Polkadot
Present-day blockchain architectures all suffer from a number of issues not least practical means of extensibility and scalability. Polkadot is a scalable heterogeneous multi-chain. It is a multi-chain network based on a Proof-of-Stake (NPoS) scheme. PoW is used to prevent the creation of blocks which are not valid. PoS would be used to create a chain longer than the real chain in a relatively short timespan. This could potentially make it the longest and best, taking over the canonical state. Polkadot is designed to provide no inherent application functionality at all. Polkadot provides the bedrock relay-chain upon which a large number of validatable, globally-coherent dynamic data-structures may be hosted side-by-side. Polkadot achieves low-level consensus over a mutually agreed valid blocks through a modern fault-tolerant algorithm. The latter provides an efficient and fault-tolerant consensus over an defective network. PoW is also imagined to be deployable as a fully open and public network in a fully public situation.
Parachains
In-chain transactions do not come with any kind of payment of fee associated. Any payment must be managed through negotiation logic on source and destination parachains. It is the task of the relay-chain maintainers to move transactions on the output queue of one parachain into the input queue of the destination parachain.
Multi-Chain
The relay-chain is designed to be modular. There are a number of small pieces of functionality required for administrating the consensus mechanism, validator set, validation mechanism and parachains. An initial proof-of-concept would focus on placing the new validation algorithms into clients themselves, effectively requiring a hard fork of the protocol each time an additional class of chain were added. Ultimately, it may be possible to specify the validation algorithm in a way both rigorous and efficient enough that clients are able to effectively work with new parachains without a hard-fork.
The progression of consensus may be modelled as multiple standard BFT consensus algorithms over each parachain happening in parallel.
Relay-Chains
Once malicious collators can feed invalid or over- weight blocks to validators causing them grief (wasting their resources) and exacting a substantial op- portunity cost. To mitigate this, a simple strategy is proposed on the part of validators: parachain block candidates must be signed from a relay chain account with funds; if they are not, then the validator should drop it immediately.
Workload Distribution
Polkadot is a decentralised system aiming to distribute workload across the network. It uses a multi-phase routing algorithm to reduce the number of instantaneous pathways at a cost of latency and cost of storage. The system has a unique set of validators (availability guarantors) whose order grows sublinearly with the size of Polkadot. Routing is a hypercube of e dimensions, with each side of the cube having b possible locations. Each block routes messages along a single axis. The axis is alternated in a round-robin fashion, thus guaranteeing worst-case delivery time of e blocks. Grows with O(be), with the pathways remaining constant and the latency (or number of blocks required for delivery) with O(e).
Polkadot is able to create new candidate blocks for the validators chosen at each block (whose identity is known since the relay- chain is synchronised) and submit them, together with the various ancillary information such as proof-of-validity, via the peer network. For its trouble, it collects all fees relating to the trans- actions it includes. Polkadot can imagine a break-in contract within a parachain which allows a validator to be guaranteed payment in exchange for the provision of a particular volume of processing resources. More parachains means fewer validators per parachain and, eventually, a larger number of validators each with a reduced average bond. Polkadot has outlined a direction one may take to author a scalable, heterogeneous multi-chain protocol
Parity Platform
The Parity Polkadot Platform stack has a number of functional components and any development of it will require a substantial amount of research and development. Some components are dependent on others existing, others are independent. Some are of indeterminate complexity and have not yet been deemed feasible. Others are relatively straight-forward.
Summary
Polkadot is a multi-chain, trust-free decentralised payment system. It is intended to replace existing blockchains. Polkadot tokens are neither intended nor designed to be used as a currency. Instead, they are a direct representation of stake in the network. It rises and lowers according to market effects.
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