In a world of hundreds of products based on blockchain technology, some products stand out for their uniqueness and real specialty. One of them is the Polkadot Parachain, which was created by one of the Ethereum developers, Gavin Wood. Polkadot parachain solves the scalability problem of Ethereum through its framework and enables developers to create blockchains on the Polkadot network. Similar to Polkadot is the Kusama Parachain. The only difference is the lower entry level which makes it easier to get projects approved when building on the Kusama blockchain.

KILT protocol team

To build on Polkadot or Kusama, the team or developer must own the parachain. Currently, the only way to own parachain is through the parachain slot (slot) auction. Most projects rely on crowdloan to raise money to participate in the auction. Crowdloan is similar to ICO, but is safer for the wealth of the contributors. While some projects currently use the crowdloan function, some prominent projects are the exception.

Moonbeam

Moonbeam is an innovative project that started in January 2020 with the simple goal of solving the problem of cross-chain interoperability. It does this brilliantly by providing a more efficient and easier way to deploy applications on the Polkadot network through smart contracts. Additionally, blockchain is intended for developers that will allow them to use well-known and popular developer tools on Ethereum to create or redeploy projects using the Solidity language on Moonbeam.

Moonbeam also implements the full Ethereum Virtual Machine along with many other features such as Ethereum address compatibility, public traceability, Solidity Smart Contract implementation and DApp UI for the platform with no additional information required. The languages ​​are similar too, which means Solidity developers can fully migrate to Moonbeam.

Moonbeam is said to be a bridge between Ethereum and Polkadot and to support interoperability between the two networks. So far there are several applications on Ethereum such as Bet Protocol, SushiSwap, Linear Finance etc. Later it will have its own utility token. The essence of the Moonbeam platform is to enable the existing Ethereum project to be multi-chain capable, thus gaining access to the tokens and new users available in the Polkadot network.

Killing Protocol

Here is another project with different use cases for Polkadot Parachain. Kilt Protocol is a blockchain that offers verifiable, revocable, sovereign anonymous logins. In a world with billions of Internet users, most Internet services require registration, and registration and user credentials are generated. Accordingly, credentials and user data are easily stolen or misused because the user has no control.

The Kilt Protocol uses its SocialKYC technology to provide users with a way to verify their identity while keeping control of their data and keeping it private. The Kilt protocol allows users to be authenticated each time they access an account without submitting any personal information. No personal data is stored on the blockchain and everything is in the credentials that the validator sends to the requester. Credentials are like ID cards or passports that users must present to gain access. Kilt gives internet users full control over their data and privacy, provides a wallet for digital identities, and seeks to break the big tech company’s data monopoly.

Acala network

Polkadot Parachain would not be complete without a Decentralized Financial Center (DeFi) and that is exactly what Acala Network offers. It has all the features you can find on a DeFi network with apps like AMM, DEX, USD-linked stablecoins with cross-chain assets, ACA native tokens and zero staking derivatives. In addition, the network is Ethereum-compatible, which means that all smart contracts and dapps developed on Ethereum can be used here seamlessly, making assets available for multiple networks.

At the same time, the network also requires very low gas fees, which can be paid for with any token. Acala Network enables users to borrow, wager, earn and trade money while participating in the administration of the platform. It uses 2 protocols Honzon and Homa Provide network functionality. Experts predict that Acala will win the first Parachain auction on Polkadot.

Conclude

Polkadot contains several blockchain projects with a lot of potential as well as real applications and Crowdloan offers the perfect way to fund these projects without risk to the contributors.

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