Why Edgeware will be a top player in Polkadot’s ecosystem in 2021 and beyond
The explanation behind why a self-improving smart contract blockchain will have the potential to bring about huge change within the Polkadot network
Overview of Polkadot and Parachains
The Polkadot network is comprised of a relay chain and many soon to be parachains that will occupy parachain slots that are attached to this relay chain. The benefit of the Polkadot network is that it will solve the interoperability issue within blockchains in that it will allow the seamless transfer of heterogeneous data from one blockchain to the next by leveraging the relay chain to act as sort of a highway in sending information from one parachain to any other parachain. Concurrently, this allows for a highly scalable network by executing transactions across multiple chains to increase throughput. Polkadot supports a limited number of parachains, currently estimated to be about 100 to start. However, this number will grow as the network grows larger. As the number of slots is limited, Polkadot has several ways to allocate the slots:
- System level parachains — deemed as a “common good” for the network, such as bridges to other networks or chains that remove functionality from the Relay Chain, e.g. a governance parachain.
- Auction level parachains — Auction granted parachains are granted in a permissionless auction. Parachain teams can either bid with their own DOT tokens, or source them from the community using the crowdloan functionality.
- Parathreads — Parathreads have the same API as parachains, but are scheduled for execution on a pay-as-you-go basis with an auction for each block.
Now that we’ve gone over how a parachain is considered, this brings me to my next point of interest which is the subject of this article being Edgeware.
What is Edgeware?
Edgeware is an on-chain governed, mainnet 3rd generation, self-upgrading smart contract platform for building decentralized applications (dApps) that intends to eventually operate within the Polkadot ecosystem. It is designed to apply decision-making process to the runtime of the blockchain, but also to the decision-making processes themselves, in an effort to rapidly generate more effective governance solutions for blockchain platforms. Furthermore, Edgeware uses various components of Polkadot’s underlying framework, called Parity Substrate, that supports Edgeware’s more functional components. In its current state, Edgeware operates as a standalone blockchain network, featuring a Nominated Proof-of-Stake (NPoS) consensus mechanism, an on-chain governance system, and a native token, EDG, that owners can use to pay transaction fees, vote on upgrade proposals, and participate in consensus.
As a substrate-based chain, Edgeware will be eligible to join the Polkadot ecosystem as a parachain and bring smart contract functionality to Polkadot once it launches support for parachains. Other parachains and platforms can then use Edgeware as a means of building smart contracts within the Polkadot ecosystem while not having to worry about development or congestion of their own network if they were to try and implement smart contracts into their own protocol. When you build a smart contract, it will eventually be deployed to a target chain with its own environment. Parachains allow the developer to declare the environment of their own chain, even allowing others to write smart contracts for it. This paired with the governance system on Edgeware will provide an environment in which developers and clients will be able to utilize a smart contract platform which will be as innovative as the protocol of its network.
Every blockchain that will be within the Polkadot network will have their own specialization and use-case. Smart contracts using Edgeware that are native to the Polkadot ecosystem will allow easy integration for parachains that are building on top of substrate as well as bridged parachains from pre-existing networks like Bitcoin or Ethereum where smart contracts can be utilized as well by leveraging technologies such as EVM’s (Ethereum Virtual Machines). Edgeware has deployed Full EVM compatibility layer and tooling support. On top of that you can deploy WASM Contracts written in ink! and AssemblyScript.
Developers and teams looking to build on Edgeware
For those looking to build using Edgeware, they are very incentivized as well! Over 1.2m ETH participated in the Edgeware lockdrop, with funds, individuals, and projects participating.
You’ll be releasing your project to an active ecosystem. 8k active addresses with ~10 milion to receive EDG through partners. Edgeware has nowadays 100 daily active participants across voting, discussion and development and it’s growing. As well as:
- $5M plus in funding available per year in grants, investments and more
- Generally Edgeware has construction-projects for Treasury funding available for your idea, tooling or existing project. You can request amount up to $100k per project.
- BuildDAO — aims to be an on-chain incbuator. Apply with an idea, get $50k to seed your startup or protocol on Edgeware
- Experimental Developer Mining — Earn usage based rewards of fees generate by your smart contract. Potentially 2% of fees generated by your smart contract.
- Developer in Residence program — for individuals who want to leverage their skills and have ownership over their time and work. That’s include producing tooling, product or protocol.
In conclusion, the Polkadot network is beginning to develop the likes of an ecosystem in which every specialized parachain within the ecosystem will be able to utilize the goods and services of other parachains and foster a robust environment for growth, just like a real-world market where individuals and businesses have different specialities to trade with others to benefit themselves, the other parties involved, and the market as a whole. With the versatility and range of smart contracts it’s no wonder that a platform like Edgeware is taking the initiative towards becoming one of the first parachains to be auctioned onto the network and begin supporting and carving out the beginnings to a Polkadot network that will be of a much larger scope being used by much more prominent industry leaders, further accelerating the rapidly growing industry of blockchain technology.