Polkadot presents an innovative vision for creating a multi-chain framework characterized by the separation of the consensus mechanism from the state transition mechanism, allowing for high scalability and customization for each application without sacrificing security. Below are the key advanced points summarized:
• Relay-chain:
It is the backbone of the network, providing security and global interoperability by linking different Parachains, ensuring that each chain operates independently while sharing common security.
• Parachains:
Allows each application or system to operate in its own environment without needing to adhere to the constraints of a single chain. Transactions can be distributed and executed in parallel, solving the issues of bottlenecking and limited scalability in traditional systems.
• Roles of participants:
– Validators: They confirm the validity of blocks on the relay and participate in the consensus mechanism using Byzantine Fault Tolerant protocols.
– Nominators: They support validators by staking their tokens, enhancing the network's security.
– Collators: They collect transactions in parallel chains and prepare their blocks for publishing.
– Fishermen: They monitor the network and report any illicit behavior to ensure the integrity of the system.
• Consensus and staking mechanism:
The system relies on a Nominated Proof-of-Stake model that links economic incentives to performance, with mechanisms for punishing misconduct (such as slashing stakes) to ensure the network's continuity and stability.
• Communication between chains:
Polkadot uses a mechanism based on Merkle structures to transfer data and transactions between chains securely and asynchronously, enabling the flow of information between different systems without additional complexity.
• Compatibility with other networks:
The system is designed to integrate with networks like Ethereum and Bitcoin through bridging mechanisms, allowing for secure and efficient asset and transaction exchange.
• Design Philosophy:
Focuses on the principles of Minimal, Simple, General, and Robust; it aims to reduce the core functionalities in the relay and leave the complexity to the intermediate layers or specific applications, allowing for rapid system development at a lower cost while maintaining a high level of security.
In summary, Polkadot offers an advanced solution to scalability and fragmentation issues in blockchain technology by separating and securing core mechanisms in a way that allows interaction and communication between different chains. This methodology opens up vast opportunities for developing advanced and scalable applications that meet modern demands.
