The Daily Hodl
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Guest Post
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • ChainWire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Binance Coin (BNB)
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Post
    • Press Release
    • Sponsored Post
    • Advertise
  • EMAIL ALERTS
  • DAILY HODL MIX
No Result
View All Result
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Guest Post
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • ChainWire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Binance Coin (BNB)
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Post
    • Press Release
    • Sponsored Post
    • Advertise
  • EMAIL ALERTS
  • DAILY HODL MIX
No Result
View All Result
The Daily Hodl
No Result
View All Result

The Rise of Integrated Polkadot Applications

by Sponsored
January 12, 2022
in Industry Announcements


Tokens like Ethereum, Solana and Polkadot all power their own chains with a common goal of providing a scalable platform for decentralized global apps.

Polkadot in particular enables the use of parachains which are custom, project-specific blockchains that are integrated within the Polkadot ecosystem.

Parachains are considered parallel chains that have their own runtime logic. They also benefit from the shared security and cross-chain messaging provided by the Polkadot relay chain.

While parachains permit a high degree of flexibility and customization, they also require more effort to create and maintain over time.

For the last two years, most crypto startups within the Polkadot ecosystem have wanted to eventually become full-fledged parachains. Yet with the rise of integrated applications or DApps like RMRK and Zenlink, the question for startups today is – do we need to become a parachain?

The emergence of these integrated DApps and protocols shows that the next phase of the Polkadot may be one where parachains become optional within the overall ecosystem.

I believe that integrated applications will lead to best practices for the cross-consensus communication format, thus creating a powerful and thriving ecosystem that other public chains will not be able to replicate.

Polkadot defines the difference between smart contracts and parachains as follows.

  • When a feature is implemented with a smart contract, the smart contract you write must be deployed on a specific chain and associated with an address on that chain. In contrast, a runtime or module developed on a parachain to implement the feature you want is to create a standalone state machine.
  • Smart contracts must be updated manually, while parachains will be able to swap out their code completely with root commands or governance pallets automatically, making upgrades easier.
  • When you build a smart contract, it will eventually be deployed to a target chain within a specific environment. Parachains allow developers to state their own chain’s environment and even allow others to write smart contracts for them.

The integrated applications or DApp model beyond the Polkadot parachain model, consists of the following.

  • The back-end logic of the application is decentralized.
  • Users are interacting with the chain rather than the application.
  • The application is not a parachain but a pluggable module, which is a pallet that can – but not necessarily – be deployed on a parachain.
  • Different backend modules of an application may be deployed on different chains. For example, Zenlink’s swap pallet is deployed on multiple parachains.
  • Upgradeability – Upgrading of applications is flexible.
  • The token for the application is issued on statement.

Unlike smart contracts, such as DeFi projects on EVM chains, integrated applications not only keep the characteristics of decentralization and smart contracts but are also technically flexible.

For instance, RMRK and Zenlink are the pioneers of this type of application. They can be integrated into new DApps by deploying multiple pallets or Substrate runtime modules on different parachains and using the optimal performance of various parachains.

Using the integrated application approach, Zenlink is providing an open, universal cross-chain DEX protocol for building DEX on Polkadot with one click, while RMRK is building a standard cross-chain NFT infrastructure in the Polkadot and Kusama ecosystem.

Building blockchain bridges

As an established parachain member of the Polkadot cross-chain ecosystem, the Phala Network provides computing power to other blockchain applications while protecting the data layer.

Phala enables use cases such as privacy-protected DeFi trading positions and transaction history, co-computing DID confidential data and light-node cross-chain bridges.

Today, Phala’s Khala-Ethereum bridge provides the ability to swap ERC20 PHA to the Khala chain with only an Ethereum transaction fee. It represents the beginning of cross-chain compatibility and what future blockchain networks may look like. This bridging from Polkadot to Ethereum is accomplished by using the ChainBridge cross-chain communication protocol.

Marvin Tong is the founder of Phala Network and Hashforests.co?.

This content is sponsored and should be regarded as promotional material. Opinions and statements expressed herein are those of the author and do not reflect the opinions of The Daily Hodl. The Daily Hodl is not a subsidiary of or owned by any ICOs, blockchain startups or companies that advertise on our platform. Investors should do their due diligence before making any high-risk investments in any ICOs, blockchain startups or cryptocurrencies. Please be advised that your investments are at your own risk, and any losses you may incur are your responsibility.


Follow Us on Twitter Facebook Telegram

Check out the Latest Industry Announcements
 

 
Submit a Press Release

Industry Announcements

  • Bunzz Raises $4.5 Million Seed Round To Expand Its Smart Contract Hub for DApp Development
    January 24, 2023
  • Dogecoin and Shiba Inu Better Watch Out – Floki Just Had Three Big Things Happen for It
    January 24, 2023
  • Crypto Marketing – What Initiatives Will Bring More Value and Users in 2023
    January 23, 2023
  • Make Crypto Payments on BChat Web 3.0 Messenger – BChat Integrates Beldex Wallet
    January 22, 2023
  • KEY3.id Supports Multi-Chain Transaction, Partnership With KuCoin Wallet, CoinHub Wallet and Wallet3 To Launch 2023 Lucky Transaction Campaign With Over 30,000 Participants on Social
    January 20, 2023
  • Deposit EUR/GBP at Zero Percent Fees With Newly Launched SEPA/FPS Channels on Bitget
    January 19, 2023
  • Coinbase Lists Kava, Advancing Ethereum–Cosmos Interoperability
    January 18, 2023
Submit a Guest Post
ADVERTISEMENT
Bitcoin
$23,108.19
$23,108.19
1.21%
Ethereum
$1,597.70
$1,597.70
1.74%
Cardano
$0.389506
$0.389506
4.41%
XRP
$0.412715
$0.412715
1.34%
Dogecoin
$0.087626
$0.087626
2.97%

Spotlight

  • Former High-Ranking SEC Official Blasts Crypto Lender Nexo’s $45,000,000 Settlement Deal With US Regulator
    January 20, 2023
  • Little-Known Ethereum Altcoin Soars 106% After Receiving Surprise Boost From Coinbase
    January 23, 2023
  • Crypto Analyst Who Nailed Bitcoin’s 2018 Bottom Warns Binance Coin and One Ethereum Rival Primed for Pullbacks
    January 26, 2023
  • Ethereum (ETH) Rival Launches New Ecosystem Fund Amid Bullish Price Action in Crypto Markets
    January 21, 2023
DON'T MISS A BEAT
Crypto headlines delivered daily
to your inbox
BTC, ETH, XRP news alert options
By joining The Daily Hodl news list you agree to our
Terms and Conditions and Privacy Policy.
Featured Image: Shutterstock/Billion Photos

Cryptocurrency news and analysis, covering Bitcoin, Ethereum, Ripple, XRP, altcoins and blockchain technology

Categories

Bitcoin • Ethereum • Trading •
Ripple and XRP • Altcoins •
Blockchain • Regulators •
Scams • Crypto101 • HodlX •
Futuremash •
Industry Announcements

ABOUT US | EDITORIAL POLICY | PRIVACY POLICY
TERMS AND CONDITIONS | CONTACT | ADVERTISE

JOIN US ON TELEGRAM

JOIN US ON TWITTER

JOIN US ON FACEBOOK

COPYRIGHT © 2017-2023 THE DAILY HODL

No Result
View All Result
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Guest Post
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • ChainWire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Binance Coin (BNB)
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Post
    • Press Release
    • Sponsored Post
    • Advertise
  • EMAIL ALERTS
  • DAILY HODL MIX

© 2023 The Daily Hodl