We continue our series of reviews of the brightest and most original projects in the history of blockchains. Polkadot rightfully occupies a place of honor among the concepts that have influenced the evolution of blockchain technologies.
Polkadot is one of the most popular modern blockchain platforms. Its story began in 2016. That’s when Dr. Gavin Wood came up with the idea of creating a platform that could become a common part for a wide variety of blockchain systems.
Gavin Wood published his concept of hyperoperability between blockchains operating according to different consensus schemes at the end of 2016. Polkadot, launched in 2019, became the embodiment of the idea. In his new project, Dr. Wood prescribed a number of innovative characteristics that gave impetus to the evolution of blockchain technologies.
In one of the video presentations, demonstrating the ease of working with Polkadot, Gavin Goode created a new blockchain based on substrate technology in just a few minutes and integrated it into the platform. The concept of a multi-blockchain, according to Gavin Wood, is to erase boundaries where they shouldn’t be.
Polkadot: Innovation, Scalability, Security
Polkadot’s philosophy is based on these three basic concepts.
According to the developers, the main goal of the Polkadot platform is to become a platform for the organic coexistence of many blockchains, where they could quickly, smoothly and securely interact with each other.
For this, a scheme of interaction between the main and relaychain and the implemented blockchains – parachains has been developed.Work within the main network is based on interaction between groups of collators, fishermen, nominators and validators:
In this way, the network provides consensus and provides a place to host parachains. Parachains can have their own consensus mechanisms, but they only need to pay for a slot on the Polkadot platform in order to receive guarantees of the security of the relaychain and the ability to interact with other chains.
Economic scalability is provided by a common set of validators for several blockchains. Transactional scalability is achieved by distributing transactions across multiple parallel blockchains.
To ensure security, Polkadot declares an approach in which the security systems of different blockchains are aggregated. Thus, the achievements of all the chains included in the system are summed up. This security complex is used by any new blockchain from the moment of connection to Polkadot.
In addition to traditional blockchain security algorithms, Polkadot uses mechanisms that support democratic processes within the network. It is not for nothing that the basic document of the project — the pink book — includes the words of Mark Twain:
Governments and diapers must be changed often, and for the same reason.
The developers are convinced that governing structures should undergo constant rotation. As a decentralized system, multi-blockchain relies on the management of token holders. They are authorized to form and, if necessary, disband highly qualified groups within the governing mechanism.
Polkadot vs Free TON
The Polkadot architecture is closest to the Free TON architecture. In particular, the Free TON system uses the terminology developed in Polkadot to describe the structure of the system.
The philosophy behind the project extends far beyond just improving blockchain technology. As in Free TON, the Polkadot developers are orienting the general vector of solutions towards the decentralization of the Internet.
Like Free TON, the Polkadot platform uses PoS consensus. Also in the system of mechanisms have been developed for synchronization of PoS and PoW consensus.
However, for all the apparent similarity, the platforms also have fundamental differences. First of all, they relate to the distribution of tokens. In Free TON, tokens can be earned for active participation in network projects: TON Crystal is used as a tool for community development. Polkadot cryptocurrency is distributed in the traditional way — by buying and selling.
Other similarities and differences
Platforms are similar not only in architecture. Ecosystems of both blockchains are focused on interaction and overcoming the competitive environment in favor of cooperation. The Polkadot↔Free TON bridge based on the internet messaging protocol is currently being implemented.
Polkadot: Network dynamics
In the summer of 2020, the platform carried out a cryptocurrency denomination: one DOT token was divided by 100. At the same time, the Polkadot Rococo testnet was launched on the platform using the Proof-of-Authority (PoA) consensus. The main goal of the testnet is to use parachains to deploy database scaling using sharding.
In the cryptocurrency market, the Polkadot token has a reputation as a reliable and promising coin. In the second half of 2020, the Polkadot exchange rate remained at the same level for a long time, and since the beginning of 2021 it began to grow actively. In the first ten days of February 2021, the capitalization of Polkadot approached $ 23 billion.
Unlike its predecessor blockchains, such as Bitcoin or Ethereum, Polkadot is a platform for hosting a huge number of dynamic data structures.
Parallel chains can exist in a single space, with a single security structure and a simplified possibility of transactions between blockchains. In the future, developments in this direction may lead to the formation of alliances and clusters as a result of integration between blockchains.