A Brief Introduction To Polkadot

A Brief Introduction To Polkadot

By Web3 Foundation | Polkadot | 8 Jul 2020


Polkadot is a next-generation blockchain protocol that connects multiple specialized blockchains into one unified network.

What is Polkadot?

Polkadot builds on the revolutionary promise of previous blockchain networks while offering the following fundamental advantages:

Scale

As a sharded multichain network, Polkadot can process many transactions on several chains in parallel, eliminating the bottlenecks that occurred on legacy networks that processed transactions one-by-one. This parallel processing power significantly improves scalability and creates the right conditions for increased adoption and future growth.

Sharded chains connected to Polkadot are called “parachains” because they run on the network in parallel.

Specialize

When it comes to blockchain architecture, one size does not fit all.

All blockchains make tradeoffs to support different features and use cases. For example, one chain might optimize for identity management while another might optimize for file storage.

On Polkadot, each blockchain can have a novel design optimized for a specific use case. That means blockchains can offer better services, while also improving efficiency and security by leaving out unnecessary code

Work together

Networks and applications on Polkadot can share information and functionality like apps on a smartphone, without needing to rely on centralized service providers with questionable data practices.

Unlike previous networks that operated largely as standalone environments, Polkadot offers interoperability and cross-chain communication. This opens the door to innovative new services and allows users to transfer information between chains.

For example, a chain providing financial services can communicate with another that provides access to real-world data (known as an oracle chain) such as stock market price feeds for tokenized equities trading.

Self-govern

Communities on Polkadot govern their network as they see fit, and hold a transparent stake in the future of Polkadot’s network governance as a whole.

Teams can customize and optimize their blockchain’s governance to their needs, experiment with new ideas, or swap in pre-built modules for faster deployment. Blockchain governance models can even be perfected and upgraded as needs and conditions change over time.

Upgrade easily

Like all software, blockchains need upgrades to stay relevant and improve over time. However, upgrading conventional chains requires what are called “hard forks”, which create two separate transaction histories that can splinter a community in two and often take months of work.

Polkadot enables forkless upgrades, allowing blockchains to evolve and adapt easily as better technology becomes available.

When taken together, these core features open a world of possibilities for new services that put people back in control of their own digital lives.

Several teams are already building impactful solutions for Polkadot for a range of applications, including finance, gaming, digital identity, IoT, supply chain management, social networking, and cloud technologies.

By bringing multiple specialized chains together into one scalable network, Polkadot enables blockchain technology to reach its full potential for real-world use cases, giving rise to new markets and paving the way for future decentralized economies.

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To read the full article on the Polkadot Blog, click here

To learn more about Polkadot, 

 


Web3 Foundation
Web3 Foundation

Our mission is to nurture cutting-edge applications for decentralized web software protocols. Our passion is delivering Web 3.0, a decentralized and fair internet where users control their own data, identity and destiny.


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