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Polkadot is a network that helps to connect various blockchains and launch custom tokens, smart contracts, and decentralized applications. Polkadot ICO is innovative, and it became one of those few lucky projects to bring 140 million dollars in funding at the end of the ICO era.
This article will tell you about the features of this blockchain platform and the difference between parachains, parathreads, and smart contracts. Furthermore, it will help you understand what will fit your project purposes better. Not only that, but this article will help you know how to choose a development company for blockchain-related projects on Polkadot.
There are many blockchains, and each has its advantages and features. Also, they all focus on specific tasks. For example, Bitcoin is just a payment method. At the same time, Ethereum is an environment that helps to deploy custom tokens, smart contracts, and DApps, Tether is a network for stablecoins, and Decentraland is a game involving NFTs. However, whatever the purpose of the blockchain is, they all have a common problem, it prevents massive acceptance and global spread. Namely, the blockchain can hardly cooperate.
At the end of the 80th and 90th of the previous century (before the Internet became a global phenomenon), some personal computers were connected, thus creating a local network. Regardless, those computers couldn’t interact with the devices, not in the same network or other networks. For the lack of communication channels, it was impossible to implement any global, large-scale solution like messengers, e-mail, social networks, Internet banking, and other services we are used to.
Modern blockchains remind us of those isolated local networks. Bitcoin, Ethereum, and Binance are all isolated blockchains. In most cases, they function as independent ecosystems and are not connected to other chains. Hence, blockchains are less useful for major tasks than possible. They offer solutions for payments, logistics, medicine, and different kinds of business, yet isolation stops them from creating unique and global.
Polkadot is a protocol developed to connect all existing blockchains into a single network, which will allow sharing data and assets within diverse blockchains. The Polkadot will be sort of a hub for this system. It will create ‘bridges’ to connect the blockchains. Likewise, the internet connects computers and local networks into a World Wide Web (WWW). To put it in other words, Polkadot is the Internet for blockchains.
Polkadot’s architecture and its elements. Source.
Polkadot architecture has four levels:
Level 0 — Relay Chain. The main Polkadot chain is where all parachains, parathreads, and bridges join. Also, third-party blockchains like Ethereum and Bitcoin connect to it. It is responsible for security, PoS consensus mechanism functioning, and inter-network interaction. In other words, Relays Chains are responsible for operations related to transaction validation, parachains auctions, and data and information sharing across the blockchains connected to Polkadot.
Level 1 — Parachains (shortened from a parallel chain). Disparate chains connected to the Relay Chain allow creating adjustable autonomous and independent chains of the second level for various purposes: launching a token, smart contract, application, or blockchain with unique features, specifications, and management. The most appropriate analog is Ethereum’s shards, yet parachains can be pretty different from each other by their functionality specifics. Still, they share common security.
Level 2 — Parathreads. These are the same parachains mentioned above, yet they employ the pay-as-you-go interaction model. In other words, they do not have a constant connection to the Relay Chain; instead, they connect to it now and then to transfer data and validate transactions. It helps to save users’ funds since while using parathreads they pay only for the time connected to Polkadot. Parachains always charge rent for the connection.
Polkadot employs a modified Proof-of-Stake (PoS) for consensus. It is called GRANDPA (GHOST-based Recursive Ancestor Deriving Prefix Agreement). It is also known as Nominated Proof-of-Stake or NPoS. This PoS variation involves four types of users providing the security of the network:
Nominators. These are nodes electing validators by using their DOT tokens to vote. The DOT tokens might get lost if the validator does not follow the consensus protocol. Hence, the nominators thoroughly elect the validators, which increases the network’s security and makes it more secure.
Validators. These nodes validate the transactions and create new blocks. The validators guarantee the system’s proper functioning in case of malfunction.
Collators. These are complete nodes where parachains base. They generate, store, and validate new parachain blocks. When the collators collect the parachain’s transactions, they perform them and give the validators proof. The validators verify the information and then add it to the Relay Chain.
Fishers. These are pretty like bounty hunters looking for dishonest validators and collators. They provide an additional security layer. When the fishers find malicious nodes, they receive rewards, namely the money from the pledges of the validators who voted for those nominators.
GRANDPA/NPoS function identically to PoS – the DOT holders use their tokens to vote for the validators (one holder can support up to 16 validators). The nodes that won the votes go to the pool of active validators. They create new blocks to receive rewards in DOT. Not only that, but all active validators receive rewards for a new block; the dividend is evenly distributed. A part of the reward is distributed to the supporters and their holders.
GRANDPA is remarkable because if an active validator does not follow the consensus or fails to fulfill its responsibilities (freezes, loses connection, lags), all holders who support that validator will lose their tokens. The validators themselves will lose their pledge in DOT.
In the last two years, Polkadot has gained popularity in the developer’s community, for it is one of those few platforms that help launch custom tokens, smart contracts, DApps, and blockchains. It has no troubles with speed, transaction fees, and scalability. However, Polkadot has some other advantages that attract the developers.
Open source code. Polkadot has 100% open source code. Anyone willing to contribute to the code base of the blockchain launches their node or service on Polkadot. Furthermore, the project’s team grants program funds for developing software or researching decentralized software protocols on Polkadot’s blockchain.
Web3 Foundation grants. The number of projects funded. Source.
Interoperability and crosschain assembly. All blockchains function as isolated islands; they cannot use information stored in other networks. Polkadot solves this issue by providing all necessary instruments for sharing data and assets. It helps arrange secure and cost-effective blockchain solutions that will connect diverse blockchains.
A simple approach to launching custom blockchains. Polkadot offers a wide range of tools to develop custom blockchains from scratch or according to a template. One can create a blockchain in the nick of time, adjust the functionality, and personalize everything required. Furthermore, these blockchains will support core network compatibility.
Polkadot solved the issues of work speed and transaction fees. Bitcoin processes 5-7 operations per second, while Ethereum – 14-17 operations per second. Yet, these networks charge 30-40 dollars per transaction, and if it is a smart contract or a DApp, the fees are even higher – up to 100 dollars and more. Polkadot can process up to 100 hundred thousand transactions per second, and the cost is around $0.2.
It offers a simple solution for chain updates without forks. All applications require updates from time to time. It is necessary to add new functions, enhance usability, and fix issues. However, for blockchains, this process is quite troublesome, and it might lead to splitting the community into two groups (after and before the hard fork). Updating Polkadot does not require forks which allows developing the projects on Polkadot according to the market, business, and user requirements.
The most straightforward way to find a technical partner that will help you launch a project is Google. In just a few minutes, many companies will offer you their services on Polkadot solution development. However, it is doubtful that you will determine an experienced developer and just a beginner. Since you will have no information but the facts provided by those companies on their websites, it would be hard to choose a candidate.
Look for Polkadot developers on independent platforms to make the search more productive. Namely, these are three groups:
Expertise. The candidate must have experience in working with Polkadot. For instance, if you require a logistics company on blockchain to trace goods in the sales chain, the candidate must know the specifics of logistic processes in the target niche.
Finished projects. The best way to understand what a company can provide you with is to check what they have developed for other clients. Hence, require and study the portfolio of all candidates thoroughly pay attention to the projects that have a lot in common with yours. If you want a cryptocurrency exchange or an NFT marketplace, then look for similar projects in your portfolio.
An example of a cryptocurrency exchange. Source: Merehead.
The powers of the company (team members). See whether the candidate has enough designers, programmers, testers, and other specialists to cover all your blockchain projects’ needs.
Ratings and clients’ feedback. The candidates will leave only positive feedback on their website, so to see whether a candidate can be trusted, check the feedback on independent platforms like Clutch and GoodFirms.
An example of a cryptocurrency exchange. Source: Merehead.
The powers of the company (team members). See whether the candidate has enough designers, programmers, testers, and other specialists to cover all your blockchain projects’ needs.
Ratings and clients’ feedback. The candidates will leave only positive feedback on their website, so to see whether a candidate can be trusted, check the feedback on independent platforms like Clutch and GoodFirms.
We are a leading company developing blockchain, cryptocurrency, and decentralized finance solutions. Merehead offers extensive technical support for smart contracts, DApps, wallets, exchanges, marketplaces, and other solutions running on Polkadot. We have considerable experience in e-commerce, finances, video games, logistics, insurance, medicine, and other sectors. We will help you to reach top results with minimum investment.
Great professionalism - we have developed blockchain solutions since 2015. Our engineering team perfectly understands all aspects of the token launch, smart contracts, DApps, IPFS, NFT, and other Polkadot solutions.
Secure and reliable - all our products on Polkadot have a high degree of security and are protected from hacking attempts, DDoS attacks, data leaks, and other possible malicious actions.
Transparency - regular reports and constant communication of the project manager and other specialists will provide you with accurate data on the development process to introduce changes at any time, if necessary.
Honesty and anonymity - we sign an NDA before starting working on a project, and we keep everything secret to leave the business ideas of our clients confidential.
Post-release support - we are incredibly interested in the success of our clients, so we are ready to provide post-release support and teach our staff members.
Defining the aim. We study your idea, business requirements, target audience, competitors. Then we prepare the technical assignment and the roadmap for the development and deployment of your solution on Polkadot.
UI/UX design development. Next, our designers develop an efficient user interface design, a brand style, and the general project’s tone of voice. A focus group related to the target audience of the upcoming blockchain solution tests it.
Writing the code. In this step, our programmers implement the functionality and the design in code: frontend, backend, mobile application, wallet, smart contracts, etc.
Testing the product. This step involves searching and fixing bugs in the code. The testers work on the code’s usability, functionality, and security. Also, an audit for the smart contracts of the application is conducted.
Deployment, release. When the software is ready and thoroughly tested, it is deployed in the Polkadot network. It is added to Google Play and App Store as a mobile application.
Support. We offer post-release support servicing and teach the staff how to deal with the product.
BigFan - it is a platform for selling sports NFTs using ERC-1155. All tokens are issued in cooperation with sports teams and players or their official representatives.
Vleppo - this BaaS platform provides freelancers and enterprises with a solution to manage and transfer their digital assets, create smart contracts with integrated escrow features, and take a loan with cryptocurrency collateral.
Wide Wine - a logistic blockchain platform that helps trace the supply chains of wine and verify the authenticity. Study the case.
Coinbird/CEX - cryptocurrency exchange with high-level security and safety. Furthermore, it supports operations with fiat currencies. Study the case.
AltcoinsHub - it is a P2P exchange that helps to trade all popular cryptocurrencies.
Our team offers extensive services as a developer of blockchain solutions on Polkadot blockchain. We can do a smart contract, DApps, or even corporate solutions and parachain nodes for you. Contact us via +1-206-785-16-88 or sales@merehead.com. The consultants will tell you of all advantages and disadvantages of Polkadot. Also, they will gladly answer all your questions.
