In this article, we show why you should build on the Polkadot network.
What is Polkadot?
A network of specifically designed blockchains may be connected using the next-generation blockchain protocol Polkadot, allowing for smooth operation even on a big scale. Polkadot opens doors for a wide range of practical use cases by enabling data transmission between several blockchains.
Blockchain technology has already shown promise in a number of areas, including online decentralization, finance, governance, identity management, and asset tracking; yet, due to design flaws in the majority of prior and current systems, its general adoption may be hampered. With respect to several current and historical networks, Polkadot’s architecture offers a number of strong benefits, such as heterogeneous sharding, transparent governance, cross-chain composability, and upgradeability and scalability.
All the essential parts required for a smooth DApp development on Polkadot are provided by Substrate. You can concentrate on developing particular features and adjustments according to the requirements of your project. Establishing a blockchain application is simple when you use a functional, pre-configured Substrate-based node template.
Why Should You Build On Polkadot?
1. Heterogenous Sharing:
To enable particular features and use cases, each blockchain makes a distinct trade-off. The necessity for connections or communication between them will grow as chain specialization grows. A shared blockchain called Polkadot joins several chains into a single network. As a result, the chains are able to conduct transactions concurrently and securely communicate data.
Instead of making the chain fit into a single, universal paradigm, Polkadot’s heterogeneous sharding methodology enables each chain to be optimized for particular needs. Polkadot offers the foundation for many improvements with its greater chains and specialties.
2. Scalability:
In order to sustain a thriving future full of dApps, one blockchain will not be sufficient. Early blockchains were unable to scale in many real-world applications due to their low throughput and lack of runtime customization. Polkadot combines several specialized chains into a single shared system, enabling the processing of several transactions at once.
By doing this, bottlenecks in transactions that are handled one at a time on several outdated networks are removed. Future plans for Polkadot include the addition of a layered relay chain feature that will enable larger scalability. The quantity and variety of shards that may be added to the network will grow thanks to this capability.
3. Ability to upgrade:
A typical blockchain requires several months of labor to update through network forking. In addition, the community as a whole may disintegrate in the event of a tense hard fork. Polkadot facilitates upgrades in blockchains without requiring a chain split, which streamlines the process
Polkadot’s open, on-chain governance structure makes it possible for such forkless updates. Polkadot’s governance framework facilitates project agility and adaptation to the rapidly evolving technological landscape. This feature greatly reduces the likelihood of controversial hard forks, which may be a major obstacle to the admission of organizations who are interested.
4. Transparent governance:
In the beginning, there was no official governance over blockchains. As a result, individual stakeholders were unable to veto or suggest modifications to procedures. Polkadot, on the other hand, is an entirely other tale. Anyone who owns DOTs, the native currency of Polkadot, is a member of the network’s governing structure.
Every DOT holder has the ability to vote on current proposals and make new protocol revisions. Additionally, they can assist in choosing council members who participate in Polkadot’s governance structure in a passive manner.
4. Cross-chain Composability:
Polkadot promotes teamwork through design. Initially, blockchains were isolated from other networks. Interoperability and cross-chain communication are becoming increasingly important as the number of blockchains for certain use cases rises.
Shards may interact, trade value, and share capabilities because to Polkadot’s cross-chain interoperability and message dissemination. This allows for a fresh round of invention. Because Polkadot can link blockchains, its shards can communicate with DeFi protocols and cryptocurrency assets on other networks, including Ethereum.
