Thursday, May 13, 2021
Home Home Polkadot to Enhance Interoperability Between Networks by Releasing Decentralized Bridges

Polkadot to Enhance Interoperability Between Networks by Releasing Decentralized Bridges


In an attempt to serve as the next generation of DLT, Polkadot has announced plans to establish decentralized and trustless bridges to enhance interoperability among various networks. Parity Technologies is developing the first generic bridge that will enable all Substrate-based chains to connect and communicate with each other.

Polkadot’s Decentralized Bridges

The blockchain project behind the sixth-largest cryptocurrency by market cap announced its latest developments in a press release shared with CryptoPotato.

According to it, Polkadot’s initial design was to serve as an “underlying infrastructure to realize the kind of scalability and interoperability needed to enable the multichain future, allowing different chains to interact and communicate with each other within the ecosystem.”

However, the statement outlined the existence of numerous networks outside the Polkadot system. Consequently, the team behind the project plans to develop cross-network bridges, which are “necessary to make Polkadot truly interoperable.”

Such bridges typically fall under two categories – centralized and trusted or decentralized and trustless. Naturally, the centralized versions include a third party who operates the system, while in the decentralized option, there is no central authority to control it. With the latter, the interaction is “enforced by the technology (or incentive mechanism) behind the system rather than a promise or legal agreement.”

Keeping in mind the difference between the two, Polkadot has decided to go with the decentralized version of cross-chain bridges.

The Substrate-based Chains

Polkadot’s announcement focused on the initiative of bridging Substrate-based chains. Developers can tap the Substrate blockchain-building framework to create independent blockchains with their own consensus and security or parachains when coupled with the Cumulus consensus engine.

Additionally, the network enables the development of standalone chains independent of Polkadot by allowing them to choose the consensus mechanism. Nevertheless, such projects are still able to connect and communicate to the ecosystem using bridges.

According to the PR, Parity Technologies is currently building a generic bridge that can connect all Substrate chains. It consists of “multiple components that together enable bi-directional communication between a standalone Substrate-based chain and a Polkadot parachain, or between two independent Substrate-based chains.”

Once launched, this chain would also enable transactions between the Polkadot and Kusama networks.

“The future of blockchain internet infrastructure lies in everyone working together in a spirit of cooperation. We are committed to connecting communities to the Substrate and Polkadot ecosystem and aim to provide reusable development components that make it effortless to build and deploy bridges to other blockchains.” – concluded the statement.

SPECIAL OFFER (Sponsored)
Binance Futures 50 USDT FREE Voucher: Use this link to register & get 10% off fees and 50 USDT when trading 500 USDT (limited offer).

PrimeXBT Special Offer: Use this link to register & enter CRYPTOPOTATO35 code to get 35% free bonus on any deposit up to 1 BTC.



Source link

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Most Popular

Recent Comments