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- 1 Polkadot is a cutting-edge blockchain that improves the execution of transactions.
- 2 Parachain is a form of blockchain that ameliorates the quality of blockchain.
- 3 A number of parachains are bringing innovation to blockchain and have become a favorite of crypto users as well.
5 Polkadot Parachains That Get All Crypto Investors Interested
Polkadot is a blockchain created to facilitate sending messages and executing transactions. Like many decentralized platforms, it totally excludes third parties. Moreover, it facilitates the cross-chain transfer of assets. Due to many positive attributes, this blockchain ecosystem became very popular among users and developers.
Soon enough, it launched its own application-specific data structure called Parachain. The parallelized chains are validated by the validators of the Relay Chain. They become a form of blockchain and improve the scalability of the Polkadot. This subset of Polkadot did a great job bringing efficacy. As a result, there are multiple parachain projects today that are creating buzz in the crypto space.
Parachains That Crypto Investors Must Know
Parachains make blockchain much more capable of different crypto ventures. They become a perfect choice for decentralized applications as well.
Efinity
Efinity specifically deals with non-fungible tokens. It enables the platform to mint, transfer, and trade NFTs. Also, the platform is able to handle between 7000 to 1000 transactions per second according to its team. At the same time, they claim that it would be over in 6 seconds. It also has its native token called EFI which can be used for different purposes.
Moonbeam
Developers use Moonbeam to create smart contract-based applications for Polkadot. It leverages the existing set of tools for building extensive programs. In addition to that, it lets creators implement the Ethereum Virtual Machine fully. The platform ports the decentralized applications and facilitates the creation and usage of development tools. The DeFi apps benefit from the Relay Chain’s security and become interoperable too.
Parallel Finance
Parallel Finance has been developed for the Polkadot as well as the Kusama ecosystem. It includes a decentralized market protocol along with crowdloan products, insured staking, and an automated market maker. It also accelerates the contribution made through crowdloans. Additionally, they bring more liquidity and help in the growth of the businesses. It has more than 55,000 users that came together through the crowdloan platform.
Manta Network
This project focuses on developing privacy solutions. It is notable that the platform uses zk-SNARK technology to process the transactions. The platform offers unmatched transparency and makes the tracking of information very easy. It also adds a competitive advantage to the platform while making the monitoring better. It also executes private swaps efficiently and makes trades very easy.
Astar
It is a hub for decentralized applications that are scalable and interoperable. It leverages Polkadot’s ecosystem and supports Layer 2 solutions as well. It also includes ZK-rollups, Optimistic Virtual Machine, and Plasma. It brings more flexibility with WebAssembly and Ethereum Virtual Machine. The blockchain accelerates incentives and makes launching easier as well. It has its own project on the Kusama network called Shiden.
Conclusion
With so many advantages, Parachain becomes a perfect addition to the crypto portfolio. Along with transparency and competitive edge, this standard makes everything perfect. From transactions to information storage, it performs everything perfectly. Furthermore, it expands the original network on various fronts. The protocol also worked wonderfully in terms of interoperability. It emerges as the right kind of crypto solution that everybody can count on.
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.
