Polkadot and Soramitsu

What is polkadot?

Polkadot is a very ambitious project that is built to connect private and consortium chains together via the Polkadot relay chain. Polkadot facilitates an internet where independent blockchains can exchange information and transactions in a trustless way.

According to the DOT white paper,

Polkadot is a next-generation blockchain protocol that unites an entire network of purpose-built blockchains, allowing them to operate seamlessly together at scale

It goes on further to explain,

It connects several chains together in a single network, allowing them to process transactions in parallel and exchange data between chains with security guarantees

How does it work?

Polkadot is designed to operate two types of blockchains. A main network, called a relay chain, where transactions are permanent, and user-created networks, called parachains.

There are three main parts to the Polkadot network, which include the main relay chain (Polkadot blockchain), parachains, and bridges. The parachains are made up of different individual blockchain shards and everything is secured by the main Polkadot Relay Chain.

Who is behind it? The A-Team!

The project has royal lineage with some serious Crypto sphere heavy weights involved. The founders are Dr. Gavin Wood (previous lead developer from Ethereum), Peter Czaban (of web3 foundation fame) and Robert Habermeier (Rust community member and Thiel Fellow). Gavin Wood wrote a large chunk of the source code for Parity, the most used Ethereum wallet, so his reputation is stellar and expectations are huge.

What is Soramitsu and why are they important?

Soramitsu is a global technology company that produces blockchain-based solutions for enterprises, universities, and governments. Notably they worked for National Bank of Cambodia (NBC) on the Central Bank Digital Currency (CBDC) Bakong project in 2016.

Soramitsu are building Polkadot, also their Sora blockchain (XOR) will have one of the parachain slots on the Polkadot Relay Chain. In fact polkadot’s main website lists Soramitsu as one of the four main partners building the ecosystem, along side Parity Technologies, Chainsafe, Polkadot js. Their contribution and involvement in DOT’s future cannot be understated!

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UMI DIGITAL

UMI DIGITAL

The NFT & DeFi farming initiative built on the Sora (XOR), Polkadot (DOT) and Ethereum (ETH) blockchains