N7 Reasons Why Plutos Network Uses Polkadot Blockchain.
Plutos Network is a decentralized multi and cross-chain derivative and synthetic asset issuance and trading platform built on leading blockchains, which provides infinite liquidity based on the schemes of staking and minting.
Plutos Network is currently built on 3 leading blockchains, which promotes its long-term and continuous development of its system by providing interoperability, access to a wide user base, scalability, and security.
In this article, we will discuss one of the three leading blockchains — Polkadot and why Plutos integrates it as a major blockchain to build on.
Polkadot
The first block on Polkadot’s Relay Chain was launched in May 2020 and since then several parachains are being launched on the blockchain frequently.
Polkadot incentivizes a global network of computers to operate a blockchain by which users can launch and operate their blockchains.
It provides a Relay Chain where transactions are permanent for user-created networks called “parachains” to depend on. The parallel processing power of its Relay Chain improves scalability.
Polkadot is a blockchain with a network that enables the transfer of not just tokens, but any type of asset or data across several blockchains.
Polkadot networking also uses libp2p — a flexible cross-platform network framework for peer-to-peer applications. Libp2p is positioned to be the standard for future decentralized applications. It handles peer discovery and communication in the Polkadot ecosystem.
With its features, Polkadot will be an underlying technical basis of Plutos Network that will help with its cross-chain functionalities.
Polkadot will enable the Plutos system with the communication capabilities that will link parachains and other successful blockchains.
It will provide Plutos Network with a profound envincing strength that will drive innovation, scalability, and security.
Why Polkadot?
Plutos Network integrates Polkadot as an underlying technical structure due to the following advantages:
1. Cross-Chain Transactions
Polkadot promotes the integration of several chains and interoperability because its framework supports the transfer of any form of synthetic and mainstream assets/data between different blockchains.
2. Adaptable Consensus Mechanism
Notably, different blockchains use different consensus mechanism. Being that Polkadot supports several blockchains, it provides and open and adaptable consensus mechanism to host them all.
3. Limitless Scalability
Polkadot supports an infinite number of blockchains which are linked together with the ability to communicate technically — that is the “parachain”. As a result, it has an increased capacity and transactions are made with relative ease.
4. Pooled Security
Polkadot provides high-end security for all blockchains connected to it under a unifying security umbrella and this helps to protect other small up-coming chains that do not have effective security bootstrapping.
5. Upgradability
Polkadot supports advancive changes and upgrades to its system. And during upgrades, it does not resort to drastic hard forks to implement the changes.
6. Defined Governance Mechanism
Polkadot has a defined governance structure and this eliminates the major limitations of other blockchains.
7. Low Transaction Fees
Compared to other blockchains like Bitcoin and Ethereum, the fees for transactions on Polkadot are lower.
Following the features of Polkadot, Plutos Network, through the integration, has an added advantage of better security, higher accessibility, and scalability.
For more information and updates about Plutos Network, visit the following channels:
Website: https://plutos.network
Twitter: https://twitter.com/PlutosNetwork
Telegram: https://t.me/plutosANN
Medium: https://medium.com/PlutosNetwork