Polkadot - “Layer Zero Hero,” The Basics
Polkadot
What makes it unique?
Polkadot is to make it easier for different decentralized apps to work together and share information. This is different from traditional apps, which often don't have the ability to communicate with each other.
Another goal of Polkadot is to make it easier for people to build and use decentralized apps. It does this by providing a set of tools and resources that developers can use to create their apps, and by making it easy for users to access and use the apps once they are built.
Founding and Creation:
Polkadot was founded in 2016 by Dr. Gavin Wood, a co-founder of Ethereum and a leading figure in the blockchain industry. Wood had previously worked on developing Ethereum, a popular blockchain platform, and he saw an opportunity to create a new platform that was more flexible and scalable than Ethereum.
To achieve this goal, Wood and a team of other developers set out to create Polkadot, a new blockchain platform that would make it easier for different decentralized apps (dApps) to work together and share information. They also aimed to make it easier for people to build and use dApps, and to create a more secure and stable platform for dApps to run on.
The team behind Polkadot raised funds for the project through an initial coin offering (ICO), in which they sold a new cryptocurrency called "DOTs" to investors. They used these funds to develop the platform and launch it on the market.
Polkadot was officially launched in May 2020, and it quickly gained popularity among developers and organizations looking to build decentralized apps. Today, it is widely regarded as a leading blockchain platform and is used by a growing number of developers and organizations around the world.
Parachains:
Parachains are separate blockchains that are connected to the main Polkadot blockchain. They can be used by decentralized apps (also known as "dApps") to store and process data. Because all of the parachains are connected to the main Polkadot blockchain, they can easily share information and communicate with each other. This makes it possible for different dApps to work together and share data in a way that is not possible with traditional apps.
Now, let's delve a little deeper into how parachains work:
Each parachain has its own set of validators, which are responsible for verifying and adding new transactions to the chain. When a transaction is added to a parachain, it is also added to the main Polkadot blockchain, which helps to ensure that the data is secure and can be easily accessed by other dApps.
One of the key benefits of using parachains is that they allow dApps to process transactions in parallel, rather than sequentially as is the case with traditional blockchains. This makes it possible for dApps to scale more easily and handle more transactions without becoming slowed down.
In addition, because each parachain is a separate blockchain, dApps can use different consensus algorithms and data storage models depending on their specific needs. This gives dApps more flexibility and allows them to tailor their operations to meet their specific goals.
Finally, the use of parachains helps to make the overall Polkadot network more secure and resilient. Because each parachain is independent, a problem with one parachain will not necessarily affect the others. This helps to ensure that the overall network remains stable and reliable even if there are issues with individual dApps.
Bridges:
Polkadot allows different networks to work together by using a feature called "bridges." Bridges are essentially connections between different blockchain networks that allow them to communicate with each other and share information.
One way that Polkadot uses bridges is to connect different networks that use different consensus algorithms. For example, suppose there is a blockchain network that uses a proof-of-work algorithm, and another network that uses a proof-of-stake algorithm. With a bridge, these two networks can communicate and share information even though they use different algorithms.
Another way that Polkadot uses bridges is to connect networks that use different data storage models. For example, suppose there is a blockchain network that stores data in a centralized database, and another network that stores data on a decentralized network of computers. With a bridge, these two networks can communicate and share information even though they use different data storage models.
Overall, the use of bridges helps to make the Polkadot network more flexible and versatile, as it can connect to a wide range of different blockchain networks and allow them to work together. This can be especially useful for developers who want to build applications that can work across multiple different blockchain networks.
