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Technology Update | Polkadot x Morpheus Labs
The Morpheus Labs team is proud to announce that we’ll be integrating with Polkadot. Within the Polkadot community, there are over 72k members across Twitter and Telegram alone. This widely active community is engaged in the mission and highly anticipated the release of Polkadot earlier this year. This will enable greater exposure and usage potential for Morpheus Labs. At the time of writing, Polkadot has risen up and become the 6th largest coin in terms of market capitalization. Morpheus Labs will analyze Polkadot’s macro framework and show why Polkadot is a unique project that is worth to be integrated with Morpheus Labs SEED platform. The team is planning the details for the integration and this will be further elaborated in subsequent technical updates.
What is Polkadot
Polkadot serves as a blockchain of blockchains, providing a framework for creating blockchains and allowing independent blockchains to communicate with each other, share security features, and transfer any type of data or asset cross-blockchain. This means Polkadot is a true multi-chain application environment where things like cross-chain registries, cross-chain computation and cross-chain applications are possible. Polkadot can transfer data across public, open, permissionless blockchains as well as private, permissioned blockchains.
This makes it possible to build applications that get permissioned data from a private blockchain and use it on a public blockchain. For example — a school’s private, permissioned academic records chain could send proof to a degree-verification smart contract on a public chain.
Polkadot is an open-source sharding multichain protocol that facilitates the cross-chain transfer of any data or asset types, not just tokens, thereby making a wide range of blockchains interoperable with each other. It connects public and private chains, permissionless networks, oracles and future technologies, allowing these independent blockchains to share information and transactions through the Polkadot relay chain trustlessly.
Polkadot’s four (4) main components
The heart of Polkadot, responsible for the network’s shared security, consensus and cross-chain interoperability.
Sovereign blockchains that can have their own tokens and optimize their functionality for specific use cases.
Similar to parachains but with a pay-as-you-go model. More economical for blockchains that don’t need continuous connectivity to the network.
Allow parachains and parathreads to connect and communicate with external networks like Ethereum and Bitcoin.
The core team at Polkadot has identified issues with current blockchain technologies such as Ethereum. The project focuses on solving current issues that the blockchain community is currently facing. Below are some of the solutions that Polkadot offers.
You may have heard this multiple times if you are in the blockchain space — Interoperability.
Polkadot enables cross-blockchain transfers of any type of data or asset, not just tokens. Connecting to Polkadot gives you the ability to interoperate with a wide variety of blockchains in the Polkadot network.
Polkadot’s ability to process and handle multiple chains at the same time provides scalability that is absent in many other chains. Its interoperability, scalability and versatility are some of the reasons why Polkadot is in a unique position.
One thing Morpheus Labs appreciates is the inclusivity of ideas beyond the realm of their own ecosystem. Polkadot welcomes all dApps. This means that Polkadot bridges various blockchains projects and allows developers to increase their innovativity. Besides encouraging innovation, allowing other apps outside of their ecosystem, it makes Polkadot scalable.
The high interoperability of Polkadot allows users to mix and match, explore different possibilities, use different networks and programs, yet being able to run on Polkadot. As it is a sharded network, its scalability allows developers to conjure application solutions efficiently and securely. Polkadot’s unique position not only increases scalability, but also means cost savings, higher turnaround time, innovation and efficiency.
Polkadot’s novel data availability and validity scheme allows chains to interact with each other in a meaningful way. Chains remain independent in their governance but united in their security. By virtue of design, Polkadot works to remove this impediment from the development process of new layers and applications. An abstract from Gavin Wood, co-founder of Polkadot –
“Bitcoin famously has the mining algorithm. I don’t know, it uses up the equivalent of, I don’t know, some small country’s energy simply in securing itself. Of course, the newer chains tend not to be proof of work, they tend to be proof of stake so they’re not using much energy, but they are using a lot of capital…that’s really one of the key problems that Polkadot solves, it allows the same capital base to secure many different domain-specific blockchains.”
Forkless & Future-proof
Polkadot can upgrade without hard forks to integrate new features or fix bugs. This capability enables Polkadot to easily adapt to changes and upgrade itself as better technologies become available.
Polkadot allows developers to create a custom blockchain in minutes using the Substrate framework. It allows developers to use other blockchain apps solutions on Polkadot and get interoperability and security from day one. This ease of development helps Polkadot’s network grow.
For example — users and developers are able to leverage on Morpheus Labs platform and build cross-chain application solutions using Polkadot. This widens the scope of developers — encouraging innovation and creativity. This will significantly add more use case scenarios for Morpheus Labs platform.
Polkadot values its community greatly and places great emphasis on it. It allows the community to interact, engages them and constantly listens to ideas. By exploring and providing a chance for its community to have a say in its project — Polkadot invokes a sense of belonging to the already close-knitted community.
You can learn more about it here.
This is something that is uncommon. This unique sense of strong unity allows the free-flowing of ideas without the fear of group-think. Morpheus Labs is proud to unveil Polkadot-based solutions as the trusted listing in our Application Library.
Polkadot has a sophisticated governance system where all stakeholders have a voice. Upgrades to the network are coordinated on-chain and enacted autonomously, ensuring that Polkadot’s development reflects the values of the community and avoids stagnation. Any project that values its stakeholder input is a good indicator of its commitment to grow as a community.
The potential sense of involvement that its community might feel has intangible benefits to Polkadot’s current future and beyond.
Polkadot is attempting to push the boundaries of efficiency with a more flexible and more abstract environment. The Polkadot project was built using the latest technology. From the Polkadot’s official web –
“Polkadot’s relay chain is built with Substrate, a blockchain-building framework that is the distillation of Parity Technologies’ learnings building Ethereum, Bitcoin, and enterprise blockchains. Polkadot’s state machine is compiled to WebAssembly (Wasm), a super performant virtual environment.”
Wasm is developed by major companies, including Google, Apple, Microsoft, and Mozilla, that have created a large ecosystem of support for the standard. Polkadot’s networking uses libp2p, a flexible cross-platform network framework for peer-to-peer applications. Positioned to be the standard for future decentralized applications, libp2p handles the peer discovery and communication in the Polkadot ecosystem.
The Polkadot runtime environment is being coded in Rust, C++, and Golang, making Polkadot accessible to a wide range of developers.”
About the Polkadot Team
The Polkadot project is run by the Web3 Foundation. Web3 Foundation partners with best-in-class entities that build the Polkadot and foster the development of the services and applications that will run it.
For more information about the Web3 Foundation and the founders, kindly refer to this link.
Polkadot’s future is bright and full of potential. The uniqueness of the Polkadot — its interoperability, the ability to enable users to run various apps of different chains simultaneously, versatility — provides a strong foundation for scalability. It could very well change and disrupt the technology world with its focus on decentralization solutions.
As the world continues to marvel at bitcoin, blockchain projects like Polkadot are the driving forces behind blockchain technology disrupting the status quo. For more information, please feel free to contact us.
About Morpheus Labs
Morpheus Labs is a Blockchain-Platform-As-A-Service (BPaaS) provider offering mission-critical tools, infrastructure, various blockchain protocols, and blockchain use case references for enterprises and developers to build, experiment, and manage their own applications effortlessly at minimal cost and time. Armed with relevant capabilities, the platform offers a multitude of intuitive solutions that enables developers and enterprises alike to take advantage of its platform to build effective solutions for various use cases. Start building for free on Morpheus Labs SEED!
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