Polkadot is a project that aims to achieve a fully decentralized network. It is an interoperability protocol that is designed to improve the scalability of blockchains, such as Ethereum. Using Polkadot, new blockchains can be easily created, which will solve the problem of scalability and the potential for blockchain bloat. Blog Link: https://bitcoinist.com/promising-integrations-join-the-polkadot-ecosystem/
It’s been a short while since we last examined Polkadot, and a lot has happened. In particular, the Polkadot team has been working hard to get things set up for the project’s ambitious release. First up, the team has been working hard on the underlying infrastructure, which will be crucial for any successful blockchain project. In particular, the team has been working on a new state-channel technology that could help the Polkadot network process transactions faster and more efficiently. The other big news is that Polkadot has picked up some promising integrations. The project has been working closely with both Parity Technologies and the Web3 Foundation, and it is possible that they will be working more closely with the foundation in
The Polkadot team recently announced a series of promising partnerships with blockchain companies. These will help bridge the gap between blockchain and the greater world. Polkadot is a blockchain project that aims to solve the interoperability problem in the blockchain space. It is built in cooperation with the Web3 Foundation, Parity Technologies, and Ethereum. The first thing to know is that the Web3 Foundation is a non-profit foundation that serves as an umbrella group to various blockchain-based projects. It was started by Gavin Wood, who is a co-founder of Ethereum, and is also the founder of Parity Technologies. Polkadot is its first major project under this umbrella. The second thing to know is that Polkadot is. Read more about polkadot ecosystem coins and let us know what you think.As Polkadot’s vision of a decentralized Internet evolves, the integration of the KILT protocol and Fintech’s Current platform adds useful new layers to the blockchain ecosystem and helps break down the existing barriers between Web 2.0 and 3.0.
Value-based integrations to overcome traditional digital barriers
As the excitement around Polkadot’s upcoming launch grows, more and more players are joining the ecosystem with new solutions that show how Web 3.0 can add value by putting users in the driver’s seat. It’s clear that the company’s vision of a decentralized Internet is quickly becoming a reality, as Substrate’s base attracts all kinds of projects. One of them is KILT Protocol, which has launched its decentralized social KYC identity verification service. Unlike the current situation, where most Internet users provide their email address and other private information to access free services that in turn share their credentials with affiliates, service providers and other third parties, bypassing the users themselves, SocialKYC changes the existing paradigm. The aim of this service is to help users regain control of their digital identity. Social KYC achieves this goal by helping users show their credentials at any time. The service does not store or transmit personal information and immediately forgets the user and associated login information once the system has confirmed the user’s control over the login information before issuing verifiable login information. Once the user regains ownership of their credentials, they can decide when and with whom to share their verifiable credentials. Initially, the service will provide decentralized KYC infrastructure to Polkadex, a substrate-based exchange for cryptocurrencies. However, SocialKYC is exploring many other uses for its open-source service, including the advertising, social media and gaming markets.
Defi Bridge from Acala brings current phase of Hyfideliverables closer
With decentralized finance (Defi) increasingly leveraging Polkadot’s infrastructure, whether building on substrates or running Parachain on the parallel Kusama-Canary network, Acala has become a powerful engine for shared momentum. Acala, positioned as Polkadot’s sole service center, offers a high level of cross-chain interoperability with Ethereum-based smart contracts. The value proposition is getting stronger by the day, as evidenced by the integration of the Current protocol. Current, a US-based fintech operator, aims to break down the barriers that divide the universe of fiat currencies by creating opportunities for the open-source Defi platform by integrating Acala into the Current Core Banking platform. As part of this integration, Current will become an active validator on the Polkadot network and will manage its infrastructure. For the 3 million current users of the platform, Acala’s integration and presence on Polkadot provides a valuable opportunity for electricity customers to participate in Defi’s activities such as lending, liquidity provision, tariffs and agriculture. As the platform combines the benefits of centralized and decentralized finance to implement its hybrid finance model (Hyfi), it will also benefit from the Polkadot architecture. A shared security model with multiple chains promises better scalability and lower transaction costs by supporting the development of additional features. As Parachain approaches and demand for Polkadot-based services continues to grow, these valuable integrations that support decentralized Web 3.0 services challenge the blockchain status quo in important ways, ultimately empowering the most important participants in the ecosystem: users. Do you think the vision of a decentralized Web3.0 will become reality? Let us know your comments in the section below. Photo credit: Shutterstock, Pixabay, Wiki Commons, Polkadot Denial: This article is for information only. It is not a direct offer or invitation to buy or sell, nor is it a recommendation or endorsement of any goods, services or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author shall be liable, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services referred to in this article.Polkadot, the interoperable blockchain network, is growing its ecosystem with the integration of new projects. The Parity client’s upcoming multi-chain infrastructure product, and the Kyber Network’s on-chain liquidity protocol are just two examples of Polkadot’s expanding reach. Through Polkadot’s partnership program, these projects are joining a network that includes Web3 Foundation, Giveth, and Parity Technologies themselves, among others.. Read more about polkadot ecosystem tokens and let us know what you think.
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