Benefits of Parachain: Take a look at Polkadot's next-generation blockchain model

The Polkadot community can't wait to release the first batch of 5 parachaines on December 18th.Parachaine modelAnd the value that many channels bring to Web3.

What is the Parachaine?

Polkadot's heterogeneous multi-chain model was originally planned for 2016. This allows independent blockchains in different situations to work together under a common security “umbrella”.

Parachain is another generation of Layer 1 blockchain, the backbone of the Polkadot network, and a free joint venture to build the chain. Polkadot is a Layer0 protocol which is the basis and support of the Layer1 parachain network.

Polkadot's collaborative approach creates a new context for cross-chain services, communities and businesses by enabling any type of data or asset exchange on Parachains.Along with many of these channels, Polkadot is the founder of Polkadot, Dr. He could form the basis of a new Internet application that Gavin Wood calls "Web3".

Compared to reliance on Layer2 scaling solutions, Parachain models provide scalability for blockchain technology in a more decentralized and unreliable way. Transactions are distributed over a network and result in an “equal” or simultaneous combination of multiple blockchains protected by the distribution process.

Currently, over 130 blockchain development groups around the world are developing and developing Parachain in Polkadot. This is simply because the parachain model has advantages over other technologies. Taking Polkadot's Kusama Canary Network as an example, several Parachains have already operated online and have made millions of transactions since the summer of 2021.

Main advantages of parachain

Polkadot's parachain model unlocks a whole new set of capabilities for the future of blockchain technology and the Web3. It is difficult to determine the exact details of the Parachain model. Partly because the benefits of this technology are too great.

Here are some key benefits:

Personalization for each location

The design of the Parachain model is based on the idea that the future of Web3 will include several types of blockchain that work together. This is because there isn't a blockchain that can be used for every situation. Each chain has its advantages and disadvantages, so it is suitable for some applications and not suitable for others.

Just as the current version of internet chat serves many needs, the blockchain should be able to provide more services. By connecting these different chains together, Polkadot laid the foundations for the internet blockchain.

Parachain can be used to modify almost any blockchain situation, and is also a tool for experimenting with new situations, especially in Kusama. This uniqueness allows Parachain to become more than just a chain, creating a rich ecosystem and a thriving economy.

soft

Polkadot offers parachain developers maximum flexibility when designing chains. The only requirement for Parachain is that he must be able to prove to Polkadot validators that each block of Parachain conforms to a legal agreement. There is also no limit to designing the perfect chain for a special place or special occasion.

Compared to the building above the smart contract, Parachain's design provides more flexibility for blockchain developers. When creating a smart contract, developers are limited to blockchain-based design decisions, which may not be appropriate for their application. Polkadot provides the best performance by allowing developers to better understand the purpose of the parachain Layer1 itself.

The changes to the Parachain model allow the expansion of blockchain technology, support innovation in Web3, and overcome the limitations and implications of previous blockchain networks.

Cooperation

At the heart of the Parachain model is the communication capability of different design blockchains. The integration of Polkadot (also known as cross-chain composability) means that the blockchain is not an isolated entity. Parachain ends the period of separation of blockchains and the creation of an interconnected and interconnected online blockchain.

Importantly, Polkadot opened several new blockchain applications by allowing Parachain not only to send tokens, but also to send all types of data individually. Polkadot developers do not limit the characteristics of a chain, but can create services that use the characteristics of multiple blockchains.

Considering the impact of free trade and isolation, you will feel the real impact of collaboration. Each blockchain democracy is like an independent nation with its own community and economy. In this regard, the Parachain model represents a strong free trade world and ends the isolation that affects the growth of the economy and limits the impact of any independent channel.

scalability

With the Parachain model, Polkadot achieves the scalability of Layer1, which is more decentralized and performs better than reliably across Layer2. However, Parachain can also be integrated with Layer2 solutions to further improve scalability. Polkadot enables the transition to the transmission and completion of the phase 1 blockchain ecosystem devotion at the same time, resulting in increased efficiency and increased network potential without segregation.

Additionally, a number of solutions have been designed so that Polkadot can continue to improve scalability and scalability in the future while managing the distribution, security and availability of data. The last point is important, because other networks will favor the TPS (market one second) to the detriment of these key points, but will sacrifice for the decision.

Cost of free platform

Parachain connected to Polkadot will have access to the computer as much as it needs at no additional cost or "gas" cost. Thanks to Polkadot Ease, the Parachain team and dapp developers are free to provide their users with the pricing models they need.

More importantly, Parachain users don't need to hold DOT tokens to interact with apps and services, and they don't need to know they are interacting with blockchain. In this understanding, the Parachain model enables blockchain technology to overcome significant obstacles to the existence and adoption of existing blockchain networks. In fact, free users through the value platform will be a major driver of great adoption.

security

New blockchains generally require building a network of validators or miners to secure them. This is a difficult and time consuming process, and many blockchains have some security that makes them inaccessible.

Parachain was secure when connected to Polkadot. This built-in security feature, also known as shared security, allows new blockchain teams to onboard security companies with minimal effort, reducing risk, restricting access, and lowering the cost of getting started. 'a new network. due time.

Updates

We live in a world of constant innovation where technology is updated daily and not used the next day. Like all software, blockchains require constant updating of new features, bug fixes and, where possible, integration with cutting edge technology. However, developing an existing blockchain is often a headache to “fork” or divide the chain, resulting in slower and sometimes more conflicting communities.

Polkadot and his Parachain can benefit from easier “forkless” modifications. This means that Parachain can be easily adapted to the needs of the community to be ready for the future. With the help of the Parachain model, the blockchain can be improved and adapted to changes. This means that the blockchain can be integrated and updated as new technologies emerge.

Independent and customizable control

The Parachains of Polkadot have the freedom to adopt any control model they deem appropriate and have access to several pre-design prototypes for the use of a variety of control chains. The ability to access management systems in a simplified way allows groups to reduce the impact of a chain that can split communities in two.

Chain governance also provides an opportunity for the Parachain community to be accountable, a prerequisite for many schools and administrators to ensure a clear decision-making process. Strong governance combined with Polkadot's forkless editing capabilities will ensure Parachain remains at the forefront, while fostering community integration and enabling everyone to have an impact on the future of the network.

the bank

Parachain can also be used to hunt financial institutions in order to protect financial institutions and self-financing activities according to the needs of the community. Combined with chain management, the Ministry of Finance facilitated Parachain's adoption of the Decentralized Autonomous Organization (DAO).

This has opened the door to new financial models, business-to-business strategies to market-sharing, financially viable, and even convenient and purchasing financial ventures. Thus, the Parachain model allows blockchains to be the “final decision” at the financial level, which can only be done with medium-sized organizations and businesses.

easy to install

Finally, if the development of Parachain is a very difficult process, the impact of the above results will be limited. However, Parachain's development team has benefited from an abundance of design tools that make blockchain development easier than ever before.

Substrate is a blockchain development platform developed by Parity and the leader Polkadot Parachain SDK, whose team reduces the time and complexity of Parachain development. The substrate allows developers to deal with standard processes of a blockchain product, which can be shuffled and shuffled like a blockchain building block to create custom parachains that best suit their needs.

Parachain, which took many years of hard work by professional designers and development teams, can now be completed in a matter of months with the capital of an early start-up. .

There are several types of parachaines

Because Polkadot gives Parachain teams the utmost freedom to build their network in the best possible way with their vision, Parachain can do a lot of things, including:

Economy of Freedom Tokens:Parachain with its own unique token, pricing structure, and industry.

Hub Parachain :It provides a working environment to work for Parachain in a larger community or to implement an event, such as a DeFi hub or a DAO hub.

Smart contract platform:A platform for building and maintaining smart contract-based applications and services that support Wasm-VM, EVM, and other virtual machines.

Parachaine of Public Interest:Designed for the benefit of the entire Polkadot ecosystem, public interest parachaines are typically controlled, licensed, and operated on a non-profit basis using Polkadot's native token, DOT.

Pont:The bridge allows Parachains and Polkadot dApps to connect to other networks such as Kusama, the Bitcoin network, and Ethereum.

Parallel threads:Paid Parachains can be used for early networks and events that do not require a permanent connection to the Polkadot network. Parallel threading is a special application and will be added by the Polkadot administration once the installation is complete.

Parachain slot machine auction and crowdfunding

Parachain rents slots on the relay chain through auctions, connecting them to Polkadot, which closes the DOT upon rental. DOT holders can help their favorite Parachain win the tournament and win prizes. The way is to join Crowdloan and temporarily shut down your own DOT at the parachain.

Auction and Crowdloan set the stage for blockchain projects, encouraging them to hone their skills and gain community support before they go online. This reduces the incidence of so-called “area” projects that receive funding without the desire to work or the ability to keep their promises. Crowdloan also represents a more fair and equitable community that aims to cool startup customer tokens in a decentralized way.

Parachaine operating costs

By renting a Parachain slot, the Parachain connected to Polkadot can use the calculator as much as it needs without additional cost or "gas". Since the entire DOT team is tied to Parachain where it will be locked down at the end of the lease, it is best to describe the cost of running Parachain as "affordable". Cannot use closed DOT during rent ".

Groups that choose to receive income from Crowdloan may choose to reward their participants in a way that is convenient for them. This means additional costs. Other small costs include the exchange rate for Collator nodes on Parachain.

For consumers and bus apps, running on Polkadot as a Parachain should be more cost effective than running on a separate blockchain or relying on existing smart contracts.

next-generation blockchain

The Parachain model introduces blockchain technology to the next generation of innovation and adoption, expanding the potential and impact of the technology. In the final analysis, the success of Web3 requires successful ecosystems, platforms and applications, all based on partnerships, free trade and open, unseparated exchanges and number of groups. By creating a rich ecosystem and allowing professionals to share blockchains based on their strengths and expertise, Parachain models are creating a new and growing Web3 industry - out of distribution and inability to function properly.