Résumé
Polkadot is positioned as the next generation blockchain protocol, capable of connecting several specialized chains into a single universal network. Focused on building Web 3.0 infrastructure, and founded by the Web3 Foundation, Polkadot aims to disrupt internet monopolies and empower individuals.
Introduction
Blockchain has existed since the creation of Bitcoin. Although it has been called a revolutionary technology, it also has some drawbacks that need to be considered. Individual blockchains are unable to communicate with each other. Introducing interoperability between different chains can lead to data exchange and ultimately more powerful applications and services.
In the past, developers have attempted to establish “bridges” between blockchains. This allows channel A to interact with channel B and vice versa. However, connecting many blockchains (hundreds or thousands) simultaneously remains a critical problem. The Polkadot team, and by extension, the Web3 Foundation, is confident that an elegant solution can be created over the next few years.
What is Polkadot?
Described as an open source protocol designed for everyone, Polkadot claims to be the next step in the evolution of blockchain technology. It’s a concept initially dreamed up by Dr. Gavin Wood, co-founder of Ethereum. The team wants to focus its efforts on security, scalability and innovation. To do this, the necessary infrastructure must be created to not only support new ideas and concepts, but also ensure adequate interoperability.
An individual blockchain in the Polkadot ecosystem is called a parachain (parallel blockchain), while the main chain is called the Relay chain. The idea is that parachains and the Relay chain can easily exchange information at any time. One might think of parachains as similar to individual shards in the planned implementation of ETH 2.0.
Any developer, company or individual can develop their personalized parachain via Substrate, a framework for creating cryptocurrencies and decentralized systems. Once the custom chain is connected to the Polkadot network, it becomes interoperable with all other parachains on the network.
Building cross-chain apps, products, and services should become much simpler with this design. Interblockchain transfers of data or assets have never been possible on a large scale before.
Securing and validating data on these different parachains is done through network validators, where a small set of these validators can secure multiple parachains. These validators will also ensure that transactions can be distributed across multiple computers to improve scalability.
The advantages of Polkadot
There could be several reasons why developers would want to explore the Polkadot ecosystem. Due to the limited nature of current blockchains, it is clear that there are a few fundamental issues to address, namely scalability, customization, interoperability, governance, and scalability.
When it comes to scalability, Polkadot meets many conditions. It acts as a multi-chain network, allowing it to process transfers in parallel across different individual chains. This removes one of the biggest obstacles associated with blockchain technology today. Parallel processing is a significant improvement and can pave the way for broader adoption of blockchain globally.
Those looking for customization can use other functions provided by Polkadot. Currently, there is no “one blockchain infrastructure to rule them all.” Each project has its own needs and requirements, and Polkadot allows each channel to have a design optimized for that specific functionality. With the help of Substrate, developers can effectively tailor their individual chains to the project's needs.
In terms of interoperability, transparent sharing of data between projects and applications is an important factor. It remains to be seen what type of products and services this will create, but the possible use cases are numerous. It can create an entirely new financial ecosystem, with each parachain taking care of one particular aspect at a time.
Any community associated with a specific parachain will be able to manage its network as it wishes. Additionally, all communities are essential to the future governance of Polkadot as a whole. Gathering feedback from the community can generate valuable insights that evolve projects over time.
Additionally, Polkadot makes it very easy to upgrade individual parachains. There is no need for hard forks, as this can divide communities. Instead, the native channel can be upgraded smoothly.
The DOT token explained
Like most other blockchain infrastructure projects, Polkadot has its own native token. Known as DOT, it serves as a network token, just as ETH is the token of Ethereum and BTC is the token of Bitcoin.
Several use cases exist for this token. First, it grants token holders governance rights for the entire Polkadot platform. These include determining network fees, voting on overall network upgrades, and deploying or removing parachains.
DOT is also designed to facilitate consensus within the network through staking. Just like other networks involving staking, all DOT holders have an incentive to play by the rules. How is it possible ? Well, if they don't, they could lose their stake.
The third option is to use DOTs as collateral. This is necessary when new parachains are added to the Polkadot ecosystem. The DOTs used for collateral are locked for the duration of the parachain’s existence. Funds are released once the bond term ends and the parachain is removed from the ecosystem.
Staking et caution sur Polkadot
Polkadot's approach to interoperability goes well beyond exchanging data and assets. It is also a way to introduce new concepts, such as incentivizing honest staking and pledging of tokens.
Staking tokens on a blockchain network is not a new concept. Known as proof of stake (PoS), this consensus model works by rewarding users who stake tokens on the network. With Polkadot, honest stakers are rewarded, while bad actors can lose their entire stake.
As we mentioned, each new parachain is added by pledging DOT tokens. The deposit consists of committing tokens to the network for a specific period. Channels that are not useful or projects that are no longer maintained will be deleted, and the tokens held as collateral will be returned to the owners.
To conclude
In theory, there are many things that could make Polkadot attractive to developers. This is an ecosystem capable of supporting individual coders, as well as small and large businesses. Being able to deploy custom blockchains to meet specific needs and upgrade them seamlessly is a novel concept that could be valuable to the entire crypto space.
That said, Polkadot remains a very young ecosystem. Even though dozens of projects are in development, it will take some time before the first major projects are launched. According to the PolkaProject website, hundreds of projects are under development, ranging from wallets to infrastructure projects, tools, DApps, and more.
Regarding DOT, the creators of Polkadot have stated that it is not a token intended for speculation. Although it has a monetary value on exchanges, it is primarily designed for the purposes described above.
Do you have more questions about Polkadot and blockchain? Check out our Q&A platform, Ask the Academy, where the Binance community will be happy to answer your questions.
