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- 1 Polkadot is quite popular for its Web3 expansion across the world
- 2 One of its parachain, Moonbeam, has shared why the sharded protocol is called a “Layer Zero.”
Moonbeam Network, a smart contract platform, is the only parachain of the Polkadot, a sharded protocol ecosystem that has full Ethereum compatibility. The platform has recently shared a tweet in which it added about the Layer Zero (L0) network framework of the blockchain. Moonbeam Network also mentioned the architecture of the sharded protocol empowering the Web3 multichain ecosystem.
1/ L0. At the foundation of your favorite layer 1 parachain is @Polkadot, a layer 0 blockchain.
— Moonbeam Network (@MoonbeamNetwork) May 31, 2023
Often misunderstood or unfamiliar, “layer zero” redefines how we think abt scalability & fills a huge interoperability gap faced by solo chains today.
Read onhttps://t.co/Hl3kdD5sPZ
The Layer Zero Network Structure of Polkadot
In the long-twitter thread, Moonbeam Network noted that Polkadot is a Layer 0 blockchain and also redefines this protocol. As per the tweet, the platform is for “interconnected blockchains”, known as a layer zero or a meta protocol. The sharded protocol serves as a foundation where smart contract platforms and app-specific blockchains are deployed.
Moonbeam also added that the blockchain provides “a low-trust interaction platform for parachains”, while also adding security through its consensus. Thus, as a result, it “allows the Layer 1 (L1) blockchains to exchange messages and perform txs w/o the need for an additional third party.”
The platform added the exception of the parachains, as most of them are solo. This means the parachains manage their own security and tend to be general-purpose networks that can’t be optimized to tackle specific problems efficiently.
Solo L1 Blockchains as Islands
The smart contract platform also explained about the “solo L1 blockchain” and imagined it as an island. With five pointers, the platform added about the governance, bridges, and different communities.
It further explains parachains as a “house” in a Polkadot neighborhood that is connected by roads. The native interconnectedness also introduces different benefits that are a critical piece for the next generation of cross-chain applications building on Moonbeam, as mentioned.
The Key-Highlights of Moonbeam Network’s Blog
- Polkadot is a Layer Zero because it provides the foundation for other layers to operate within the blockchain system.
- Layer Zero is the foundation of the blockchain ecosystem, while there are a total of six layers in the blockchain.
- The smart contract platform categorized Layer 1 as an “island” and Layer Zero as a “country.”
- As an interoperability hub, the sharded protocol provides scalability, specialization, interoperability, and forkless upgrades.
- The protocol is designed as a large community so its parachains can work together.
- The decentralized infrastructure securely connects the parachains directly and can accommodate a variety of payloads.
- Polkadot and its parachains introduce a key foundational piece that will become the “structure of the interoperable future of Web3.”
- The blockchain is considered a layer 0 blockchain as it serves as a “meta protocol” upon which the other layer 1s are deployed.
At press time, the price of Polkadot (DOT) is trading at $5.27 with a 24-hour trading volume of $105.86 Million. DOT is up 0.69% in the last 24 hours, with a current market cap of $6.27 Billion, as per the data sourced from CoinMarketCap.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
