When Gavin Wood co-founded Ethereum, he stated that it would “allow people to interact in a mutually beneficial way without anyone having to trust each other.” In theory, such a platform would pave the way for Web3, which features a decentralized or distributed network architecture that will lay the foundation for a truly open Internet where we don’t have to blindly hand over our data or seek permission from monopolistic companies. Participate.
However, since its launch in 2015, Ethereum has simply not been able to adapt and keep up with the times fast enough. The transaction costs of DApps are very high and the transaction speed is very slow. Wood left the Ethereum team in 2016 and founded the decentralized Web3 framework: Polkadot.
With a string of parachute auctions starting to gain attention, the blockchain has been shutting down the blockchain for a very exciting year since the launch of Kusama, its canary network. Kusama’s motto is “Expect Chaos”. Looking back, it is clear that the expected chaos on the web during the parachute auctions paved the way for a solid foundation for Polkadot and eventually decentralized Web3 in the coming years.
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The ability to communicate is part of what sets Polkadot apart from Ethereum and other blockchains. Polkadot’s focus on dual threads, officially parallel threads, is the driving force behind the development of one of the core principles at the heart of Web3: the ability to interoperate between different systems. Within the ecosystem, dual chains run in parallel and all kinds of data can be transferred between them due to the inter-chain Polkadot formation, which opens up opportunities for new applications. Thanks to cross bridges, parachines can also be connected to external networks such as Bitcoin, Ethereum, and others. Thus, dual chains are unique, independent and designed to meet the specific needs of the blockchain, unlike the Ethereum shards, which are similar in design and less adaptable.
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Polkadot is primarily built on the Relay Chain – Polkadot’s central chain – which provides interoperability between other block chains on the network so that developers can securely build their own blocks. While the current relay chain handles transmissions, uses control protocols, and provides deployment services for the Polkadot network, the upcoming Associated Chain is expected to provide advanced features, including improved functionality and inter-chain compatibility.
If the relay chain is a known hub, then the parachines are basically Polkadot amplifiers. Each parachin is a blockchain capable of running its own consensus algorithm, tools, tokens, etc. Since the relay chain does not support smart contracts or other specific features, these commits are carried over to the paired chains.
It’s worth noting that parachinees don’t abide by any rules other than requiring them to be untrustworthy. Polkadot limits the number of double chains to 100, a strict limit that creates competition among projects hoping to connect with Polkadot. To connect, potential parachains must win the parachain vending machine auction by bidding on other projects. When a parachain wins a slot machine, he links Polkadot (DOT) tokens to pay for his slot machine (parachain slots are never sold, only rented). If these auctions seem complicated, or perhaps obscure, it is because of the rarity of the Parachin Khanate and Polkadut’s intention to prioritize serious, high-quality projects.
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Officially, Kusama is a network created as a “dangerous, fast-moving canary in a coal mine” for its cousin Polkadot. Kusama says:
“This is a live platform designed for agents of change to take back control, drive innovation, and disrupt the status quo.”