Successful Polkadot’s parachain ensured a decentralized Web3

• Gavin Wood, one of Ethereum’s co-founders, said that the cryptocurrency will “enable people to connect in mutually advantageous ways without anyone needing to trust each other.”

• Polkadot’s parachain auctions are certain to be successful, ensuring a decentralized Web3 by connecting many blockchains.

In theory, such a platform would pave the way for Web3, which is defined by decentralized or distributed network architectures, and would lay the groundwork for a truly open internet in which we would not have to blindly entrust our data to monopolistic corporations or obtain permission from them to participate.

Polkadot‘s parachain

Polkadot is essentially based around the Relay Chain, which enables interoperability between other blockchains in the network, letting developers safely build their own private blockchains. 

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Because of Polkadot’s cross-chain composability, parachains can run in parallel inside the ecosystem and any form of data can be transmitted between them, giving up possibilities for new use cases.

Parachains can also be linked to external networks like Bitcoin, Ethereum, and others using cross-network bridges. Unlike Ethereum’s shards, which are identical by design and less malleable, parachains are unique, independent, and created for a blockchain’s individual needs.

While the present relay chain handles transfers, implements governance protocols, and provides staking services for the Polkadot network, the next series of parachains is intended to offer additional capabilities such as increased functionality and cross-chain connectivity.

“Expect chaos” 

However, since its birth in 2015, Ethereum has just been unable to change quickly enough to keep up with the pace. Transaction fees for decentralized applications (DApps) have been incredibly expensive, while transaction speeds have been prohibitively slow. Wood leaves the Ethereum project in 2016 to develop Polkadot, a platform for a decentralized Web3.

The blockchain of blockchains is wrapping up an extraordinary year that began with the debut of Kusama, its canary network, with a series of parachain auctions that are gaining traction. “Expect chaos,” says Kusama. 

Looking back, it’s apparent that the network’s anticipated instability during its parachain auctions provided the groundwork for a solid Polkadot foundation and, eventually, a decentralized Web3 in the coming years.

Polkadot’s ability to communicate is one of the features that distinguish it from Ethereum and other blockchains. Polkadot’s emphasis on parachains, formally a parallelizable chain, is a driving force in advancing one of Web3’s basic principles: The ability to communicate with other systems.