How does Polkadot bring the idea of Web3 to more fields?

Gavin Wood founded Polkadot in 2016. The ultimate goal is to create a truly decentralized system. Polkadot has been making progress to become the infrastructure of the next generation network, and is committed to realizing the interconnection between different blockchains. Interoperability to build a multi-chain ecosystem.

Today’s Polkadot has completed 26 slot auctions, and Kusama’s parachain slot auction has reached its 52nd round, which means that ecological projects are continuously entering the Polkadot ecosystem through parachains and other means, while These projects cover areas such as privacy, IoT, gaming, data storage, and finance.

Polkadot's multi-chain mechanism, parallel processing, and dual-chain operation distinguish it from other blockchains under development. In addition, the emergence of XCM (Cross-Consensus Messaging) empowers applications to span multiple blocks The ability of the chain unlocks true interoperability, which also lays a key foundation for the further expansion of the Polkadot ecosystem.

Polkadot tries to promote Web3 technology to participate in more fields in a more in-depth way. It is precisely because of Polkadot's cross-chain composability that it opens up the possibility of establishing new use cases in the Web3 world, so Polkadot has integrated Web3 In which areas has the vision brought to you?

Social Media

On May 24, 2022, McCourt's Project Liberty partnered with Web3 Foundation's Polkadot to complete the first implementation of the Decentralized Social Networking Protocol (DSNP). Their alliance aims to develop an open-source Internet protocol that will become the next generation The core social layer of the Internet.

Project Liberty aims to create a new civic architecture for the digital world, returning ownership and control of personal data to individuals, embedding ethical values ​​in technology, and expanding economic opportunity for web users and developers alike.

The initiative aims to accelerate the world's transition to an open, inclusive data economy that puts citizens in control - a future where all, not just a few, directly benefit from their participation and contributions.

And such vision and values ​​are exactly what Polkadot has. Therefore, Polkadot's unique architecture, as well as its professional and technical expertise, will power the new Internet infrastructure.

The collaboration between Project Liberty and Polkadot will greatly facilitate the adoption of decentralized social networking protocols.

The DSNP creators also stated that Polkadot is economically strong enough to support a “sustainable alternative to today’s surveillance economy-driven business models.”

Decentralized social networking protocols will change the way the Internet works, such as the balance of power, users have the ability to control and monitor the use of their personal data, which also means that users will control and manage the shared social graph, rather than relying on specific An application or centralized platform that helps build a more "fair, user-centric and socially conscious network".

News Publishing

On August 29, 2022, Wan-Ifra (World Press Publishers Association) announced that the Web3 Foundation will support the Web3 Media Pilot Project, produced in partnership with David Tomchak, that will explore how Web3 technologies can help generate trust and provide news in the press and content producers to develop new revenue streams.

The World Press Publishers Association is the global organization of the world press, whose mission is to protect the rights of journalists and publishers around the world to operate independent media. It provides its members with the expertise and services to innovate and grow in the digital world and play a key role in society.

The Web3 Foundation will contribute its technical experience through research to a team of cryptographers, economists, and researchers that advance Internet protocols. In addition to this, the Web3 Foundation will provide financial support during the research phase of the project, its allocated portion Funds will be awarded directly to publishers through a scholarship program coordinated by Wan-Ifra for its members to help selected publishers free up the resources needed to join the pilot.

The Web3 Media Pilot Project will run from October to December 2022 and will bring together local and international news publishers and technologists to study the practical application of decentralized technologies in the publishing industry.

As a kind of intellectual property rights, copyright not only means that the owner has exclusive rights to his creative works, but also means that the copyright owner can monetize his works, and the emergence of Web3 technology solves the centralized and opaque environment under the Web2 network. The monopoly problem caused by Web3 will be widely distributed to users.

Therefore, the main goal of the Web3 Media Pilot Project is to provide a learning and knowledge-sharing space between the media industry and Web3 advocates. This will shape the future of digital news in terms of content creation, distribution, and monetization, while establishing a trusted news source for the entire web.

Commodity

On August 18, 2022, the Watr Foundation and the Web3 infrastructure developer Parity Technologies, the company behind Polkadot, reached a partnership to develop a public blockchain protocol and dApp ecosystem for commodity trading, and will jointly develop a 17 trillion Desired functionality of the USD Commodities platform.

With investors and resource buyers increasingly concerned about ESG (environmental, social and governance) issues, the existing infrastructure lacks transparency and also limits potential evidence about how commodities are produced and distributed. Therefore, blockchain can provide supply chain transparency, giving buyers confidence in the origin and quality of goods.

The Watr platform built on Substrate will eventually join the Polkadot ecosystem as a parachain to take advantage of the security and cross-chain compatibility of the blockchain. Through cooperation, Watr's in-depth product expertise will also be introduced into the Polkadot ecosystem through cooperation.

Watr is a blockchain protocol and decentralized application ecosystem for decentralized applications and digital enterprises, providing transparency, liquidity and sustainability for resources and commodities such as metals, energy, food and environmental products service, Watr calls it digital sharing of commodities trading.

According to data, the global annual output value of commodities is about 10-20 trillion US dollars, accounting for 20% of the world's GDP. It can be seen that commodities have huge scale scenarios, and the innovative integration of Web3 technology and commodity trading will also bring huge opportunities.

According to the head of Parity Technologies, the partnership is a big step towards wider adoption of Web3 in a huge industry vital to the global economy.

Undoubtedly, the involvement of Web3 will bring huge changes to the business environment of the commodity industry. The advantages of high efficiency, low cost and trustlessness brought by decentralized technology will greatly help suppliers to ensure that goods are delivered from The transaction from producer to shipper, retailer and final consumer is a fair process.

life science industry

On January 21, 2022, Chronicled, the technology company behind the MediLedger Network, has entered into a partnership with Parity Technologies, the developer behind Polkadot and the Substrate framework, to leverage modern peer-to-peer communication and blockchain technology to improve life science supply chains integrity and efficiency.

Chronicled is a San Francisco-based technology company that automates, trusts and automates settlement of intercompany transactions in the life sciences and healthcare industries.

As early as 2019, Chronicled has used the Substrate framework to build the MediLedger Network to automatically settle trading partner transactions in the life sciences industry.

MediLedger was originally created to address pharmaceutical supply chain security, and under this new partnership, the framework will be applied in a number of areas, including: product data validation of medicines returned to distributors, and addressing manufacturers Discount reimbursement (refund) for medicines between distributors, etc.

More than 77 pharmaceutical companies are currently participating in the MediLedger network, including 9 of the top 10 pharmaceutical manufacturers, as well as leading healthcare distributors and group purchasing organizations (GPOs).

The Substrate framework provides MediLedger with unparalleled flexibility, enabling the development of blockchain solutions to meet the needs of any use case.

Today, MediLedger solutions leverage permissioned network configurations, as well as their new ability to interoperate with other blockchains such as Polkadot, through permissioned and/or public hybrid use cases or tokenization in life sciences, creating compelling Exciting innovation opportunities.

Education

In addition to connecting more applications to Polkadot in the form of parachains or products to empower the Polkadot ecosystem, it can also allow Polkadot to include more new users. In order to make Polkadot more widely adopted, the official also consciously cooperates with more education and training opportunities.

For example, on March 4, 2021, Parity Technologies joined forces with the University of California, Berkeley, to enhance the institution’s blockchain curriculum and promote student and community adoption, as well as work with faculty and students on curriculum preparation, project ideation, and other initiatives, To enhance the blockchain learning experience. Parity will also advise students and entrepreneurs looking to launch their next blockchain startup.

The collaboration is centered around UC Berkeley’s Blockchain Xcelerator program, which launched in January 2019 to support new startups and create a globally competitive blockchain curriculum. Since its establishment, Xcelerator has launched 45 blockchain companies, and Polkadot's Acala is one of them.

And on July 11, the Web3 Foundation also launched the "Learn to Earn" program with Revolut to advance Crypto education. Revolut says customers can earn up to $15 in DOT for completing courses and passing final exams.

The current courses cover the basic concepts of blockchain technology and use cases for DOT, Polkadot, and basic network features such as governance and relay chains, respectively.

Revolut is a fintech business providing banking services, headquartered in London, UK. Founded in 2015 by Nikolai Stolensky and Vlad Jachenko.

The services provided by Revolut include currency exchange, debit card, virtual card, Apple Pay, stock trading, Crypto trading, futures trading, savings business and more.

Revolut was originally a digital bank, and since 2017, Revolut has been committed to providing the trading, buying, selling and storage of Crypto assets, becoming a Crypto-friendly digital bank. In July 2021, Revolut announced a deal to offer DOT on its app.

Revolut has become the UK's most valuable fintech company and one of Europe's largest fintech unicorns. On July 15, 2021, Revolut announced the completion of a $800 million financing, led by Tiger Global Management (SoftBank and Tiger Global Management), which valued the company at $33 billion after the financing.

This cooperation with mature financial product companies allows Polkadot to directly obtain tens of millions of potential users, and through the "Learn to Earn" method, users can not only hold DOT, but also familiarize and understand DOT. , which can quickly add real fans to the Polkadot ecology and inject fresh blood into the prosperity of the Polkadot ecology.

postscript

As Dr. Gavin has repeatedly emphasized: the future is multi-chain, no one chain can do everything, and a dedicated blockchain will be subdivided.

At present, the chain launched by Polkadot's official cooperation is not a chain in the direction of DeFi, chain games, NFT, metaverse, etc. that is common in the industry as most people imagined. Instead, it cooperates with some entities to jointly launch Serve the entity's business model or business objectives.

Some people may question that cooperation with entities violates the principle of decentralization, but in fact, it is difficult for us to live in the real world. The combination of virtual and real is the main theme of the future.

Moreover, the function of the blockchain is to ensure that our assets and rights on the network belong to us personally, and to ensure that some on-chain behaviors are immutable and open and transparent through programmable smart contracts. Solution ideas are also a good tool.

But this does not affect entities can also make their existing business and what they are doing better by using the functions of blockchain.

This can not help but remind the author of the explosion of the blockchain industry in 2017. At that time, a large number of blockchain projects emerged in the industry, which were applied in different directions of combining with entities. For a time, "blockchain +" became a kind of popular.

However, most of the projects at that time were more air projects to harvest the market, and the direction of the combination of blockchain and entities was just a false package made by the project party.

Today, blockchain technology has developed enough to carry commercial applications, and more users are accepting the new digital assets and interaction methods brought by blockchain technology.

This also attracts more entities to actively affinity with blockchain technology, and Polkadot, as the leader of Web3, is also favored by these entities for its Layer0 positioning, interoperability and scalability capabilities.

Therefore, it is not so much that the official is launching more cases, it is better to say that the two hit it off together. This trend will become more and more obvious, and a Polkadot system with a richer ecology is being established.

Polkadot is also continuously expanding its influence, bringing the vision of Web3 into more fields, and jointly welcoming the arrival of the new generation of Internet.