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 The relay chain is also non-forking, but outdated, which means that protocol updates can be performed without forking the entire mainnet, which ensures that stakeholders can maintain full operational control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

In recent years, the blockchain community has launched several new blockchains, each of which is customized according to its own use case. Bitcoin is mainly used as a decentralized financial ecosystem, similar to fiat currencies and trading assets. Although Ethereum retains some types of financial characteristics, it is more suitable for decentralized applications. Developers often fork the blockchain so that they can modify the underlying protocol of the blockchain to fully adapt to their new use cases.

Network problems

Decentralized applications and services are increasingly connected to multiple blockchains simultaneously to perform their functions. For example, the DeFi service may be built on Ethereum, using enhanced smart contract functions, but may need to communicate with the Bitcoin blockchain to enable the conversion of fiat currencies to cryptocurrencies. For more and more encrypted currency use cases, the demand for inter-chain communication is more and more urgent. There has never been a truly standardized protocol to support inter-chain communication (similar to the effect of HTTPS, TLS, etc. on computers)-such communication services are usually developed in-house for specific applications. The underlying protocol is ready (such as atomic swapping), but it usually requires a lot of engineering overhead to make these things work on a large scale.

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

Take a look at Polkadot. Back in 2016, Gavin Wood (who was also the founder of the famous Ethereum) and the Web3 Foundation launched Polkadot as a protocol to help different blockchain networks connect. Last week, they launched the first CC1 network that could become the main network.

How is the agreement managed?

To manage these components, the Polkadot network issues DOT tokens, which give holders three key permissions: govern the Polkadot network, pledge to ensure network security, and bind parallel chain slots.

What happened this time?

Polkadot CC1 released its genesis block on May 26-this is the first production-ready attempt of the mainnet relay chain. Of course, it is not yet fully ready; some features have not yet been launched, such as comprehensive decentralized governance, proof of stake consensus, the ability to transfer DOT between users, and an ecosystem to develop parallel chains.

What are the initial use cases?

Some particularly compelling examples include:

  • 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

Polkadot, and the set of protocols that constitute it, present a unique future for the blockchain industry.

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比特币新闻 — 区块链新闻

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