Polka is one of the most talked about public chains outside of ethereum.
Public chains are the trillion dollar track. New public chains are claiming to be the next generation of new technology. But ultimately it is a combination of factors that determine whether a public chain can go long term.
One is the temperament of the founding team. Having leading and landable technology and idealism is an important part of the sustainability of the project, and such a team will not stop building because of the rise and fall of the market.
The second is the community. With the support of coin holders and developers, only a real ecology will make the public chain more valuable, more market value, and more secure, thus moving towards a positive cycle.
Public chain is not only the most attractive track in crypto, but also the most difficult to succeed. Besides ethereum, what other public chains have opportunities? This is the focus of much attention from developers and investors alike.
Polka is one of the most popular public chains outside of Ether. It is about Polka that there are many presentations as well. Should have heard of “Polka Polkadot’s 2019”, “Polka Network’s Launch Roadmap”, “A Simple Reading of Polka”, “Polka Post Launch: Initial Performance at Launch”, “Will Polka DeFi Shake Up Ether DeFi? Polkadot (Polkadot): The New Internet Cornerstone? The World of Crypto in the Eyes of Gavin Wood, Founder of Polkadot”, “Cosmos and Polkadot: Interoperability of Blockchain”.
This article is mainly a brief introduction to Polkadot for beginners to understand Polkadot, and more basic articles will be published later.
What is Polkadot
Polkadot is a public chain, but it is special public chain, it consists of multiple chains, it is a public chain that can have multiple chains. Why not use one chain? It tries to solve the problems of scalability, speed, and cost by allowing more personalized blockchains to exist and allowing interoperability and upgrades between chains and self-governance of chains.
Polka supports not only token transfers but also data transfer between chains, with the ultimate goal of becoming a cross-chain network protocol, enabling cross-chain registration and cross-chain computing.
Polka’s Architecture and Scalability
Currently Bitcoin has a TPS of about 7, while Ether is about 15, which leads to a very poor transaction experience with slow speeds and high fees, which was especially evident during the previous mining peak.
For this reason, Ether is gradually moving towards Layer 2 exploration, especially the Rollup series in practice, in addition to Ether sharding on the way, although it will take a long time. The chart below shows V-God’s outlook on the route to Ether scalability, the journey from 15 TPS to 100,000 TPS.
Polkadot, on the other hand, is following the path of a heterogeneous fractional blockchain. The so-called heterogeneous is actually a “federation” of different blockchains. In contrast, the Ether fractions are homogeneous and are all part of the Ether blockchain.
In Polka, there is a central chain which connects all the blockchains, that is, the “relay chain”. And connected to the “relay chain” are parallel chains.
This relay chain + parallel chain architecture is what makes Polkadot scalable, as multiple chains can process transactions in parallel instead of waiting in a queue on a single path. In this way, Polkadot can have higher throughput, faster speed and lower cost compared to the current Ether.
In future plans for Polkadot, it is even possible to add relay chains on top of relay chains to achieve chain-within-a-chain, trying to achieve greater scaling in this way.
In addition, parallel chains on Polka are different from those on Cosmos in that they have shared security, which is an important attraction for developers to build parallel chains on Polka. Because, for blockchain, it is not easy to start building security from zero.
Security of Polka Parallel Chain
The security of a blockchain stems from the reliability of consensus. This is the reason why consensus mechanism has been one of the most important components of blockchain. When the state on the chain changes, all nodes need to reach consensus, and the mechanism to reach consensus is the key to whether the blockchain can achieve security.
PoC is the mechanism of PoS, which is a mixture of BABE and GRANDPA. in traditional PoW mechanism, people get the right to bookkeeping by proof of workload, while in PoS mechanism, people need to pledge tokens, pledgers are also verifiers, stakeholders, who need to verify the proof of state transition of parallel chains and need to produce relay blocks based on the validity of these proofs.
BABE (Blind Assignment for Blockchain Extension) is a block production mechanism that runs between validating nodes and it determines the generator of new blocks.
In a way, BABE can be compared to Ouroboros Praos, although there are major differences in the chain selection rules and slot timing. babe assigns slots for block production to verifiers based on the amount of pledged tokens and the boka randomization period.
GRANDPA (GHOST-based Recursive ANcestor Deriving Prefix Agreement) is the “finality tool” of Boca, serving as a relay chain for Boca. It works in a partially synchronous network as long as 2/3 of the nodes are honest and can handle 1/5 of the Byzantine nodes in an asynchronous setup.
GRANDPA reaches consensus on the chain (as opposed to on the block), and here it facilitates its reaching finality faster, even in the face of prolonged network partitioning or other network failure situations.
Verifiers maintain the security of the relay chain by pledging DOT tokens, they verify proofs from Collator and also reach consensus with other verifiers. To prevent collusion of verifiers, they are randomly selected based on the number of DOT tokens pledged by the verifier.
If they truthfully report changes in the state of the assigned parallel chain, they are rewarded with DOT; if they are dishonest (discovered by other node checks), their pledged tokens are demonetized.
In Poca, there is a class of characters called fishermen. They are also able to report these dishonest validators, while fishermen can also be collectors and validators. The validators do not post all transactions to the relay chain of Polka, but only state change proofs are posted.
Therefore, relay chains do not know the actual transactions on parallel chains, although they can verify whether the current state is valid. In addition, the verifier changes randomly and is not fixed on a parallel chain; it is not part of the parallel chain, but of the relay chain.
There are also roles of Nominator and Collator on the polka, which are also important roles to participate in the relay chain. nominator does not become a validator directly, but can participate in the validation by choosing a validator to get the DOT reward. Of course, if the selected verifier is penalized, they are also abated.
Collator collects users’ transactions on parallel chains and provides proof of state transitions for verifiers to maintain parallel chains. collator maintains full nodes for relay chains and also full nodes for specific parallel chains.
Interoperability of Polka Parallel Chains
At the moment, it seems unlikely that one chain will unify the world. One premise of Poca’s cross-chain design is that the future is a world of multiple chains coexisting. Different blockchains are independent, designed differently from each other, and cannot communicate directly with each other. There are interoperability issues between heterogeneous chains.
For example, one cannot trade ETH or ERC20 tokens on Bitcoin’s chain, nor can BTC be traded directly on Ether to participate directly in DeFi on Ether. currently for Bitcoin to participate in DeFi activity on Ether, it needs to first package BTC (e.g. wBTC, etc.).
Parallel chains on Polka are interconnected and they allow for interoperability. The starting point of Poca’s parallel chain design is that Poca believes that blockchains are personalized and that different chains can focus on specific areas.
Ultimately each chain serves a different need. For example, some focus on trading, some on lending, some on asset management, some on gaming, etc. When these parallel chains focus on different domains, they have the potential to perform better.
To facilitate developers to build parallel chains, Poca provides Substrate, a framework for building blockchains, which supports developers to get custom blockchains up and running in a short time.
Substrate also supports developers to build blockchains according to their needs in a way similar to building Lego blocks. Blockchains built through Substrate can interoperate not only with other parallel chains on Poca, but also with other blockchains (such as Ether) through a token bridge.
Upgrading and Governance of Polka
The upgrade and governance of blockchain has been a big issue. It is also related to the fact that blockchain is a decentralized network. It has also become a common sight in blockchains that hard forks occur when upgrades are not well resolved by governance. In order to iterate, project developers and node operators, among others, need to do a lot of work.
But parallel chains on polka don’t have to worry about hard forks. Polka solves this problem through its governance system as well as at the code level. Polka’s code is updated based on its voting system, which is also part of the blockchain itself.
Polka network updates the core code, similar to deploying smart contracts to issue transactions. As a result, iterative updates are possible without a hard fork, and nodes don’t have to do much more than that.
Of course, this also means that the holder of the Polka Token DOT is important, and it is the DOT holder that determines the future direction of Polka.
In Poca governance, it includes the DOT holders who actively participate in the governance, the board of directors, and the technical committee. Proposals are passed when the number of votes for the proposal passes specific voting metrics.
Proposals are generally proposed by ordinary holders or the Board of Directors, and the final decision is made by a vote of the DOT token holders. In an ordinary holder proposal, a user can initiate a proposal by depositing a minimum number of required tokens for a certain period of time.
And if others agree to the proposal, then they will deposit the same amount of DOT to support it. The proposal supported by the largest amount of DOT tokens is selected as the plenary vote proposal.
For Council proposals, when all Council members agree, it becomes a Plenary Vote proposal, which uses an adaptive quorum adoption mechanism, where the smaller the number of pledged votes, the smaller the number needed to adopt it. A proposal that is approved by a majority of the Board members may also become a Plenary Vote proposal, although the threshold is higher and it requires a majority vote to pass the resolution.
The Council is important in the governance of Poca, which is different from the pure community governance of DeFi. In Polka’s Council, which consists of 13 to 24 members, the Council has some relatively special rights: to conduct plenary and emergency votes; to cancel controversial or malicious plenary votes; to elect technical committees; and they have greater weight in plenary votes.
Boca Token Economic Mechanism
DOT is the native token of the PoC network, just as ETH is the native token of Ether, while its smallest unit is Planck, similar to Wei on Ether.
The main uses of DOT are.
*DOT serves network governance
Holding DOT gives you the opportunity to get the right to vote on proposals and participate in their resolutions, such as deciding network fees, adding or removing parallel chains, etc.
*DOT serves for network security
DOT also serves to support the consensus mechanism of the Poka network. In order to reach consensus, participants need to pledge DOT tokens. This is the most important role of DOT, which bears the security of the Polka network.
*DOT serves parallel chains
In order to become a parallel chain of the PoC network, a certain amount of DOT must be bound for a certain period of time. during the binding period, the DOT is continuously locked. This means that if the Poca ecosystem is favored by developers, DOTs become sought-after in order to compete for a limited number of positions.
From the above mechanism, DOT’s token mechanism is deeply bound to its polka network, and deeply integrated with its governance, security and usage. If the polka ecology is developed, then its governance, security and usage will generate a great demand for DOT. In other words, the value of DOT itself is highly correlated with the development of the polka ecology itself.
Some public chains may develop well, but their tokens do not necessarily capture a value proportional to their ecological development. From this perspective, the token design mechanism of DOT is conducive to its future value capture.
Posted by:CoinYuppie，Reprinted with attribution to:https://coinyuppie.com/take-a-quick-and-easy-look-at-polka/
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