Polkadot Launched its First Parachains - But Are They Already Too Late? | Hacker Noon

'Polkadot Launched its First Parachains - But Are They Already Too Late?' by andrejtl blockchain technology

In other words, imagine if your favorite new DeFi platform could design its own custom blockchain solution that would be most efficient at the kind of processing it needed and didn't have to worry about sharing. That's the promise of parachains. But on their own, parachains can't support a complete blockchain ecosystem. That's because they're not interoperable by design.

To solve that problem, Polkadot mandates that all parachains in its network include base functionality that allows them to talk to a single shared infrastructure. That infrastructure is the real innovation of Polkadot. It consists of a layer 0 solution – a kind of– that allows for cross-communication between otherwise independent blockchains.

And that communication works both ways. It means that custom parachains that link to legacy blockchains like Ethereum and Bitcoin are trivial to build. In one fell swoop, that creates a system that not only scales well, but can also siphon traffic away from other overloaded blockchains, solving their problems automatically.The reason all of this has the chance to be so revolutionary is simple: it could end the era of blockchain competition once and for all.

And at the same time, new projects won't have to compete against one another for scarce processing resources. That's the kind of thing that could lead to real innovation and could prevent the biggest current roadblock - slow transactions and sky-high gas fees – from suffocating new projects before they can prove their worth.already appears to be growing by leaps and bounds, there's no guarantee that will continue.

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