Blockchain

Polkadot Unveils Smart Contracts, Enhancing Blockchain Capabilities

By Angela Torres

May 22, 2024

99

Polkadot's recent investment in Pop Network's R0GUE team signifies a strategic move to align with the network's broader technological advancements. The $600,000 funding is directed towards developing smart contracts using Polkadot’s native DOT token. Smart contracts are digital agreements that automatically execute when specific conditions are met, and they have been widely adopted on networks like Ethereum. 

 

However, one of Polkadot’s limitations has been its Relay chain not natively supporting these smart contracts. This limitation hinders seamless integration with the DOT token. Therefore, this new initiative seeks to bridge this gap and enhance blockchain capabilities within the network. 

 

Pop Network addresses this challenge by leveraging ink!, which is Polkadot’s own smart contract language. Ink! provides stable APIs that allow developers to create smart contracts using only the DOT token. These APIs simplify development processes and enable innovative solutions such as cross-chain applications without usual complexities associated with blockchain development. 

 

The founder of R0GUE, Peter White emphasized on the user-friendly nature of their solution stating that it uses just a few lines of code for empowering ink! based smart contracts via an interface powered by Polkadot and DOT token. 

 

This initiative strategically aligned with Polkadot's border technological vision outlined under 'Polkadot 2.0'. Key innovations such as Asynchronous Backing, Elastic Scaling, and Agile Coretime aim at enhancing performance metrics while improving scalability within the network. 

 

By integrating native DOT-based smart contacts into its platform architecture, Polkadot not only enhances functionality but also positions itself competitively against key players in the rapidly evolving blockchain industry landscape. 

 

Looking ahead into future trends affecting platforms enabled by smart-contract technology; Jamie Coutt (chief crypto analyst at Real Vision) predicts substantial growth reaching market values between $15 trillion - $25 trillion by 2030! 

 

Coutt further notes potential impacts AI might have on blockchain technologies stating increased demand for verification/authentication services on-chain. He believes AI agents using blockchain for value exchange could significantly alter growth projections as they might comprise over 40% of daily active users driving up asset values due to increased transaction fees generated by AI usage. 

 

In conclusion, Polkadot's strategic investment in developing smart contracts marks a significant step forward positioning the network for substantial future growth and innovation. With Pop Network’s solution leveraging ink!, Polkadot can enhance its blockchain capabilities while remaining competitive within an evolving industry landscape. 

 

The integration of DOT token based smart contracts coupled with advancements in AI places Polkadot at the forefront of technological advancement setting it up for continued success into the foreseeable future.



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