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- Peaq has chosen to build on Polkadot, citing its advantageous network ecosystem, native interoperability, shared security, scalability, and green credentials.
- The decision by Peaq was influenced by Polkadot’s structural design, ecosystem’s vibrancy, transparency in governance, and the potential for decentralized funding.
Why Polkadot was Chosen by Peaq
In the diverse landscape of blockchain networks, Peaq has selected Polkadot as the foundation for building the Economy of Things. Peaq appreciates Polkadot’s functionality as a ‘blockchain of blockchains’, offering an added layer of security and interoperability. Dr. Gavin Wood, a co-founder of both Polkadot and Ethereum, was a notable factor in drawing Peaq’s interest towards the Polkadot ecosystem.
Bringing Teslas🚗 and decentralized car-sharing🚘 to the Polkadot ecosystem, @peaqnetwork is shaping the future of Web3 car-sharing on Polkadot.
Join #PolkadotDecoded to hear from peaq's @dorloechter, as he demonstrates the groundbreaking advancements possible #OnlyOnPolkadot 👇
— Polkadot Decoded (@PolkadotDecoded) May 23, 2023
Advantages and Innovations of Polkadot
Polkadot stands out with its distinctive structure and expansive ecosystem. Polkadot’s design revolves around a central Relay Chain accompanied by numerous Parachains – specific blockchains operating concurrently. This structure supports multi-chain operations, a principle resonating with Peaq’s ethos.
With its structured design, Polkadot facilitates seamless interoperability among various Web3 projects through Cross-Chain Messaging or XCM. This mechanism is expected to bring additional traction and liquidity to Peaq while allowing it to integrate millions of machines into the Polkadot network.
Security, Scalability, and Upgradeability
Polkadot provides a robust security structure where thousands of validator nodes compete to maintain the network’s integrity. Additionally, Polkadot functions as a Layer 0 blockchain, providing an ecosystem for other blockchains, thereby enhancing scalability by enabling simultaneous transactions across multiple chains.
With respect to upgradeability, Polkadot eliminates the need for contentious hard forks by implementing forkless upgrades, allowing networks like Peaq to keep pace with technological evolution.
Governance and Funding
Polkadot promotes transparent governance through its on-chain mechanism, comprising a Council, a Technical Committee, and the Community. This transparency aligns well with Peaq’s objective of establishing a community-governed ecosystem.
Peaq will utilize decentralized crowd loans, an innovative way for new projects to gather support and join the Polkadot network via a Parachain slot. This method empowers the Peaq community, giving them a say in the project’s development.
Other Benefits of Polkadot
Polkadot’s Layer 0 approach facilitates cross-chain composability, thereby allowing seamless value exchange across various blockchains. Additionally, Polkadot’s developer-friendly Substrate framework allows for the easy development of blockchain applications.
Polkadot’s ethos promotes collaboration within its ecosystem and beyond, creating a vibrant community of developers. Additionally, programs like Parity’s Substrate Builders Program and the Web3 Foundation’s Grants provide resources and support for projects like Peaq.
Polkadot is also a greener choice compared to other networks due to its Nominated Proof of Stake (NPoS) consensus mechanism, which aligns with Peaq’s commitment to environmental sustainability. These combined factors solidify Polkadot as an optimal choice for Peaq’s network development.