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The third generation of blockchains - Polkadot - was created to go far beyond the smart contracts platform.

According to L2beat, Ethereum currently accommodates 44 Layer 2 solutions, demonstrating the platform's versatility and scalability. In contrast, Polkadot stands out with its impressive count of 52 "L2" blockchains, showcasing its robust infrastructure and commitment to innovation. Central to Polkadot's architecture is its Relay Chain, serving as the backbone that unites and secures a myriad of specialized blockchains known as parachains. These parachains enable seamless communication across the Polkadot network, ensuring secure data transfer and interaction between different applications and services. This interoperability paves the way for a decentralized web where diverse ecosystems can thrive and collaborate effectively.

THE POLKADOT RELAY CHAIN

The Polkadot relay chain operates without presuming the identity of the connecting entities, provided they are built using Substrate. Functioning as the core infrastructure of the Polkadot network, it serves as a neutral platform capable of accepting transactions from users and external data sources alike. Beyond transaction processing, the relay chain plays a crucial role in distributing artifacts generated by the collation and finalization subprotocols. Additionally, it ensures the synchronization of previously finalized states across the network, thereby upholding the integrity and coherence of the entire ecosystem. Through these essential functionalities, the Polkadot relay chain fosters a reliable and interoperable environment for diverse blockchain applications to thrive.

AGILE CORE TIME

The auction-based model for securing a parachain slot is set to be phased out in favor of the introduction of Agile Coretime, which is analogous to Ethereum's Layer 2 solutions. Agile Coretime has recently launched its testnet on Wetend as a precursor to its deployment on Polkadot. This innovative approach, akin to a parachain on-demand system, enables blockchains to swiftly access security resources without the requirement of acquiring long-term slots. This streamlined process not only enhances efficiency but also facilitates greater flexibility for projects seeking to participate in the Polkadot ecosystem.

BLOCKSPACE THAN BLOCKCHAINS

@Polkadot's ambition is to become the premier blockspace producer globally, setting a new standard for efficiency and accessibility. As Polkadot evolves, the primary requirement for its blockchains will be to publish code on-chain and secure blockspace, simplifying the onboarding process for new projects. This shift towards a blockspace-centric architecture signifies a departure from the traditional blockchain-centric perspective, emphasizing the importance of efficient resource allocation and utilization within the Polkadot ecosystem. By embracing this innovative approach, Polkadot aims to foster a thriving blockspace economy where projects can flourish and innovate with ease.

SUBSTRATE POLKADOT SDK

Polkadot presents an advanced SDK that serves as a cornerstone for major blockchain networks, facilitating seamless scaling and interconnection with other chains within a trustless environment. Its versatile capabilities extend to platforms such as Near, Cardano, and even the Ethereum ecosystem, enabling direct connectivity through its Substrate-based SDK. This modular framework empowers developers to construct blockchains with ease, akin to assembling with Lego bricks. By offering this adaptable toolkit, Polkadot fosters innovation and collaboration, paving the way for a more interconnected and interoperable decentralized future.

Projects using #PolkadotSDK:

Substrate

Substrate stands as a web framework tailored for constructing decentralized systems, presenting itself as a valuable asset in the blockchain development landscape. By alleviating the burden of building blockchains from scratch, it emerges as a time and resource-efficient solution for development teams. With Substrate, teams can direct their efforts towards implementing business logic, free from the complexities of networking, consensus code creation, or the necessity of hiring specialized personnel. This streamlined approach not only accelerates development timelines but also empowers teams to prioritize innovation and functionality within their decentralized applications.

FORKLESS UPGRADE

From Bitcoin Cash to Ethereum Classic, the history of blockchain upgrades is rife with forks like The Merge, The Purge, and The Verge, leading to fatigue with this divisive process. Conventional upgrades frequently trigger hard forks, fracturing communities and demanding substantial human and temporal investments. However, with Polkadot pioneering Forkless on-chain upgrades, this paradigm is shifting. By enabling seamless upgrades without the need for forks, Polkadot mitigates these negative repercussions and simplifies the upgrade journey, ushering in a new era of blockchain evolution characterized by unity and efficiency.

52 Realay Chain upgrades since 2020 (Polkadot launch)

#Polkadot possesses the capability to upgrade its network on a meta-protocol level without the need for forks, relying instead on governance mechanisms. This unique ability enables development teams to introduce new features and tools in a smoother and faster manner compared to any other protocol. By leveraging governance-driven upgrades, Polkadot fosters a dynamic ecosystem where innovation thrives and where improvements can be implemented swiftly and efficiently. This approach not only reduces the disruption caused by traditional hard forks but also ensures that the network remains flexible and adaptable to evolving needs and technological advancements.

OPENGOV = DEMOCRACY MODEL

Polkadot operates as a protocol entirely governed in a decentralized manner by its community through a decentralized governance system. This system empowers DOT token holders to participate directly in on-chain referendums and governance proposals, ensuring that the network's direction and evolution reflect the collective will of its stakeholders. By enabling widespread participation and decision-making, Polkadot embodies the principles of open governance and democratic participation, fostering transparency, inclusivity, and accountability within its ecosystem.

In an interview with @TheKusamarian, @gavofyork reflected on the early days of building Ethereum, recalling one of the fundamental questions he faced: how updates to Ethereum would be coordinated. He admitted that at the time, he couldn't provide a clear answer to this question, as the concept of coordinated network upgrades was still nascent. Initially, there was a belief that individuals would simply run a new version of Ethereum when updates were necessary. However, this uncertainty highlighted the need for more robust governance mechanisms within blockchain protocols, a challenge that projects like Polkadot have since addressed through decentralized governance systems.

ON-CHAIN TREASURY

The on-chain treasury of Polkadot represents a vital resource controlled by the community through on-chain governance, serving as a mechanism to finance a variety of initiatives aimed at benefiting the protocol community. From the development of frameworks to marketing campaigns, events, and updates to the metaprotocol, all activities are subject to community approval. This democratic and transparent approach ensures that resources are allocated efficiently and in line with the needs and priorities of the community, thus promoting the growth and continuous evolution of the Polkadot ecosystem.

The treasury of Polkadot boasts an impressive sum of over 41 million DOTs, sourced from various avenues including inflation and slashings, alongside a portion held in stablecoins. For those with innovative ideas seeking to contribute to the advancement of Polkadot, the treasury stands as an invaluable resource, offering financial support for proposals. Whether it's developing new frameworks, launching marketing campaigns, or initiating community events, the Polkadot treasury provides the means to turn creative visions into reality. Seize the opportunity and become part of the vibrant Polkadot community today.

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