Polkadot is changing the way blockchains work and interact with other blockchain networks. This secure, scalable, and interoperable network protocol is setting the stage for the next web and the disruptions that will come with them.
What is Polkadot?
Polkadot is the blockchain of blockchains providing an infrastructure that unites many networks of heterogeneous blockchains. These blockchains are known as parachains and parathreads connect via Polkadot relay chains and share security. They connect with external networks using specialized bridges.
By using a common relay chain to hook all participating blockchain, there is a formation of a consensus mechanism that guides the whole network. This consensus serves as the basis of shared security present within the network. We will examine the benefits and the issues that may arise due to this single-point security system.
At applicature, we are a parachain on Polkadot development company with expert Polkadot security auditors who will help you determine the integrity and security of your network. Also, we have made excellent contributions to blockchain development and our experience makes us up to the task when it comes to fixing loopholes within Polkadot or blockchain networks.
Security of the network
The Polkadot network works using a shared security framework. Sometimes referred to as pooled security in written documentation, this has become the selling point for many blockchain platforms willing to become a parachain on the Polkadot network.
Parachain Versus Bridges
By design, a parachain slot is leased to each parachain connected to the Polkadot Relay Chain and this will enable them to benefit from the business security presented by the Relay Chain validators. On the other hand, if the interchain link is built on a protocol that uses bridges, each chain is regarded as independent and must have its economic security and validators.
On Polkadot, the disparity between chain security will be absent. Whenever there is a connection between a parachain to the Polkadot network, security is provided by the Relay Chain validator set during the parachain’s transitions.
The beauty of this system is that the parachain will only need to run a few collator nodes to update the validators about the latest state transitions and proofs/witnesses. The Validators will only have to check for the parachains assigned to them. This process makes it possible for newly launched parachains to immediately benefit from the existing overall security of Polkadot.
Weaknesses of Polkadot
One major concern in the Polkadot protocols is the subject of scalability of the security framework. There is a tendency for lower market cap alternative coins to be filtered down while the bigger market cap altcoins fill their blocks making the lower market cap altcoins have a lesser layer of security that are easier or prone to a cyber-attack.
A classic example is an attack on Ethereum on January 10, 2019. An Anonymous attacker double-spent a total of 219,500 ETC (approximately 1.1M USD). This is where you can rely on our Polkadot security auditors at Applicature to audit your network for security bridges and have our experts fix possible glitches in your network.
Polkadot on its part overcomes security scalability by directing all economic incentives to the Relay Chain, allowing the parachains to tap into stronger fidelity at genesis. However, Independent chains must make an effort to increase the value of their coin to make it difficult or impossible to be attacked by well-funded attackers.
Doing a proper Polkadot Security Audit
Polkadot is created in a complex and reliable way to attain sound security of the network. However, some gaps need to be closed, and doing a security audit is important. It is vital to ensure the correctness of the parachain’s code, especially concerning critical requirements, such as ensuring the immutability of the state of the parachain after the link is established.
Fishermen on the network are only rewarded when they detect fraud.
To ensure compliance there is a need to make sure that:
1) Fishermen need to get a reward for checking validators independently and reporting early.
2) Fishermen and other validators need a longer finality period to find and report jeopardized blocks.
3) Only a final block should permit transactions since independent blockchains cannot be reverted.
Polkadot is not only scaling up the existing blockchains through parachains and bridges, they are undertaking the huge challenge of implementing shared security to multiple blockchains. They are solving this problem through a mechanism that allows collaboration leading to the prevention of possible attack vectors.
Although there may be weaknesses within the Polkadot framework, fishermen are always fishing for attacks and they help to prevent collusion of parachain validators. Hence, it will be a good idea to have permanent fishermen who will receive rewards for their role.
Our team at Applicature, a parachain on Polkadot development company, are always ready and willing to help you with your Polkadot needs. You can schedule a consultation with our experts via call or email.