- Emerging blockchain networks challenge Polkadot by offering innovative solutions for scalability, interoperability and security.
- Projects such as Astar Network and Acala move between established DeFi and the development of new financial services products, involving both developers and investors.
- Specialized networks such as eFinity (for NFTs) and Corda (for enterprise solutions) target specific niches within the blockchain ecosystem.
There is a vibrant ecosystem for blockchains, and candidates for Polkadot have emerged in several networks. These platforms provide new solutions to the scale, integration, and security challenges of the decentralized ecosystem. As the industry advances, five networks have attracted a lot of attention for their novelty and their potential to disrupt traditional blockchain offerings.
Astar Network: a bridge between traditional and decentralized finance
Astar Network can be described as a multi-sol enterprise, centralized as a series of smart contract chains for dApps. The ability to support multiple virtual machines and interoperability have driven developers to develop applications that work across multiple chains. Astar’s ability to connect centralized and decentralized finance is attractive to developers and investors alike.
Acala: Pioneering DeFi on Polkadot
As an ecosystem fully integrated into the Polkadot blockchain, Acala is now recognizable for its account of a powerful network of DeFi applications. Acala is a DeFi platform that offers many financial derivatives such as MDS, DXD and LDOT. Its unique focus on DeFi has made it an essential part of the Polkadot ecosystem and other blockchain systems down the road.
eFinity: revolutionizing the NFT landscape
eFinity was unveiled by Enjin and the aim of this technology is to solve the scalability and usability issues in the NFT market. The achievement of focusing on ease of use for both NFT producers and consumers has placed the platform in a different league from most blockchain platforms. eFinity seems to have the ability to revolutionize the NFT space, both in the gaming world and the art world.
Kusama: The Canary Network for Blockchain Innovation
More often than not, known as the Polkadot ‘canary network’, Kusama is an experimental environment for blockchain projects before transitioning to the regular Polkadot network. Its true and free form enables the flow and speed of change and development through countless entities, some of which are unregulated. While Kusama can be seen as a sister to Polkadot, it has indeed developed its economy with the kind of projects that need the high speed it offers.
Corda: Enterprise Blockchain Solutions
Corda, on the other hand, was developed by R3 and focuses on the enterprise blockchain. It stands out from public blockchain networks that target companies that need anonymity and the ability to expand within their respective programs. The first has a separate architecture and is completely focused on complying with regulatory frameworks as a designation for the company in the field of enterprise blockchain.
Credit : cryptonews.net
