockchain networks is possible.

DOT token

Another essential element in understanding the Polkadot blockchain is its native dot. Token.com is used in the Polkadot blockchain for the following three fundamental reasons:

  • Governance
  • Staking
  • Bonding

Concluding remarks

Polkadot offers a new way to use blockchain networks. Understanding what Polkadot is helped us better understand the applications of this infrastructure and use it in meaningful projects.

Various industries have discovered the actual value of blockchain, and some have used new blockchains in their extensive business processes. Polkadot can help you achieve multi-blockchain performance and make the most of the index features of each platform.

Polkadot developers will modify its various capabilities and offer better versions in the long run. The Polkadot can provide a proper definition of decentralization on a blockchain platform.