Polkadot - making web3 interoperability a reality

What would be the essence of having so many blockchains when they cannot communicate and interact with each other. This is actually a big challenge in the blockchain sector and there are many solutions that are working to tackle it. One of the most innovative of all is called Polkadot.

Blockchain interoperability has resulted in many blockchains existing like many different islands with no way to access one island from the other. Polkadot attempts to build that necessary bridge which will ensure that projects developed on one chain could use resources from another chain.

Before I explain how Polkadot is bridging the cross-chain operational and communication issues of web3 projects, lets try to understand better current challenges and state of blockchains as they exist independent of each other.

Challenges of Siloed blockchains today

So here are some of the main challenges that exist as blockchains hardly integrate or communicate across chains:

• Interoperability: This is the main challenge of blockchains. Many blockchains were designed to be self-contained, locking out communication and operational capabilities with other blockchains. With each blockchain having so many limitations, the inability to communicate with other blockchains makes the problems worse. Lack of communication between blockchains prevent the exchange of resources, data, tools and even hinder the development of cross-chain projects.

Another big challenge of interoperability is that it hinders the reuse of blockchain codes. When a dev team works on a particular blockchain and wishes to transfer the project or reuse the code on another blockchain, this becomes impossible because of technical features that are unique to each blockchain.

• Limited use-cases: Many blockchains are designed to be able to do some specific things. As such, there are too many blockchains that need to be built in order to handle other projects. And because of lack of interoperability, developers find it very difficult to work across chains and harness the strengths of various blockchains for a project. As a result of blockchains being limited in functionality by design, there exists so many blockchains with differing limitations. Why some are great at handling scalability and lacking in other things, other blockchains are better in terms of energy consumption. Still yet, some blockchains offer better consensus algorithms and so on.

With many blockchains lacking wide use-cases, it becomes a real challenge to find a framework where all the needed features are seen.

• Scalability: This is one of the most popular challenges faced by almost all blockchains. Inability to process a large volume of transactions in record time have hindered the mass adoption of blockchain technology. Many real-time applications like ticket processing programs or payment processing platforms have remained with traditional technology because blockchains slow down and are not able to handle large volume of traffic as a result of scalability issues.

The above are some of the many challenges blockchains face and struggle with in addition to interoperability issues. Polkadot aims to overcome all these challenges with unique tools and framework.

Polkadot tackling interoperability and other blockchain issues

Polkadot is an integrated framework that connects different blockchains and allow a seamless transfer of data across the chains. It builds an infrastructure that allows blockchains to speak a common language, crushing the limitations associated with lack of interoperability. Through Polkadot, a project code developed on one blockchain like the Bitcoin blockchain could be implemented on a different blockchain. This enhances the job of developers of web3 projects.

Parachains - key to Polkadot Interoperability solutions

Polkadot implements a unique system of specialized blockchains that are designed to overcome current blockchain flaws like scalability by allowing for large use-cases. Unlike existing blockchains, parachains are purpose-driven blockchain networks with built-in optimization capabilities. They allow project developers the opportunity implement needed features of a project at the blockchain layer. As such, parachains are not limited by design and do not inherit all the challenges that existing blockchains battle with.

Below are some key features that make parachains so crucial for the Polkadot project.

• Optimized for multi-use: One cool feature of parachains is that they could be built for any or many use cases. Parachains do not have a fixed architecture. Instead, developers have the flexibility to implement project features of choice at the blockchain level. This makes parachains fit for multiple purposes, not just one.

• Interconnected: Parachains are interconnected by design. Hence, it is easy for data to flow across them as the project requires. This allows different blockchain projects to communicate and exchange data seamlessly

• Scalable: Parachains simply means paralell chains. As such, they allow the sharing of workload across blockchains that process at the same time. This is important for projects that require processing multiple transactions at speed. The really enhances scalability.

• Self-governance: Each parachain is also a standalone blockchain, able to implement a particular governance structure. Just like other blockchains, each parachain has its own token which could be used economic purposes like paying transaction fees or rewarding validators.

• Multiple data carrier: Parachains are not limited by any data type. They allow the flow of all data types across the chain. This is really innovative and removes the challenge of old blockchains that are designed to perform best on some specific data types.

The token DOT

Polkadot has a token which is used to fuel all economic activity on chain. This token is called DOT was built for the Polkadot blockchain. DOT is used for many purposes. Users that want to participate in governance such as in voting proposals, blockchain upgrades and other community decisions will have to hold some DOT.

Miners on the Polkadot platform also are expected to invest and hold some DOT. When its time to reward them for validating and securing the network, they also receive their rewards in DOT. Also, staking is done using the token. Finally, the action of creating new parachains or removing dead projects from the network requires some DOT staking.

How Polkadot solves known blockchain problems

• Interoperability: This is mainly achieved through Polkadot Relay Chain. This feature allows the exchange of data and other functionalities between many blockchains. Also, the existence of advanced first layer parachains that are interconnected makes it possible for projects on different chains to speak to each other. DAPPS can utilize tools across chains for their performance.

• Scalability: Parallel processing of data across many parachains allow for load to be spread across the chains. Instead of just one blockchain to do all the work, many blockchains share the work and speed up the process.

• Flexibility: Unlike older blockchains with a single design model for all projects, Parachains are very flexible by design. Developers are able to implement unique features of choice at the blockchain layer. This makes it easy to add new features that each project need as part of the blockchain engine.

• Security: Polkadot implements its security at the Relay Chain. Then this security is share and covers all the parachains and other smaller chains. This ensures that the entire ecosystem is secured from top. Whenever teams are creating new parachains, they do not bother about security. Once the new chain connects to the Relay chain, it shares the relay chain security which is very strong.

Conclusion

Interoperability remains a big problem in the blockchain space. Polkadot solves that with its unique network of parachains and the Relay chain which connects one legacy blockchain to another. In addition, it improves scalability and security from the top level.

Posted Using LeoFinance Alpha