It is an undeniable fact that Blockchains have disrupted every sector. At one time in history, it was difficult to imagine the disruption caused by the Internet and even more difficult to imagine the transformation of our daily lives with the inclusion of the Internet. Blockchain carries the same promise. We have already witnessed the powers of Blockchain through the disruption caused by cryptocurrency in the world of finance. However, this is just starting. Many people believe that Blockchain to be the new Internet. This blog will discuss the Polkadot substrate framework
Why do we need polkadot substrate?
The dark side of Blockchain
In the midst of all the hype, one significant fact has been ignored for too long which can be a major challenge for Blockchain in the near future.
Blockchains offer a secure network where parties, who are a part of that network, can communicate and transact. But, if someone from one Blockchain network wants to transact with a person in another Blockchain network, it is not possible. Why?
Every Blockchain is made with unique architecture. Some have a different consensus, some have different hashing and encryption algorithms, and so on. Therefore, it is impossible for one Blockchain to interact with other Blockchain directly.
In essence, the Blockchain world of today is isolated, not just from the world but from each other as well. All the blockchain applications being developed on different platforms are working in silos.
So, the world is moving towards a Blockchain-based system where all applications will be working in their own independent environment and would need an intermediary to communicate with each other. That would defeat the whole purpose of having Blockchain in the first place.
This is where platforms like Polkadot have emerged to our rescue.
Polkadot to the rescue
Polkadot is one of the few Blockchain protocols focused on connecting the siloed networks in a decentralised manner. In other terms, it provides cross-chain functionality wherein multiple blockchains can become a part of a single decentralised ecosystem and communicate with each other.
Facilitating a secure connection between different Blockchains is the primary application of Polkadot.
Before starting the development on Polkadot, you need to know about the available networks.
There are four, one Mainnet, one canary network called Kusama, and two testnets, Westend and Rococo. The Westend testnet is to test the working of an application as it would be on the mainnet while the Rococo network is used to test parachains. The Kusama network is where all the new functionalities for the Mainnet are tested before they can go to production and the Mainnet is the network where all real-world, production-grade applications are deployed.
Finally, you can start developing your own Blockchain. But wait, Polkadot has another surprise for you. The Substrate framework.
What is Polkadot Substrate
If you ask a Blockchain developer about the most difficult part of his job, the answer would most likely be the actual development of the entire Blockchain application, not just a dapp. There are just too many things to take care of while developing a Blockchain application.
This is where Polkadot brings Substrate into the picture.
Substrate is a framework which facilitates seamless and easy development of a Blockchain application. The Substrate framework consists of all the basic and essential components of a Blockchain such as a network protocol, the consensus algorithm, and more.
While Substrate allows you to develop decentralised applications, what truly makes them decentralised is the possibility of connecting them with Polkadot through Cumulus, which is nothing but an extension to Substrate, turning Substrate-based applications into parachains.
You might be wondering what exactly are parachains. Well, parachains are the chains that are connected to the Polkadot Blockchain and can leverage the cross-chain functionality through the Polkadot Relay chain.
Now that we understand the purpose of building a Blockchain application in the Polkadot ecosystem, let’s look at how to proceed with its development with Substrate.
Get started with Substrate
It is essential to consider that application development on Substrate and application development on other Blockchain platforms such as Ethereum is quite different. Rather than having to work with restricted network characteristics, you can build your own custom Blockchain using Substrate. Moreover, Substrate is the underlying framework for Polkadot itself so it carries a lot of credibility.
There are three ways in which you can leverage the Substrate framework for your Blockchain application development.
- Running a Substrate node is the first and easiest possible way. A Substrate node comes with some pre-defined configurations that can be used to develop a Blockchain in no time. All you need to do is provide the user-specific information to the node through a JSON file. To learn more about how to run a node, you can visit this link.
- Next is the Substrate FRAME or Framework for Runtime Aggregation of Modularized Entities. For developers looking for flexibility in terms of network configuration, Substrate FRAME is the best option. You can add your own custom libraries(pallets) to experience more customization.
- The third possible way is Substrate Core. This is for the developers who like to code from scratch. Essentially, a developer can target the WebAssembly part of the Blockchain through any language supported and create his own Blockchain. This is for the hardcore coders who want complete freedom in developing their Blockchain.
Therefore, the path to developing a Blockchain application on Polkadot using Substrate framework depends on your requirements. If you want to get things moving quickly, running a Substrate node will make your development journey as smooth as possible.
In any case, one thing that you need to understand is that Substrate is not the part of Polkadot. While Polkadot is a Blockchain that accommodates the cross-chain functionality, Substrate is just a framework to develop Blockchains that can be later integrated into the Polkadot network. Moreover, the projects built with Substrate will have better compatibility with Polkadot as the Blockchain itself is built on Substrate.
Coming to the development part and not going into the actual technical implementations, setting up of environments, and downloading a number of softwares, there some other modules that have to be defined before the development can take place.
Note: Do not leave this task for a later stage as clearly defining the various essential modules helps in defining the architecture of the whole application and ensures that all elements are in sync before they are even developed.
Let’s have a look at these modules:
- Consensus: Consensus is the heart of Blockchain. Every use-case on Blockchain requires a suitable consensus algorithm to facilitate the mutual agreement between non-trusting parties on the network. The consensus protocol is responsible for transaction finality, Block addition, and incentivisation model of the network.
- WebAssembly to run smart contracts or integrate other projects based on Substrate. For a developer looking to add more customization to his Blockchain application, he can even develop his own virtual machine interpreter instead of this WebAssembly.
- Setting up a Substrate Client which runs the Substrate node. A client needs its own set of elements and modules such as RPC, runtime logic, and storage.
There are other modules too that need to be figured out beforehand but the aforementioned modules are the top three which hold the utmost significance. Most of these modules are available for free which allows you to quickly get started with your Blockchain development.
Blockchain has been gaining unparalleled attention over the past few years and this tremendous growth has resulted in various assumptions. One such assumption is that Blockchain development is extremely important and that you need to know about the Consensus algorithms and cryptographic techniques.
However, with new innovative platforms such as Polkadot and Substrate framework, the development of Blockchain is now a piece of cake. While you still need to understand the different components of Blockchain and their role, you do not have to build them from scratch.
Parallelly, building on Substrate is not just easy but future-ready too. An application built using Substrate framework will be compatible with the Polkadot network which means that it will be a part of an “interoperable” network.
With Polkadot and Substrate, everyone can be a part of a truly decentralised network.
Reach out to QuillHash
With an industry presence of years, QuillHash has delivered enterprise solutions across the globe. QuillHash with a team of experts is a leading blockchain development company providing various industry solutions including DeFi enterprise, If you need any assistance in blockchain development, feel free to reach out to our experts here!
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Which crypto exchange platform is faster, coin transfer or Godex?
The coin transfer exchange works in a semi-automatic mode. The exchange takes place from morning to evening with the participation of the operator. All switching processes are carried out with the help of a support person. This way of working has its advantages.
A lot of people these days use automatic exchanges because it’s quick and easy. However, a semi-automatic service offers the possibility of a safe change.
This option is particularly recommended for beginners who do not yet know how to correctly fill in the fields in trades, how to find out the amount of the commission and when to complete the operation.
Most important steps in currency exchange
The change works in 3 steps:
Step 1: Select a currency pair to swap in the cryptocurrency converter. Check the box that you agree to the tariff, service fees, and fees for the cryptocurrency network.
• Step 2: Fill out the exchange form and check the entered data, as in most cases cryptocurrency transactions cannot be canceled.
• Step 3: Send the amount specified in the application to the address provided by the exchange operator and receive the cryptocurrency on your wallet within 5-30 minutes.
Cointransfer has been active since 2016 and offers 219 currency pairs.
The swap board has over 1,760 reviews, most of which are positive. If you have already changed the currency on this service, you can leave your feedback and add to the collection of comments on this exchange service.
The Godex crypto exchange is an excellent example of a website that allows you to exchange one type of cryptocurrency for another online. Dynamic price changes, complete absence of transaction limits (the transaction time can increase with large amounts), a clear user interface – everything is done here to ensure that investors feel comfortable. There is also a dedicated affiliate loyalty program so you can get a quick entry into the cryptocurrency market. It is time to look into the subject of such an investment.
You should understand right away that it is impossible to completely eliminate the risks involved in buying a cryptocurrency. Even most stable coins can lead to a complete loss of the money invested; even if the likelihood of such a course of events is extremely low. Only after you have considered all the advantages and disadvantages of each model, familiarized yourself with the market indicators over a period of time and analyzed the opinions of experts, should you make an informed decision.
When you are ready to buy cryptocurrency, you should do so strictly in accordance with certain rules. Investments need to be planned and made wisely. Creating a wallet with an address is necessary and does not take much time. You can buy the cryptocurrency you are interested in after registering with a specialized exchange – just select a popular currency to buy. After buying, many advise transferring the coins to offline storage to eliminate the possibility of hacking and theft of investments. By investing in one with a view to market capitalization, the risks of a currency can be significantly reduced. The three cryptocurrencies that currently meet these requirements are:
Godex.io currently serves thousands of customers with over 10,000 transactions daily. So if you are looking to swap one coin for another, you should try Godex.io and enjoy fast transactions at good exchange rates.
Maker Hits a New All-Time High Close to the $5,000 Mark
Maker is the first Ethereum-based smart contract system to launch an automated cryptocurrency lending platform.
Maker provides the first decentralized basic stable currency Dai (which can be compared and analyzed as the U.S. dollar on Ethereum) and a derivative financial system, promoting the prosperity of decentralized finance (DeFi).
Dai is issued through a full mortgage guarantee of digital assets. Since its launch in 2017, Dai has always remained anchored to the U.S. dollar with a 1:1 ratio.
On April 19, members of the MakerDAO community began to vote on MIP45, a proposal aimed at upgrading the liquidation system of the Maker protocol and maintaining the stability of Dai pegged to the U.S. dollar.
If approved, the liquidation 2.0 system will provide higher security, predictability, and decentralization, and provide community members with more opportunities to participate in collateral auctions through Auction Keeper software and a more conventional interface. This will promote the participation of the Maker community and the entire DeFi department.
According to data from DeFi Pulse, Maker, the largest DeFi agreement with system collateral of $965 million, dominates 16.44% of the entire DeFi market.
The holders of the Maker (MKR) tokens of the project have received a 64.23% price increase reward in the past week. According to CoinMarketCap, Maker with a market cap of $4,817,105,553, ranks as the 30th largest cryptocurrency.
The token has grown nearly eight-fold since the beginning of this year, rising from $587 to $4,652, It hit a record high of $4,995 today, breaking the $4,500 marks in one clean swoop.
Maker (MKR) Price Analysis
Source: MKR/USD 4-hour via TradingView
Judging from the 4-hour candlestick chart, MKR has successfully broken through its previous high of $4,118, and the rapidly expanding trading volume has resulted in $4,118 being flipped from a resistance to a support level.
The transaction price of MKR/USD is higher than the Exponential Moving Average (EMA) ribbon. Both the upward moving average and the bullish MACD index indicate that the bulls are currently dominating the market.
However, the Relative Strength Index stepping into the overbought zone is gradually levelling off, which suggests that MKR is encountering relatively strong selling pressure after touching its all-time high of $4,995 today. The MKR’s price will therefore experience a slight retracement, and it is likely to trade sideways for a period of time around $4,400-$4,600 before resuming its upward momentum.
If MKR’s price can stabilize above $4,200, then the upward trend of Maker may open a faster upward channel. As Maker hit a new high, this will mean that the altcoin will not encounter strong selling pressure on its way up. If the entire crypto market emerges from its current slump, it is highly likely that Maker breaks through $5,500 in the short term.
Conversely, a surge in the number of sell orders will push MKR below the $4118 support level and may trigger a more severe correction to the 20-day Exponential Moving Average of $3,795.
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RIT Capital Partners acquires a stake in crypto exchange Kraken.
According to the official announcement, RIT Capital Partners invested in the crypto exchange Kraken last month. The British investment firm described Kraken as one of the largest cryptocurrency exchanges worldwide, with more than 6 million clients. Kraken has seen a surge in cryptocurrency trading volumes during the last few months. The crypto exchange is also reportedly […]
According to the official announcement, RIT Capital Partners invested in the crypto exchange Kraken last month. The British investment firm described Kraken as one of the largest cryptocurrency exchanges worldwide, with more than 6 million clients. Kraken has seen a surge in cryptocurrency trading volumes during the last few months. The crypto exchange is also reportedly planning to go public in 2022 through a direct listing.
“Kraken is currently in talks with investors about another round of fundraising.”
“Kraken is currently in talks with investors about another round of fundraising that could give it a valuation of $20bn. Talks have been held in discussions with Fidelity, Tribe Capital, and General Atlantic. Kraken CEO Jesse Powell said this is being delayed in order to evaluate how Coinbase’s IPO performs. Kraken has a strong balance sheet, and the company is not in a rush to raise capital,” the official announcement states. Kraken is not the only cryptocurrency exchange that is planning to go public for global expansion; several other crypto exchanges are eying IPO in the coming time.
Coinbase went public via a direct listing on Nasdaq last week.
The US-based crypto exchange went public last week and received a reference price of $250 for COIN shares. The shares of the crypto exchange touched an all-time high of approximately $420 on its debut but saw a correction later. COIN stock closed at $311 yesterday. As reported earlier, Coinbase CEO Brian Armstrong sold 749,999 COIN shares worth nearly $292 million last week. The US-based crypto exchange saw nearly $335 billion in trading volumes during the first three months of 2021. The crypto industry has garnered a lot of mainstream attraction in the last year or so. Coinbase getting listed on Nasdaq is being hailed as a major milestone for the crypto industry.
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