Introduction
Polkadot is a multichain network that can convert many blockchains into a single network by connecting them together, and those blockchains that are connected to Polkadot are called Para Chains. These chains run in parallel/parallel with each other.
Polkadot was started by Gavin Wood, the co-founder of Ethereum, who also invented the Solidity language. Polkadot is also called Ethereum Killer, because Polkadot allows developers to create cryptocurrency from Smart Contract.
Let me tell you that Polkadot is one of the biggest crypto projects and, in many respects, it is ahead of Ethereum. But to understand this, we have to first understand its structure.
What is the purpose of making Polkadot?
The biggest problem for any blockchain platform like Ethereum, EOS is that they can achieve only one or two of the decentralization, speed and security. For example, Ethereum is a decentralized network and in terms of security, it is ahead of other blockchain platforms.
But the problem that Ethereum is facing right now is its speed, which is very slow. And many blockchain platforms have overtaken Ethereum.
And the same problem also comes with the rest of the Blockchain platform. They can adopt anyone or two of the three as well, and it is known as Blockchain Trilemma.
Polkadot is working on this thing so that all three things, Decentralization, Speed and Security, can work together. The purpose of Polkadot is to make Web 3.0 a network that is fully decentralized.
How does Polkadot work?
To know how Polkadot works, we have to understand its structure, which comprises 4 most important layers:-
- Relay Chain
- Parachains
- Parathreads
- Bridges
Relay Chain
The Relay Chain is also called the 'heart' of Polkadot which takes care of the security of the entire network. It verifies all the transactions taking place in the blockchain using the system of validators.
Parachains
Parachains is a separate layer blockchain which runs parallel with Polkadot's ecosystem, but its most important thing is that it is linked with Relay Chain and despite being a separate blockchain, it uses the security of Relay Chain. By doing this, you can keep yourself safe and share information with Relay Chain.
Parathreads
If Parachain is to be launched, then Dot Tokens will have to be staked because Polkadot completely depends on Dot Token. The more you stake Dot Token, the more chance you will have of getting Parachain's slot, due to which it becomes expensive.
Parathreads is almost like Parachains, but it is cheaper than Parachain and within less money you can make Parathread like parachain and can also launch a separate token of your own.
Bridges
Bridges, Parachains and Parathreads will communicate with other networks like Ethereum, Bitcoin and share data among themselves.
The purpose of Polkadot is to establish communication between Private Blockchain and Public Blockchain which cannot communicate directly among themselves by connecting them with the help of Bridges so that data sharing can be done between two or more chains with no problem.