Foreword
Polkadot is a cross-chain protocol. Various special chains can be constructed based on Polkadot. On Polkadot, its dedicated chain can be customized and autonomous, and has its flexibility. In a big way, Polkadot has similarities with ETH2.0. In the future, there are fewer and fewer public chains that can fight Ethereum, and Polkadot is one of them. So, what are the main features of Polkadot? This article is suitable for beginners to read. The author of this article is the Web Foundation team. Translated by the blue fox note community "SIEN".
Polkadot is a next-generation blockchain protocol that connects multiple dedicated blockchains into a unified network. It is part of the big network vision of returning the monopoly of the Internet to individuals. Polkadot builds on the revolutionary promise of the previous blockchain network, while at the same time providing some basic advantages. What are these advantages? Polkadot endows the blockchain network: an isolated blockchain with scalability can only handle limited traffic.
Polkadot is a sharded multi-chain network that can process many transactions on multiple chains in parallel, which eliminates the bottleneck that occurs on traditional blockchain networks, which can only process transactions one by one. This parallel processing capability greatly improves scalability and creates suitable conditions for increased adoption and future growth.
The shard chains connected to Polkadot are called "parachains" because they run in parallel on the network. Specialization When it comes to blockchain architecture, one size cannot meet all needs. All blockchains make trade-offs to support different functions and use cases. For example, one chain might be optimized for identity management, and another chain might be optimized for file storage.
In Polkadot, each chain can be optimized for a novel design for a specific use case. This means that blockchain can provide better services, while at the same time improving efficiency and security by omitting unnecessary code. By building on the Substrate development framework, the team can develop and customize the blockchain faster and more efficiently than ever before. Networks and applications on Polkadot can share information and functions like apps on smartphones, without relying on centralized service providers, which have dubious data practices. Unlike previous networks that mainly operated as independent environments, Polkadot provides interoperability and cross-chain communication. This opens the door to innovative new services and at the same time allows users to transfer information between chains.
For example, a chain that provides financial services can communicate with a chain that provides real-world data (oracles chain), such as providing price feeds for tokenized stock transactions. The community on the autonomous Polkadot can manage its network according to its own wishes, and will have transparent rights in the governance of the entire Polkadot network in the future. The team can customize and optimize its blockchain governance according to its own needs, experiment with new ideas, or deploy pre-built modules for faster deployment.
The blockchain governance module can even be improved and upgraded according to changes in needs and conditions. Easy upgrades Like all software, the blockchain needs to be upgraded to stay relevant and improve over time. However, traditional chain upgrades require so-called "hard forks", which will result in two separate transaction histories, which may split the community. And hard forks usually take several months. Polkadot supports non-fork upgrades, allowing the blockchain to evolve and be easily applicable with technological development. When all the above are combined, these core functions open up possibilities for new services, allowing people to regain control of their digital lives. Some teams have built a series of applications based on Polkadot, covering finance, gaming, digital identity, Internet of Things, supply chain management, social networks, and cloud technology.
The Web3 Foundation is responsible for guiding the development of Polkadot. It supports many teams through funding and provides funding for projects at all levels of the web3 technology stack, from the underlying infrastructure to the components of the ecosystem, such as wallets, parachains, bridges, and tool.
Over time, as more and more teams realize the benefits and efficiency of deploying their projects on Polkadot, the Polkadot ecosystem has grown stronger. Compared with the previous network, Polkadot's unique design provides more innovation and flexible iteration possibilities for the project.
By integrating multiple dedicated chains into a scalable network, Polkadot supports blockchain technology to give full play to its potential for use in the real world, thereby opening up new markets and paving the way for a centralized economy in the future . --- Extended Reading--- "A Brief History of Blockchain Consensus and Finality: From Bitcoin to Polkadot" "The Crypto World in the Eyes of Polkadot Founder Gavin Wood" "How Polkadot Solves the Innovation of Blockchain Big problem? "Polkadot 2019" "Polkadot Network Launch Roadmap"