At present, the representative product in the cross-chain is Polkadot. The reason why it is favored depends on several decisive characteristics of itself:
1. Unlimited expansion
Polkadot can support and connect an unlimited number of blockchains. Polkadot belongs to a fragmented multi-chain network, which can process multiple transactions on multiple chains at the same time, breaking through the bottleneck of processing transactions one by one. Shard chains running in parallel connected to Polkadot are called "parachains".
2. The consensus mechanism can be adapted
The Polkadot platform provides an open and configurable consensus mechanism to host different blockchains.
3. Cross-chain transactions and collaboration
Polkadot can support value transfer between different blockchains, and also provides interoperability and cross-chain communication without relying on centralized service providers, which is very convenient.
4. Clear and autonomous governance mechanism
The Polkadot community governs according to its own wishes. It has a very clear governance mechanism, which mainly solves the main problems faced by other blockchains, and holds a transparent stake in the entire Polkadot network governance process.
5. Upgradability
Polkadot does not need to change the overall agreement through the traditional "hard fork" method, and does not need to create an independent transaction history and community. Polkadot supports fork-free upgrades.
Any parachain can easily join the public platform of Polkadot to share network security; developers who have not issued a chain and are optimistic about the future of the Polkadot network can use the Substrate tool to issue a chain with one click, which is extremely convenient.
Although Polkadot has not yet been fully launched, as of now, according to the statistics of the PolkaProject website, 222 projects have been built in the Polkadot ecosystem, covering various aspects such as privacy, bridging, DeFi, smart contracts, and data.
Why is the enthusiasm of project parties participating in Polkadot ecology so high?
Because the Polkadot Web3 Foundation is relatively generous to the project party, Substrate is equivalent to Lego building blocks, and the project party only needs to connect and splicing according to the basic idea. The project party submits its technical code and token model to the web3 foundation, and the foundation will give an initial funding worth 30,000 US dollars. When the project party reaches the second and third stages, the foundation can also provide different levels of funding according to the different progress of the project, with a total value of no more than 100,000 USDT.
This is why the ecological projects on Polkadot are so prosperous.
