Polkadot announces Parachains for interoperability
Polkadot, one of the blockchain startups working to make blockchain technology more practical and accessible, has announced a major step towards blockchain interoperability with the introduction of parachains.
Blockchain interoperability is one of the biggest challenges facing the industry at the moment, especially with the proliferation of many new blockchains over the last couple of years.
Problems with Interoperability
This has led to the locking of users into specific blockchains and the assets are locked there as well. It is also a challenge for the developers as they can build their app only on one blockchain and then they would need to build another version in a different blockchain and with many blockchains being available now, the problem has been compounding over the last 2 years. No team has been able to resolve this issue fully which is why it continues to be a challenge for everyone involved.
Polkadot has been emerging as a strong contender to solve this issue and one of the ways that they are looking to do this is by parachains. This is a product that contains multiple blockchains which can communicate with each other and all of these chains are contained within the Polkadot ecosystem. Slots will be released on the main chain and these can be rented by various teams for 96 weeks at a time.
Diverse Network of Chains
“No single blockchain design works optimally for every use case. Each chain comes with trade-offs making it good for some applications and not others. The para chain model was created with the belief that the future of Web 3 will involve many different types of blockchains working together. Just as the current version of the internet caters to different needs, blockchains need to be able to provide a variety of services. Parachains solve this,” said Dr. Gavin Wood, co-founder of Polkadot.
It is reported that it will offer 100 such slots with more slots being released in the coming months and these slots would be made available for development teams through an auction. The network hopes that as these parachains get rented by more teams and they start building on these chains’ various diverse applications, the network would then be able to build a decentralised network of chains that communicate freely with each other and where data and assets can flow in a free manner.
