Blockspace: the foundation of Web3
Polkadot's blockspace ecosystem makes it the perfect fit to realize your project in a fast, stable, and cost-effective way.
What is blockspace?
Blockspace can be thought of as a blend of three essential elements in traditional computing: storage, bandwidth, and computing power. It represents the storage and computational capacity of a blockchain to perform its functions, such as creating and validating blocks. This integrated resource is distributed across a decentralized network, making it the most valuable capability of a blockchain.
Core attributes
Security, availability, and flexibility determine the utility and quality of blockspace.
Functionality
Blockspace powers blockchain activities, including validating transactions and executing smart contracts.
Conceptual view
Blockspace is a virtual area where a blockchain’s code and data are executed, processing all actions and information, from cryptocurrency transactions to DeFi applications.
Security
PROBLEM
Consensus risks
Securing blockspace against transaction manipulations requires significant computing resources, risking centralization. New projects often lack the scale to prevent 51% attacks, increasing their vulnerability.
POLKadot solution
Nominated POS
Polkadot's patented Nominated Proof of Stake mechanism, with its advanced election algorithm, safeguards blockspace against attacks and transactions violations.
problem
Rollups and other Layer 2s
Layer-2 blockchains are only as secure as their underlying protocol, with optimistic rollups having a long time to finality.
Polkadot Solution
Shared security
Building within Polkadot's ecosystem leverages the entire validator community, providing smaller projects with resilience equal to the network's economic barriers against attacks.
Problem
Unstable bridges
Most networks rely on bridges to enable interoperability between chains, which are infamously prone to faults and hacks.
Polkadot Solution
Trustless bridges
The Polkadot ecosystem connects to external ecosystems through trustless bridges, enabling secure cross-platform interoperability.
PROBLEM
Slow bug fixing
Networks without efficient, decentralized on-chain governance are inherently slow in decision making, such as for fixing bugs, leaving the network vulnerable to attacks. Most protocols compromise on decentralized governance, relying on a few individual’s decisions.
Polkadot solution
On-chain governance
Polkadot's decentralized, efficient on-chain governance prevents control by single groups and enables swift resolution of bugs and security concerns.
Availability
Readily available blockspace ensures applications are always accessible, run cost-effectively, and work seamlessly for users.
PROBLEM
Low performance
Blockchains have finite bandwidth, leading to congestion and unpredictable service availability as demand increases.
Polkadot solution
Effective computation
Polkadot’s specialized chains all produce blockspace with optimal performance, providing abundant bandwidth.
problem
High transaction fees
Most blockchains drive transaction fees higher when blockspace is needed more.
Polkadot solves
Predictable costs
Polkadot’s bulk fee structure provides a cap to skyrocketing fees.
Problem
Capped adoption
Legacy chains cannot service demanding dapps at scale, restricting innovations to a small user group and limiting mainstream reach.
Polkadot Solution
Further scalability
Readily available blockspace leads to highly-performing apps with great UX, allowing for vast user growth.
PROBLEM
Unused resources
Blockspace is often underutilized and these resources go unused.
Polkadot solution
Secondary markets
Secondary markets in blockspace ecosystems can be used to buy or sell excess blockspace.
Flexibility
‘One-size-fits-all’ blockspace will inevitably lead to product, cost, and security dilemmas.
PROBLEM
Rigid blockspace
Adapting and tailoring projects for specific, evolving use cases is difficult.
Polkadot solution
Bespoke tech specs
Flexible blockspace allows product design to be independent of the underlying protocol. This allows for various models, architectures, and tokenomics.
problem
Stuck with old specs
Blockspace can’t be upgraded, leaving builders stuck, unable to adapt and innovate, and unable to fix security issues.
Polkadot solution
Upgradable specs
Upgradable blockspace also adjusts to future needs, providing a great canvas for innovation.
Coretime: Polkadot's blockspace allocation mechanism
Coretime is the unit in which blockspace is measured. Together, blockspace and coretime form the foundation of the Web3 cloud.
