What makes Polkadot an attractive project and what problems does it solve?
One of the existing challenges for blockchain projects going really “big” is a lack of interoperability and scalability.
''Interoperability'' means that different blockchains can interact with each other and safely exchange data and ensuring consistent results to a user accessing one or another blockchain.
''Scalability'' is a big issue in blockchain which is well described by the Scalability Trilemma. Scalability is measured by the capability of the blockchain to process many transactions within an interval of time, i.e. allowing fast operations.
Both properties are important for real-life applications: 1) scalability attract more users and can process more data while interoperability makes it possible for blockchains with different functionalities to exchange data and perform common operations (imagine, for instance, a case of insurance payments where interactions of different agents are required).
Polkadot claims to address the issues of scalability and interoperability by providing a basis for the “Internet of blockchains” — a platform for different blockchains to interact while secured by a common consensus algorithm.
Web3 is a project that crystalises the overarching idea of Polkadot — interconnected blockchains with different functionalities with open access and diverse participants, all on the base of Polkadot. The scale and ambition of the project makes it definitely worth to keep an eye on.
Web3 and Polkadot have an impressive team behind them. Founders are Dr.Gavin Wood, co-founder and CTO of Ethereum, as well as Peter Czaban and a Thiel Fellow Robert Habermeier. The research work is conducted together with Inria Paris and ETH Zurich. The tech part is done by the developers from Parity Technologies, with the support of the capital partners from crypto-funds such as Polychain Capital. Strong team and good connections in the crypto world is one of the attractive points of the projects.
One of the existing challenges for blockchain projects going really “big” is a lack of interoperability and scalability.
''Interoperability'' means that different blockchains can interact with each other and safely exchange data and ensuring consistent results to a user accessing one or another blockchain.
''Scalability'' is a big issue in blockchain which is well described by the Scalability Trilemma. Scalability is measured by the capability of the blockchain to process many transactions within an interval of time, i.e. allowing fast operations.
Both properties are important for real-life applications: 1) scalability attract more users and can process more data while interoperability makes it possible for blockchains with different functionalities to exchange data and perform common operations (imagine, for instance, a case of insurance payments where interactions of different agents are required).
Polkadot claims to address the issues of scalability and interoperability by providing a basis for the “Internet of blockchains” — a platform for different blockchains to interact while secured by a common consensus algorithm.
Web3 is a project that crystalises the overarching idea of Polkadot — interconnected blockchains with different functionalities with open access and diverse participants, all on the base of Polkadot. The scale and ambition of the project makes it definitely worth to keep an eye on.
Web3 and Polkadot have an impressive team behind them. Founders are Dr.Gavin Wood, co-founder and CTO of Ethereum, as well as Peter Czaban and a Thiel Fellow Robert Habermeier. The research work is conducted together with Inria Paris and ETH Zurich. The tech part is done by the developers from Parity Technologies, with the support of the capital partners from crypto-funds such as Polychain Capital. Strong team and good connections in the crypto world is one of the attractive points of the projects.
