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Disclaimer: The Industry Talk section features insights by crypto industry players and is not a part of the editorial content of Cryptonews.com.
If you’re a crypto enthusiast and you haven’t been following the Polkadot project, then you probably should be.
Polkadot is a scalable, interoperable, and secure network protocol. It enables arbitrary data — not just tokens — to be transferred across both public, open, permissionless blockchains, and also private, permissioned blockchains. This makes things like cross-chain registries and cross-chain computation a possibility.
Ultimately, the purpose of this is to enable applications to get permissioned data from a private blockchain and use it on a public blockchain. The example provided on Polkadot’s website is requesting a school to send academic records from a private, permissioned chain, to a degree-verification smart contract on a public chain.
Polkadot itself is comprised out of 3 distinct networks, the Polkadot network, Kusama, and Rococo. Each has its own function, with Polkadot predicted to run most of the project’s flagship developments.
There has been a lot of attention focused on Kusama’s initial top five parachain slots auctions. But there are significantly more projects building on the Polkadot ecosystem that haven’t been getting as much attention as they should have.
Below, we have outlined three hidden gems that are currently being built on Polkadot that are worth checking out, and will compete soon to win slots that will allow them to build on Polkadot’s Kusama network.
1. KILT Protocol
KILT Protocol is a blockchain protocol for issuing self-sovereign, anonymous, verifiable credentials. It is based on Parity Substrate, and will have both a native blockchain and a native coin.
From the perspective of users, KILT Protocol enables them to claim attributes about themselves and get them attested by trusted entities. These claims can then be stored as self-sovereign credentials, known as certificates.
From the perspective of trusted entities, KILT Protocol enables them to issue credentials in exchange for money.
Ultimately, the network creates a new business model for anyone who either owns trust, or wants to build up trust. Identity data is hosted on the proprietary KILT wallet called Sporran, which generate what is essentially “Social KYC”.
Social KYC can be used by people to proof their control over their social network accounts, email address or phone number etc. As soon as the credential is issued the Social KYC forgets about the user and the entire transaction completely and never stores it anywhere.
2. Ocean Protocol
Right now, a small handful of large corporations and organizations have access to a worryingly large proportion of our data. Many of these organizations have access to powerful artificial intelligence (AI) tools, which makes them dangerous to a free and open society.
Ocean Protocol unlocks the value of data by giving data owners and consumers the ability to publish, discover, and consume data without compromising their privacy. Its ‘Compute-to-data’ feature enables specific access to be granted to private data instead of granting direct access. Data scientists can run their AI modeling algorithms against this data by purchasing it.
The OCEAN token allows holders to stake on data, govern community funding, and buy and sell data. Right now, the circulation supply is 347.20 million, and the overall total supply will be 1.41 billion.
3. Darwinia Network
Darwinia Network is a decentralized cross-chain bridge hub. It is built on Substrate. It connects Polkadot, Ethereum, TRON and other heterogeneous chains by cross-chain asset transfer, as well as general remote chain call.
Ultimately, Darwinia aims to build the future Internet of Tokens. The network’s main application areas include decentralized finance (DeFi), the cross-chain NFT trading market, and games.
Darwinia’s RING token is used to pay the gas fee for on-chain transactions and cross-chain services. Members of the Darwinia community can leverage the RING token to access staking rewards and obtaining voting power.
The future of the Polkadot ecosystem
The future is looking bright for Polkadot, and there are hundreds of exciting projects using the network right now.
Polkadot has gone from strength to strength over the past year. Back in February, a Forbes article even referred to it as the ‘Ethereum Killer’ — a bold statement if there ever was one!
To find out more about the purpose of the Polkadot ecosystem, take a look at its whitepaper. If you want to stay up to date with the hundreds of projects that are currently being built on Polkadot, you can take a look at the PolkaProject list.
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