In the end, a system with thousands of different blockchains won’t be feasible. Everyone knows that altcoins with small market caps and fewer miners/validators are much more susceptible to attack. Consensus mechanisms work best with a large number of validators and an underlying coin that has a large value.
The main advantages of Polkadot are indeed security and scalability. The objective of this system is to combine the security of a large and robust blockchain backed by numerous validators and a large amount of staked DOT, but also give parachains the flexibility to operate independently, therefore reducing costs and other inefficiencies.
POLKADOT LIGHTPAPER FULL
Collators and any parachain full nodes can perform the fisherman role.
Lastly, we have fishermen, who are independent “bounty hunters'' that get rewarded for reporting bad behaviour. They submit parachain blocks to validators and receive rewards in the form of transaction fees. Collators act as the miners/validators for parachains. Nominators, like validators, are staking DOT. However, we also have nominators, who can give their capital, in this case, DOT, to what they consider to be trustworthy validators. First off, we have validators, who validate blocks through the usual PoS system. The chart above explains the process quite well. Validators, nominators, collators and fishermen. In this particular case, there are 4 different entities involved in the consensus mechanism. In terms of operation and consensus mechanism, Polkadot uses nominated Proof-of-Stake. Finally, we have bridges, which connect all the parachains. Each parachain is like a “shard” of the original chain. Parachains can be launched by anyone who rents a “slot” on Polkadot’s ecosystem. The first thing we must understand about Polkadot is how this ecosystem with multiple chains works.Īt the centre of the system, we have the relay chain, which is responsible for the security and connecting the parachains.
Polkadot has not been fully released yet and is currently only a handful of projects on its blockchain, but many more are testing out Polkadot through its cousin blockchain, Kusama. Polkadot was founded in 2017 by Ethereum co-founder and CTO Gavin Wood. The beauty of this approach is that one can create a highly specialised blockchain for particular use cases, but allow these to be part of an environment where they can easily interact with each other, and all benefit from a common security protocol. This “blockchain of blockchains” promises to create a secure and scalable ecosystem where multiple “parachains” can interact with each other through a “central relay chain”. Polkadot ( DOT-USD) is one of the most interesting projects in the blockchain space at the moment. This article originally appeared in Try Technically Crypto. Salarko/iStock Editorial via Getty Images
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