In this tutorial, you’ll be going through the fundamentals of blockchain technology and Polkadot how it works, and the polkadot framework.
Next, we’ll move on to the installation, running, and compilation sections for rust using the substrate. After that, you’ll see how to build a custom blockchain using the substrate framework.
Moving further, you’ll learn how to create a boot node and connect it to three other nodes.
If you are someone new to the blockchain, you must understand the concepts of Blockchain, Polkadot, and Substrate
For this tutorial, you should also be comfortable with command-line interfaces and program development in general.
The Basic Concept of Blockchain
Blockchain enables the real-time recording of data about any event or transaction through a distributed, decentralized, peer-to-peer ledger that is immutable and replicated across numerous nodes connected by a network. It is made up of links in a chain that are used to securely record digital assets. A digital chain composed of unchangeable data blocks stored on a decentralized and dispersed network of computers.
What are The 4 Types of Blockchain?
- Public Blockchain
It is a distributed ledger that anyone can join and use to complete transactions. Every computer in the network has a copy of every other node or block in the network. We can also carry out transactions or record verification. Anybody with access to the internet and a computer with decent hardware can take part in this open blockchain.
Traditional financial systems can be replaced by public blockchains because they are secured by proof of work or proof of stake. The smart contract that allowed this blockchain to support decentralization represents its more advanced side. Bitcoin and Ethereum are two examples of public Blockchain App Development.
- Private Blockchain
A blockchain network operates in a private setting, such as a restricted network, or is managed by a single identity. only selected nodes can participate in the process, making them more secure than the others.
This blockchain, with proper security and maintenance, is a great asset for securing information without exposing it to the public eye. As a result, businesses use them for internal auditing, voting, and asset management.
- Hybrid Blockchain
Companies that want the best of both worlds use a hybrid blockchain, which combines the benefits of both private and public blockchains. some parts are controlled by one organization and others are made visible as a public blockchain.
It offers a more comprehensive solution to the healthcare industry, government, real estate, and financial firms. It provides a solution when data must be accessed publicly but must be protected privately.
- Consortium Blockchain
A consortium blockchain, also known as a federated blockchain, has both private and public blockchain features, similar to how a hybrid blockchain does.
It has a lot of potential in companies, banks, and other payment processors. The organizations’ food tracking frequently collaborates with their sectors, making it a federated solution ideal for their use.
Polkadot
Its multichain network seeks to link various specialized blockchains into a single cohesive network. the blockchain that is linked to Polkadot and works in parallel blockchains known as parachains.
Polkadot combines a network of custom-built Blockchain App Development Company into a single network. Bridges are also used by Polkadot to link to legacy networks and the cousin network kusama. With a tool called substrate, the blockchain on Polkadot is custom-built and customized for certain needs.
Four major components of Polkadot:
- Relay-chain
It is the heart of Polkadot that’s responsible for the network’s shared security, consensus, and cross-chain interoperability. Interoperability refers to the ability of the diff-diff platform to operate as a single platform or as a reference platform.
- Parachains
A blockchain with the ability to issue its own tokens and tailor its features to particular use cases. Additionally, it is directly linked to the relay chain.
- Parathreads
It’s similar to parachains, but on a pay-as-you-go basis. It is more cost-effective because blockchain does not require continuous network connectivity.
- Bridge
Blockchain bridges allow two economically sovereign and technologically diverse chains to communicate with each other.
Substrate
It is a generic blockchain platform that offers plug-and-play components for creating blockchain networks and applications. The substrate chain was given the messaging protocols by the Polkadot network so they could communicate with one another.
In order to construct the runtime logic necessary for your blockchain, you can use, modify, and extend the modules referred to as pallets and support libraries provided by the FRAME development environment. For eg Aura, BABE, GRANDPA, Electrons, utility, Sudo, EVM, and more…
Three core technologies in substrate:
- Libp2p
This will use the P2P(Peer-to-peer) stack for networking.
- Wasm (Web assembly)
It is the key technology for the substrate nodes. Everything in runtime will compile in Web assembly. It is also known as the shell of the brain.
- GRANDPA
The Polkadot Relay Chain uses GRANDPA (GHOST-based Recursive ANcestor Deriving Prefix Agreement) as its finality device.
Blocks are finalized by the Polkadot Host using the GRANDPA Finality protocol. The validator nodes must vote in successive rounds in order to reach finality. In parallel with Block Production, Validators run the GRANDPA finality process as a separate service.
