Polkadot Parachains: Upgrade on Blockchain protocols.
Everyone is talking about web3 and how it is an improvement on web2, it is the next in line and there is a shift going on already. The major difference between the two is blockchain, it is not far fetched to call web3 a Web2 on Blockchain. Developers are moving to the blockchain ecosystem daily and trying to build solutions to make life easier for everyone, a good example are DeFi Decentralized applications that are currently making their users stay in charge of their assets and do more with it without a central authority's permission..
Decentralized applications are built on Blockchain protocols. A protocol, as regards building applications, is a set of rules or procedures that govern the transfer of data between two or more electronic devices. This protocol helps in establishing how, in order for computers to exchange information, the information must be structured and how each party will send and receive it. This is simply what web2 is built on, it is expected to be a little bit different for web3. Which is where blockchain protocols come in, every blockchain developer will be faced with the choice to make as regards blockchain protocols.
The blockchain can be described as a network of multiple nodes that are connected to each other through the Internet, it is a distributed ledger that stores verified transactions. The ledgers work on blockchain protocols. These rules are what the network plays by and these rules are three (3):
1) a how-to for governing and validating transactions,
2) an algorithm that defines the mechanism for all participating nodes to interact with each other, and,
3) application programming interface. (not all cases require this)
Although blockchain protocols are better and an upgrade to that of web2, there have been some level of restrictions and shortcomings associated with it. Some of this restrictions are:
1. Some blockchain protocols only allow developers to build dapps using smart contracts
2. A single, limiting design for the entire network.
3. They do not allow communications with other blockchains.
4. The transactions on many of these protocols are processed one-by-one, which leads to high fees when there is an increase in the number of transactions at a particular period of time.
5. Difficulty in upgrading most blockchains, rendering them very slow to adapt to new technologies.
6. Many blockchains are dependent on centralized organizations to finance activities that benefit the network, especially legacy blockchains
7. Absence of formal governance procedures in most blockchains
Introducing Polkadot Parachain
Polkadot is a project that was created to give users the right to be in control of their identity and data, far away from any influence of a central authority. The project is all about the enablement of a completely decentralized Web, one in which users do not need to worry about infringement of privacy.
"Polkadot is built to connect private and consortium chains, public and permissionless networks, oracles, and future technologies that are yet to be created. Polkadot facilitates an internet where independent blockchains can exchange information and transactions in a trustless way via the Polkadot relay chain."
Polkadot's Parachain solves a lot of problems and restrictions posed by many blockchain networks and protocols. Polkadot, through Parachains, gives developers full control over the underlying blockchain itself.
Some exciting features of Parachain:
=> It is specialized for a multitude of use cases, enabling more optimized services and thriving, multifaceted economies.
=> It is a rich, interconnected ecosystem where data flows freely between chains, leading to innovative new interoperable services.
=> It processes transactions in a unique way, spreading them across the entire multichain network for maximum scalability.
=> Upgrades on Polkadot are smooth, making it as easy as upgrading a conventional app, with the ability to make most updates seamlessly and automatically in the background.
=> With Polkadot, on-chain treasuries gives decentralized communities the financial agency once limited to corporations and governments.
=> There's a built-in governance feature on Polkadot and also a customizable governance feature to enable developers to create theirs to implement the system that will suit their community.
Polkadot Parachains are the dream of every blockchain developer and creators. It is changing Web3 as we know it for the better.
Learn more about Polkadot: