If you actively follow crypto and blockchain industry news, you have probably noticed that everyone is talking about Polkadot, which is supposed to be the next big thing in the crypto sphere. The main reason why Polkadot is so popular is Substrate.
This article explains what Substrate is and how it works. Plus, we’ll list why it’s so great and give a working example of how Substrate supports some great Polkadot-related projects. Continue reading.
What is a substrate?
Substrate is an SDK supporting Polkadot. Developers can use it to create custom blockchains that will work entirely on their own, meaning they won’t require any external technology to work. You can think of Substrate as a blockchain framework that helps in blockchain creation on Polkadot. Attention, Substrate itself is not a blockchain but rather a tool to create them. In fact, Polkadot itself is created with the help of Substrate, which effectively makes it the main technology behind the famous project.
Without further ado, let’s list the five reasons why Substrate is so powerful.
1. The substrate is developed by Parity, a company co-founded by Gavin Wood
The company that created Substrate is Parity, and one of Parity’s co-founders is Gavin Wood. When his name appeared in Polkadot presentations, many crypto enthusiasts and professional investors were immediately interested in what Substrate (and, therefore, Polkadot) had to offer.
Namely, Gavin Wood was also one of the co-founders of Ethereum, which means he was already popular in the crypto and blockchain communities. After all, Ethereum was revolutionary, so Wood’s followers immediately saw his genius in action.
One of the main reasons Wood left Ethereum was that he was not convinced that Ethereum was doing its best to pursue its main goal: a fully decentralized ecosystem. He began to think of it as another network competing for its place among other blockchains, with each chain being an entity in its own right, unable to communicate with the others.
2. The substrate reduces the time, money and energy needed to create a blockchain
The substrate is designed so that anyone with at least some experience building blockchains can do it very quickly. Since it is a framework with pre-determined functionalities, you just need to configure it as you wish, launch it and focus on the business logic rather than the technical aspects of building the blockchain.
According to some claims, you can create a blockchain via Substrate in 15 minutes. That said, you definitely want to spend more time than that to avoid mistakes.
3. The substrate has a lot of growth potential
The substrate is already a powerful tool that attracts many individuals and organizations. The best part is that it’s still very new, which means there’s plenty of room to explore its possibilities, update it, add new features, and more. The popular SDK was developed by some of the brightest minds in the crypto industry, and they’re probably holding a few aces up their sleeves to make Substrate even better.
4. Substrate is a great starting point for anyone interested in becoming a blockchain developer
Blockchain development, however, involves more than just understanding programming, as Substrate can help you learn more about blockchain logic and philosophy.
5. Substrate supports large Polkadot projects
We can already see many outstanding projects related to Substrate, so let’s take a look at some examples.
T3rn is a platform focused on hosting smart contracts, aiming to offer interoperable execution of smart contracts. It has built-in failsafe mechanisms to ensure multi-chain execution. On top of that, it features a registry for smart contracts where developers can submit their code and get paid every time someone uses their contract. The popular project has joined the Substrate Builders program, which means it has been recognized by Parity, who run the program looking for exciting projects.
Polkadex is a fully decentralized, peer-to-peer based cryptocurrency exchange. It follows the backlog approach and is built on Substrate. The main goal of Polkadex is to combine the advantages of centralized and decentralized crypto exchange platforms using a single state-of-the-art technology. The underlying technology also enables high liquidity and fast transactions. The project was initiated by a web3 grant.
Manta Network is another great privacy-focused Polkadot-based project. In other words, it aims to ensure that communication between different blockchains remains anonymous and private. The project focuses on zk-SNARK cryptography, which stands for Zero-Knowledge Succinct Non-Interactive Argument of Knowledge. It allows a party to prove that it has specific information without revealing it. The project managed to raise $5.5 million in funding, with some of the popular crypto hedge funds, such as CoinFund, backing it.
Conclusion: Can Polkadot be an Ethereum killer?
As you can see, Polkadot is on a roll, with many investors interested in getting DOT and backing the project. More importantly, many projects want to get a Polkadot blockchain and become part of the network, exploiting all its advantages. All of this, of course, wouldn’t be possible without the software development kit known as Substrate, which has made the whole blockchain creation process much easier compared to the competition.
As to whether Polkadot will be the killer of Ethereum, that remains to be seen. As popular as it is, Polkadot falls far short of the popularity of Ethereum, although Gavin Wood and the team are very serious in their goal of becoming better than Ethereum and laying the foundation for Web 3.0.