Polkadot — why should we build on it?
Bitcoin, Ethereum, Solana, Cardano, and other blockchains are in the market, and the rise of numerous blockchains raises a fundamental question: “How do these blockchains interact with each other?” This thought must have occurred to Dr. Gavin Wood, one of the co-founders of Ethereum. It intrigued him, leading to the development of Polkadot.
The structure of the Polkadot network is analogous to polka-dot fabric: the dots represent different blockchains linked to each other. Polkadot enables the interoperability of blockchains, allowing them to interact seamlessly. The Internet gained popularity when data exchange became possible, and that’s why Polkadot is often referred to as the Internet of Blockchain.
Polkadot operates as a layer 0 blockchain interconnected by multiple blockchains known as parachains. Each Parachain is a self-sovereign blockchain with its native tokens and governance. Parachains engage in mutual interactions, contributing to the overall stability of the Polkadot ecosystem. These Parachains can be optimized for specific use cases such as finance, gaming, and supply chain management. A network bridge connects parachains with external blockchains like Bitcoin and Ethereum.
Polkadot’s multi-chain architecture offers scalability by enabling parallel processing of transactions across multiple Parachains. Projected to achieve a transaction speed of around 166.666 TPS, Polkadot surpasses Visa’s maximum speed by 2.5 times and its practical daily-use application by 96 times. Furthermore, it is 23.809 times faster than Bitcoin and 8.333 times faster than Ethereum.
At the core of Polkadot is the ‘Relay Chain,’ serving as the network’s backbone. The relay chain facilitates communication and consensus among all connected chains, ensuring security, coordination, and interoperability among the ecosystem’s various Parachains, each designed for specialized use.
Polkadot utilizes nominated proof-of-stake, a system where token holders nominate validators to validate transactions. On-chain governance empowers token holders to propose and vote on network upgrades. Notably, Polkadot is the most eco-friendly blockchain to date, boasting the lowest carbon footprint.
Developers are drawn to building on Polkadot for its appealing features: interoperability, security, and scalability. The most enticing feature for developers is the ‘Substrate SDK’ tool, enabling them to develop and operate parachains within the Polkadot network seamlessly. By utilizing the existing parachain technology, developers can enhance and manage functionality efficiently. This approach allows developers to optimize existing resources effectively.
The increased scalability, along with interoperability and a shared security model, makes Polkadot an attractive choice for projects seeking a robust and scalable infrastructure without needing to independently secure their blockchain. As a result, Polkadot establishes itself as a user- and developer-friendly ecosystem, fostering the seamless development of projects.
About Phyken Network
Phyken Network is a Layer 1 app-chain and DeFi protocol secured by Polkadot, building an RWA asset fractionalization protocol, particularly emphasizing #GRWA: renewable energies and solar power on the blockchain.
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Written by: https://medium.com/@rjkesavchandar
