Polkadot is one of the leading blockchain networks. With its structure, Polkadot supports the interoperability of different projects and blockchains and is a pioneer in the creation of a truly decentralized web. In our next BLOCKCHANCE Online LIVE show, we want to discuss the technical structure of Polkadot, the vision of the organization behind the Web3 Foundation and how parachains can be created with Joe Petrowski, Technical Integration Lead at Web3 Foundation. Join live on YouTube on May 26, 5 PM CEST.
Polkadot & a decentralized web
With an increasing number of different projects and blockchains, the space runs the risk of losing network effects due to the separation of users on many chains. To prevent this it becomes crucial to enable the interoperability of different networks. That was the underlying vision of the Web3 Foundation for the creation of Polkadot. Polkadot allows specialized blockchains to communicate with each other in a stable, trust-free environment, enabling scalability. It is designed to link and secure specific blockchains, such as public, permissionless networks, private consortium chains, or oracles and other Web3 technologies. It allows for the creation of an internet where independent blockchains can share information under common security guarantees. Polkadot is constantly evolving making it a living organism-like network. It has implemented the WebAssembly standard as a meta-protocol and the structure with an advanced suite of governance tools allows it to autonomously deploy network upgrades. Polkadot is connecting the dots between the networks and that is the source of its name.
The functionality of Polkadot & parachains
The Polkadot network is based on “parachains”. These parachains – basically shards – allow transactions to be processed in parallel instead of sequentially. The core of the Polkadot network is the Relay Chain, acting as the main chain of the network. Basically, any chain can be connected to the Polkadot network as long as a chain’s logic adheres to the Relay Chain API. Parachains construct and propose blocks to validators on the Relay Chain, where the blocks undergo rigorous availability and validity checks before being added to the finalized chain. As the Relay Chain provides the security guarantees, collators – full nodes of these parachains – don’t have any security responsibilities, and thus do not require a robust incentive system. This is how the entire network stays up to date with the many transactions that take place. As the network is supposed to interact with all chains, even those that have their own finalization process, Polkadot created bridge parachains. Those bridges offer two-way compatibility, allowing transactions between different parachains. To find out more about the functionality of parachains, tune in next Wednesday and get insights from Joe Petrowski, Technical Integration Lead at Web3 Foundation.
Joe Petrowski from Web3 Foundation
Our guest on BCO#14 is Joe Petrowski. He is Technical Integration Lead at Web3 Foundation and responsible for the connection of parachains with the Relay Chain. He also works on the integration of for example custodians, data assets providers creating the value of Polkadot’s network. Joe has been a professional cyclist for a couple of years and has been involved in the blockchain and We3 space since 2011 and saw the importance of Web3 after the Snowden revelations. Together with our host Albert Peci, a Blockchain Solutions Architect he will get techie and discuss the fundamentals of Polkadot’s tech stack and the vision for a decentralized web.
Join BLOCKCHANCE Online LIVE #14
Do you want to find out more on Polkadot, the development core and next steps as well as on parachains, bridges and the Polkadot network? Then join the show on May 26, 2021, starting at 5 pm (CEST) / 3 pm (UTC). We will stream live on YouTube. Be part of the discussion by sending us your questions via Telegram or in the live chat. Notice the show by adding it to your calendar.