![]() ![]() An example of this is Ontology (ONT) building a parachain on Polkadot to provide credit-based services for its decentralised identity (DeID) solutions Each parachain connects to the Relay Chain and is optimised for specific use cases, similar to how different applications provide a different of functions on a phone. Parachains are unique, standalone (heterogenous) blockchains which can be fully customised to suit each specific task at hand. The Relay Chain allows different blockchains to process transactions and exchange data in parallel. This is where transactions are finalised. It is responsible for the network’s security, consensus and cross-chain interoperability. The main body of the Polkadot network is the Relay Chain. This is achieved through three main types of blockchains on its network: The Relay Chain, Parachains and Bridges. Polkadot’s main feature is that it provides a base upon which other blockchains can be deployed on and work together, making it a platform where various blockchains can interact with each other (interoperability). This can range from private blockchains to oracles, smart contracts, bridges, and many more. It operates based on four main characteristics: 1. Polkadot aims to change those fundamentals with it’s heterogenous network of blockchains, allowing for specific plug-and-play functions depending on the task at hand. Traditional blockchains like Ethereum have a history of being congested, leading to increased fees, while blockchains like EOS offer almost instant transactions but are considered by many to be centralised. Polkadot aims to cultivate a more decentralised and inclusive internet architecture with support from the research-driven non-profit Web3 Foundation. “Polkadot empowers the individual against much more powerful corporate and state actors.” Dr. With a current market cap of $34B, Polkadot’s native DOT token currently holds the ninth largest cryptocurrency by market cap. Image Credit: CoinMarketCapĭespite being only launched last year for active trading and transferability, the project has accrued value quickly. Polkadot is currently one of the most promising blockchain networks out there in the cryptocurrency space due to it’s ability to connect different blockchains on its platform and its simplicity in supporting and developing new blockchains. This allows for interoperability between each blockchain network. It relies on a network protocol that allows not only tokens, but arbitrary data to be transferred between blockchains. Polkadot is a blockchain protocol created to connect multiple specialised blockchains onto one unified network. Created by Ethereum co-founder Gavin Wood and launched in May 2020, Polkadot (DOT) is one of a number of blockchains aiming to cultivate an entire ecosystem of cryptocurrencies, much like Ethereum (ETH), EOSIO (EOS) and Cosmos (ATOM). ![]()
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