The Polkadot blockchain project is based on the concept of a heterogeneous multi-chain architecture. Polkadot provides a link between different blockchains and acts as a central connector. The focus is on scalability, which was implemented in a form of so-called parachains. In the second half of 2020, Polkadot finally went live.
Since every Polkadot app can be successful only if there are enough people using the technology in specific projects, let’s analyze the practical acceptance of Polkadot. Let’s check which companies and projects are already using Polkadot and Parachains.
Kusuma and Polkadot are based on similar codebases and pursue the same goal. Kusuma is ideal as a testnet for new Polkadot apps that follow an experimental approach. Both projects combine their own sometimes crazy communities, which drive the project in a very special direction. Strictly speaking, Polkadot is a conservative platform with a focus on stability, while Kusuma is an early version of Polkadot that has kept a still modern approach to technology.
The ‘self-improving blockchain for smart contracts’ Edgeware is a so-called airdrop of the Polkadot mainchain. Edgeware is a result of the Polkadot blockchain framework Substrate and is intended to act as a testnet for on-chain governance. Similar to Polkadot, Edgeware evolves through decisions within the community. Put simply, Edgeware is bringing Ethereum to the Polkadot blockchain. It enables the execution of smart contracts and is fully compatible with Ethereum. Edgeware also offers functionalities such as proof of stake, sharding, and on-chain governance.
Data theft is one of the biggest problems in the online world. This is exactly the problem that KILT developers deal with. As one of the first projects based on the substrate framework, KILT is dedicated to the decentralized storage of sensitive login information. The main aim is to eliminate one of the most important problems of Web 3.0. Users no longer have to trust centralized services and save their data in their own network. The idea behind KILT is that sensitive data can be outsourced without prejudice to security.
Acala is a project from Singapore that has set itself an ambitious goal. It aims to combine the advantages of Polkadot blockchain with the exciting world of decentralized financial services (DeFi). Acala’s potential is huge and well-known investors, including Arrington XRP Capital, CoinFund, and ParaFi Capital, support the project. Gradually, the team behind Acala wants to bring DeFi functionalities to the Polkadot blockchain. In the first step, a stablecoin Acala-Dollar (aUSD) was developed, which is essentially based on the Substrate framework. In addition, the team created a decentralized credit protocol as well as a decentralized exchange platform. With these features, users can already send, receive and lend currencies through blockchain systems.
Want to find out more details about these apps? Feel free to let us know in the comments and we’ll make a separate article as soon as possible!