Blockchain is known for features like decentralization, security, scalability, and speed. However, many blockchains do not offer all of these features. Instead, some blockchains provide speedy transactions while others feature better decentralization. In this scenario, exchanging and using the information between blockchains can address this problem. Here, Polkadot blockchain development services can bridge the gap. Polkadot is a platform that connects different blockchain networks to enable smooth communication. It is overcoming the problems of speed, scalability, and more. This platform has the main chain, known as the relay chain, which is the heart of the network. It is accountable for the network's consensus, security, and transaction settlements. Additionally, the Polkadot network includes many parallel blockchains called Parachains. Let us take a deeper look into the development of Parachain on Polkadot.
Parachain is a layer-one Blockchain that runs parallel to the Polkadot network. You can customize it according to usage. Due to its parallel nature, it can make programs run in a parallel processing system. Consequently, it results in increased scalability of the Polkadot network. All the Parachains connect through XCM format. Collator, a full node of Parachain, maintains the Parachains. It also produces new block candidates and proceeds the details to the Relay chain validator for authentication.
Also, read: DApp Development on Polkadot
From scalability to governance Parachains can give significant advantages to different blockchain networks. The main benefits are the following.
Parachains get the scalability at Layer-1, which is far better than achieving it at Layer-2. It is more efficient and decentralized. Moreover, Parachains are achievable at Layer 2 as well, giving more scope for scalability. When you compare it to the non-sharded networks, Polkadots allow transactions and their processing in the parallel ecosystem. Consequently, there is a substantial increase in scalability.
When it comes to being a Parachain, it needs to ensure that every block follows the agreed-upon pact. Developers need to prove this to the Polkadot Validators. There is no other requirement while developing a Parachain in the Polkadot. So, developers get maximum flexibility while building it. Unlike the smart contract platforms, Polkadot gives developers the flexibility to make changes in the logic of the Level-1 Parachain. As a result, it brings a lot of opportunities for optimization.
Communication between different blockchain networks is one of the most crucial aspects of the Parachain model. Moreover, Polkadot interoperability is known as cross-chain composability. Polkadot made it possible to transfer tokens, data, verifiable credentials, off-chain information from oracle, and smart contracts from one blockchain to another. As a result, developers can use features of different blockchains to create various services.
Parachains can adopt any governance model and get many ready-made modules for on-chain governance systems. Moreover, the on-chain governance mechanism decreases the chances of the hard fork occurrence of the Parachain. Additionally, it provides transparency in the Parachain communities.
You must understand a few points before starting with the Polkadot Parachain development. The following are the conditions for developing a Polkadot Parachain.
Parachains are independent networks or apps with their own rules and regulations. Additionally, they have their communities, economies, governance, and relationship with the external chains. Thereby, they do not have to follow a go-to economic model.
In a Parachain network, developers and the community are responsible for maintaining the economic policy.
You need to pay an opportunity cost to become a Parahain. Moreover, it will be an investment that will give you rewards when participating in the Parachain selection process.
Developers use some tools for creating a Parachain called Parachain Development Kit (PDK). It includes the State transition function (STF) and the collator node. The former aids in the transmission of an application from one place to another. The latter is a peer-to-peer node that makes the availability of every state possible.
Here is a procedure you can follow for developing a Parachain on Polkadot.
The first step for developing a Parachain on Polkadot is to build a runtime logic on the Substrate. Developers can use the Substrate Parachain template for creating the logic.
The next step is to build a Wasm executable for compiling the runtime logic. Wasm code blob includes all the state transaction functions. These wasm code blobs install your project as a Parachain.
After the submission of the Wasm code, a validator will verify it for state transition.
Validators will check the most recent transitions with the help of a collator node. Next, the collator node will develop a new block candidate. Additionally, it will pass the block to Polkadot validators.
In this step, developers make the Substrate-built chain compatible with Polkadot. Developers can use Cumulus extension to convert the substrate-built chain logic into Polkadot-compatible Parachain.
After the development of the Parachain, developers need to test it before the launch. They can use testnet Rococo for the testing. You can deploy the Parachain after successful testing.
Parachain has innumerable benefits that are making it popular among many businesses. If you are also interested in developing the Parachain for your firm, then our experts can assist you.
Please feel free to connect with our blockchain development experts.