Polkadot Decoded the Biggest Blockchain Event of the Year In Glance

POLKADOT DECODED. ROUND UP SUMMARY OF A CROSS CHAIN ECOSYSTEM

Welcome readers and TCL community! I’m delighted to share with you Polkadot Decoded! Polkadot Decoded is a virtual conference event showcasing all and everything Polkadot! The developers, users and all who are looking to build, interact and invest within the ecosystem.

A 2-day, inclusive, multi-track event packed with talks and workshops for both technical and non-technical audiences. Teams of protocols, projects, investors, developers all coming together to experience the nuances of the ecosystem.

Elaborating upon not only their multi-chain ecosystem, they also go into details of their wide range of topics from parachains to NFTs, DeFi, IoTs and even Identity KYC specifics and many more features than it’s previous successful year.

The entire event has hefty information and was truly a show to enjoy. I’ve attempted to summarize what I think is the most important for Polkadot and its ecosystem in relevance to the entire crypto space. Those were Common Good Parachains, IoTs, NFTs and of course, cross-chain dApps! Enjoy!

“WELCOME TO STAGE ONE!” Peter Mauric from Parity Tech. introduces the audience. Here we’re introduced to the importance of the very first parachains they’re specialty

“Common Good” Parachains

What does it mean? Reserved backed assets. In short, a common good chain is granted it’s slot via governance FOREVER, rather than competing within the parachain auctions.

A common good parachain is considered a permanent piece of infrastructure that should be available using polkadot forever. They do not require to take part in the auctions due to its importance. Like bridges and roads in a city. To simplify, this gives actual parachain slots determination of how valuable they are. This is what makes it fair, not 1 entity can take over a bridge. The bridge is set by the city, the new auctions of parachains USE that bridge. There are many advanced projects out there and Polkadot is highly selective!

NFTs With Polkadot

During this portion of the presentation Alexander Mitrovich from Unique Network goes into details of the boom of NFTs and their own markets. With all the fuss, it still is in its infancy. The NFT market as a whole only makes up 1% of the entire crypto market!

“Only the first baby’s cry as it was born”

“Our analysis says, you ain’t seen nothin’ yet!”

Currently the economic structures of Ethereum are very strict. Users are forced to pay for every single transaction after every action or interaction with the blockchain. Scalability of course was always an issue. Enter the era of Polkadot. Being truly a 3rd gen blockchain. It allows NFTs to become very powerful and flexible within an ecosystem.

With that power, middle layers are easily created. Everything solidity is capable of accomplishing with an NFT, Polkadot can do, and more. Market creation at the tip of your fingertips. Not only can you create your own NFTs and sell them, you can create your own NFT ecosystem on the ease of use and power of substrate. Flexible economic models and NFT interoperability, fractionalization of NFTs, and many more features even paying for fee’s with your own NFT marketplace’s native token! This is amazing!

The IoT Industry

Eliott Teissonniere of Nodle Network explains how they’re utilizing polkadot’s network to make an innovative change in the industry and make an everlasting impact. Their agenda is to fix the vulnerability of today’s infrastructure of iots. They’re expensive to connect and operate, location accuracy is poor and the data amount is limited. At Nodle they’re using people’s smart phones all over the world to build an iot network that’s more cost efficient than other solutions. Simply use a bluetooth and connect to an entire infrastructure

He goes deeper into the technology of Nodle Network and it gets a bit complicated. Check out The Crypto Lifestyle’s deep dive into Nodle Network. A nice walk through and explanation of their protocol and feature among the polkadot network.

Nodle Network from Francis TCL

Cross-chain dApps

Most interesting subject of the event was talk of the coming Cross-chain decentralized applications. Luke Shoen of MXC Foundation presented the use cases for Polkadot and the DataHighway helping to solve pressing challenges within today’s crypto ecosystems. They have what’s called the DATA MARKET where the parachain acts as a highway for bridged layers. Allowing the buying and selling of IoT hardwares, DAO governance rewards and even staked assets! Imagine having your rewards from your IoT device and trading those rewarded tokens directly through the CROSS-CHAIN dApp

In terms of developer services, they would be directed by the DAO’s governance decisions and share open source codes which may be custom APis accessing storage chains, cross chain data that needs automated fetching, IoT location that automatically calculates and shares the information being created, instantly generating a list of IoT databases, quality and redundancy of storage. One questionWill IoT protocols eventually bridge to each other over interoperability?

SUMMARY

The show finally came to an end with the host and the three main Polkadot creators and childhood friends Alistair Stewart and Aeron Buchanan of Web3 Foundation and of course Gavin Wood of Parity Technologies. They all toasted to a successful event, the future of Polkadot and the future of technology. To toast with this happy hour check out the childhood memories they shared- before diving into a 4 year dev storm that is today, the Substrate language and the Polkadot ecosystem. All in all, the show had plenty to offer and a slew of information for what is being built and what is to come on Polkadot. I realized this is just the beginning of a new technological wave that is prime to completely change the way this space operates. Truly the moment Polkadot begins to take on the same volume as ETH, it will be an unstoppable interoperable force. I am excited to be a part of this space and to share my knowledge with the community!

Polkadot News & Important Kusama Parachain auction updates!

To check out more — stay tuned to The Crypto Lifestyle to learn more of the best in the Polkadot ecosystem.

ShaYo

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