Pantera Partner: Read how Polkadot implements Web 3.0 interconnection

  • As blockchains become more popular, we see them becoming more diverse. We found that after the success of its core concepts in other fields, people are increasingly developing unique, customized blockchains for customized functions and use cases. As more and more blockchains are developed and different blockchains provide more and more services, the industry needs a simple and secure way to communicate between different chains.
  • In 2016, Ethereum (Ethereum) co-founder Gavin Wood and the Web3 Foundation released the Polkadot white paper. Polkadot is a decentralized security protocol for cross-chain communication. From a broad perspective, it includes:
  • Relay chain, this is the backbone of the network. It provides a deterministic guarantee for the flow of information and ensures that the information is properly transmitted and processed. The relay chain is also non-forking, but outdated, which means that protocol updates can be performed without forking the entire mainnet, which ensures that stakeholders can maintain full operational control of the network, and Perform fast and convenient upgrades.
  • The parallel chain is basically the access point of the relay chain. Parallel chains are owned by customers and can be customized according to different use cases and functions; its main purpose is to provide a chain of specific domain names for different blockchain services in order to interface with the Polkadot network.
  • The transfer bridge facilitates the parallel chain to communicate with external networks and blockchains such as Bitcoin and Ethereum. This basically builds a “bridge” between the architecture of different networks and the Polkadot architecture.
  • All of these are managed by DOT tokens, users govern the protocol by voting and changing functions, verify transactions by pledge DOT tokens on the relay chain, and bind the parallel chain to the relay chain, using the relay The security attributes of the chain enable different services to communicate with other services connected to the relay chain.
  • On May 26, the Polkadot CC1 chain released the genesis block, which is a central service point for communicating between different networks. Currently, it uses the PoA authoritative certification protocol with limited functions, but users can claim tokens and establish verification infrastructure. The Web3 Foundation has also launched a competition with a prize of 6,000 Dai to incentivize developers to inspire new use cases for their ideas.
  • Abstraction has always been the foundation of growth in various technical fields. As people discover more and more encryption use cases and various blockchains and protocols, functional methods will be increasingly needed to achieve cross-system communication. Similarly, as the communication layer becomes more robust, people will instead find unique ways to connect different decentralized services. Some use cases have included file services across different file storage chains, shared financial systems, and mechanisms for merging off-chain data into programs that require data for on-chain execution. As Polkadot’s functions are enhanced and expanded in the future, cross-chain communication will become the core of various blockchain networks, and the crypto community will discover more and more powerful blockchain technology use cases.

Blockchain diversity

Network problems

So, how should we allow blockchains to talk to each other?

How is the agreement managed?

What happened this time?

What are the initial use cases?

  • Connect the file storage chain to the shared file system or file request system (The Ocean Protocol)
  • Merge the off-chain data of the oracle machine into the execution of the chain (ChainLink)
  • At the same time hold financial assets distributed on different chains (ChainX)
  • Enhance the smart contract chain to implement and execute contracts more easily and efficiently (Edgeware)

Final thoughts

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