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Polkadot is a platform that allows diverse blockchains to transfer messages, including value, in a trust-free fashion; sharing their unique features while pooling their security. In brief, Polkadot is a scalable, heterogeneous, multi-chain technology.
Polkadot is heterogeneous because it is entirely flexible and makes no assumptions about the nature or structure of the chains in the network. Even non-blockchain systems or data structures can become parachains if they fulfill a set of criteria.
Polkadot may be considered equivalent to a set of independent chains (e.g. a set containing Ethereum, Ethereum Classic, Namecoin and Bitcoin) except with important additions: pooled security and trust-free interchain transactability.
Unlike previous blockchain implementations that provide a single chain of varying degrees of generality, Polkadot provides a Relay Chain upon which a large number of verifiable data structures may be hosted. We call these data-structures “parallelized” chains or parachains. Polkadot provides a networking and consensus layer that allows blockchain developers to focus on creating a state machine with unique features, such as formal verification or anonymity.
Polkadot consists of many parachains with potentially differing characteristics. Transactions can be spread out across the chains, allowing many more transactions to be processed in the same period of time. Polkadot ensures that the security of all blockchains in the network is robust and that any dealings between them are faithfully executed. All parachains share security and state, meaning if one chain has a message reverted, all chains get reverted. It is also possible for independent chains with their own validators to be linked to Polkadot via bridges, thereby foregoing Polkadot’s shared state and security system. These chains can benefit from Polkadot’s interoperability without being hosted on the platform, examples of these would be Bitcoin and Ethereum.
Polkadot makes blockchain experimentation possible in the same way Ethereum made decentralised application (DApp) experimentation possible. Polkadot is designed to facilitate faster innovation cycles, particularly when experimenting with new state transition functions. There are many trade-offs to consider when building a blockchain, and it’s clear from the number and diversity of the various Web3 projects that nobody has a framework that encompasses all chains. Polkadot is a vehicle that can get us to a general framework faster.
A primary use case for Polkadot is enabling interoperability between chains, regardless of their features or their status as a private or public chain.Interoperability lets diverse chains perform arbitrary messaging, including value.This interconnectivity could encompass privacy-oriented projects, forks, permissioned chains and more.Polkadot allows all parties to take public and private chains and “ plug them in“ to a shared connectivity layer. Chains can choose to maintain their own validator set or utilize Polkadot’s pooled security system to verify their transactions via the Relay Chain. With Polkadot the features of one chain can be leveraged on another. In other words, where there is innovation for one, there is innovation for all.
There is no specific limit to the number of chains that can be connected to the Polkadot network, which is scalable by design. Initial predictions suggest the basic Polkadot design will be able to handle at least dozens and perhaps hundreds of parachains. There are also paths to more enhanced models. For example, there is no reason why Polkadot cannot be composed in a recursive fashion, making some of the chains that Polkadot connects be themselves “mini Polkadots“. Should this be introduced, it is difficult to imagine an upper limit on the number of chains it could connect and thus the number of transactions it could process.
Polkadot can connect any previously existing blockchain if it matches two criteria:
1. It must have the ability to form compact and fast light-client proofs over the finality and validity of its blocks and state change information (this would include new UTXOs in a Bitcoin-like chain or logs in an Ethereum-like chain).
2. There must be a means by which a large set of independent authorities (perhaps up to one thousand) can authorise a transaction. This could include recognition of threshold signatures, such as the Schnorr scheme, or a smart contract able to structure logic against a multi-signature condition.
Bitcoin and Bitcoin-like chains fall short on these characteristics. To address the first criteria, Polkadot validators can simply run a full Bitcoin node. To address the second criteria, either a soft-fork allowing extra-protocol controls over funds or a hard-fork enabling a threshold-signature-friendly signing scheme such as Schnorr is needed. Neither are impossible goals, however a significant degree coordination would be required to achieve them.
Ethereum conforms to these characteristics, particularly after the Metropolis protocol update, and therefore integration should be possible.
Private “proof-of-authority“ (PoA) chains generally fulfill the first characteristic, since authorities attest to the validity of blocks, and the proof-of-validity attestation is little more than checking signatures. The second is possible Ethereum-like chains that have either smart contracts or threshold signature schemes. Interoperability with non-Ethereum blockchains such as Hyperledger and Quorum is feasible.
Where Polkadot works best is connecting new blockchains expressly designed to fit the parachain model. Under this model, Polkadot manages the chain’s consensus and validation activities. A parachain is an integrated member of the Polkadot network and benefits from immediate finality and disinterested validation (as opposed to the “interested“ validation that facilitated the DAO hard fork). Parachains need not secure themselves, and are therefore free to focus purely on innovating in terms of its state machines.
Parachains are the name given to the parallelized chains that participate in the Polkadot network. Polkadot’s natively supported blockchains achieve consensus using the greater network’s consensus mechanism, both adding to and benefiting from pooled security.
Bridges are connecting layers that will enable existing blockchains with their own state histories and methods of consensus to link with Polkadot without having to be a native parachain. These include Bitcoin and Ethereum.