Due to the macroeconomic situation and the influx of traditional institutions, the fundamentals of Bitcoin are solidly improving. the DeFi segment has also been growing rapidly in the past year through continuous innovation and de-bubble, driving the new husband chain, expansion and interoperability solutions, on-chain infrastructure components and other fields to climb together.
Among the many potential targets, who has the most growth space and development potential? We think the answer will be Polkadot.
【The Polkadot Ecology that is ready to be launched】
Some people say that Polkadot is a project that has the right timing and the right people. As a project that started in 16 years, it has not only successfully traversed the last round of bulls and bears, but now it is on the train of this round of bull market, and the Webs fund is strongly supporting it, and the user volume has also seen a surge. Especially since the beginning of this year, Boka and its forerunner Kusama community have been discussed at a high level, and Boka's market capitalization once overtook the fourth-ranked XRP and now ranks sixth.
The technical features often mentioned include: the double-layer structure of relay chain and parallel chain provides stronger expansion capacity for the system; Poka can dock with Bitcoin and Ether to realize asset ecological migration and has strong compatibility; Poka's substrate can significantly reduce public chain development cost and difficulty, etc.
Although the technical solutions are different, they all point to scalability, interoperability and cost reduction and efficiency. Polka is another big public chain comparable to Ether.
Tether, a stablecoin issuer, announced that its USDT stablecoin will be issued on Polkadot's Polka and Kusama networks, but the parallel chain has not yet been launched, so the timing of USDT's launch is not yet determined. The auction will also precede the boca network. The team said that USDT will be launched on Statemint, a general asset parallel chain, because Statemint is a public interest parallel chain and will go live before a regular parallel chain, so no auction slot is needed.
As the polka ecology continues to expand, the opportunity and market for this piece is becoming larger.
The information shows that Sorceress Protocol (Witch Protocol), as a third-party parallel protocol serving the polkadot ecosystem, will run in parallel with polkadot and participate in the polkadot slot auction. sorceress Protocol was developed by senior developers in the Russian polkadot community to make up for the the shortcomings of polkadot ecology, it will adopt the mechanism of non-artificial decentralized prophecy machine & block verification, combined with open DAO community governance, to continuously contribute to the security and effectiveness of polkadot ecology.
【Sorceress Protocol comes out of nowhere】
Sorceress Protocol network is a scalable and interoperable Web3.0 infrastructure, which is a parallel chain in a powerful polka and belongs to the polka ecology. It is based on the Substrate framework to build a smart contract and DApp platform on top of Poca, thus forming a powerful ecology of Poca - parallel chain - smart contract/DApp, so Sorceress Therefore, the role and weight of Sorceress Protocol in the Poca ecosystem cannot be underestimated.
Polka, as a cross-chain protocol between different blockchain networks, has grown rapidly since 2020, with many quality projects emerging and more and more teams realizing the benefits and efficiency of deploying projects to Polkadot, and the Polkadot ecosystem is growing. of innovation and flexible iteration. By integrating multiple scenario-specific chains into a scalable network, Polkadot enables blockchain technology to realize its full potential in real-world scenarios, generating new markets and paving the way for future decentralized economies.
Sorceress Protocol starts with a well-compatible Layer1 smart contract chain, in which EVM and WASM are introduced for connecting to Ether's smart contracts.
To improve the scalability of the chain, Sorceress also has a Layer2 solution. Those who have studied Boka parallel chains know that many parallel chains will have their own contract function in the future, but they are not focused on smart contract chains, while Sorceress is mainly focused on the development of smart contract infrastructure (Layer1 + Layer2) to provide a good scalable infrastructure for dApp developers. You can understand Sorceress as creating an ETH2.0 on Polkadot.
Polkadot's relay chain does not have smart contract functionality. dApp developers who want to develop applications based on Polkadot must either use Polkadot's parallel chain or choose a smart contract parallel chain for deployment. For normal developers, the former has a high development cost and the cost of bidding for a slot is also very expensive, some project parties are expected to be around 300W DOT. So the best way is to base on one smart contract parallel chain for dApp deployment. Sorceress would be a good choice for dApp developers to deploy smart contracts due to the excellent scalability.
Sorceress is designed as a parallel chain on Poca, which mainly solves the Layer2 problem, i.e., the scalability and interoperability problem. Sorceress is the only network that supports Layer 2 scaling technology from the beginning, and when it comes to Layer2, it means not only higher transaction speed, but also cheaper fees and higher flexibility. The current transaction fees with Ether are very expensive, sending a transfer with a fee of basically 15 to 40 US dollars.
【Five advantages to build the strongest polka protocol】
Scalability
Due to the decentralized consensus mechanism, the blockchain cannot scale by design. the TPS (transactions per second) is much smaller than a centralized database, and there is an upper limit to the amount of data that can be stored in each block. As a result, users on the network may notice that their transactions remain unconfirmed or pending for long periods of time, leading to a poor user experience. And for smart contract developers, this can be a key bottleneck.
Layer2 of the Sorceress network solves the scalability problem, which means higher TPS, lower transaction costs, and faster block determination for dApps using Sorceress.
Interoperability
We now have many different blockchains, but few have interoperability. To move "value" from bitcoin to ethereum, we need a centralized exchange. polkadot is a sharding protocol that allows blockchain networks to work together seamlessly. sorceress is compatible with polkadot. By connecting Sorceress to Polkadot, we will have true interoperability.
Innovation
Operator trading is a mechanism for buying and selling dapps/smart contracts in the Plasm network, very similar to a merger and acquisition mechanism. With the dApp reward mechanism, the administrator of the smart contract (Operator) can potentially benefit from it. The operator will transfer the rights to the smart contract to the opponents, and those who get the rights to the operator's smart contract will get the corresponding buyout as long as the opponents give the operator the expected value. The operator will transfer the rights to the smart contract to the opponents. This mechanism will create a new off-chain market.
dApp Rewards
dApp rewards are a reward mechanism for smart contract developers or administrators (operators). 50% of the staking rewards in the Sorceress network go to dapp developers who increase the value of Sorceress. The Sorceress network allows each smart contract to be assigned a smart contract administrator, who is called "Operator". Other users in the network can also participate in the smart contract, a participation called "nomination", and these participants are called Dapp nominators.
In addition, Operators can be rewarded in proportion to their share of the smart contract equity. This is a solution to the challenge of how to monetize the application developers (administrators) on the chain. It also provides an incentive for nominators to participate in the pledge of smart contracts, which in turn increases the value of tokens.
【Super ecological layout ready for launch】
Sorceress.governance: Sorceress.governance is a decentralized voting project where all Sorceress holders will be able to initiate a proposal in Sorceress.governance, and all proposals will be reviewed by Super Node and published on the main network for holders to All proposals will be reviewed by Super Node and posted on the mainnet for holders to vote on.
Sorceress Protocol: Sorceress.protocol is a cross-chain protocol. Initially, the developers will optimize the protocol for BTC, ETH and other mainstream currencies to ensure a smooth cross-chain transaction channel for all mainstream currencies. After the development community grows, the protocol source code will be opened for all developers to access other coins that need cross-chain access.
SorFarm: SorFarm is a decentralized project publishing center. Innovative projects can be freely published on SorFarm. through the six-degree relationship network, and global high-quality projects can be transformed and upgraded through SorFarm, bringing a revolution in blockchain innovation.
Sorswap: The current decentralized exchange can only meet single-chain transactions, such as uniswap, 1inch, balancer, etc. Sorswap will meet multi-chain, cross-chain transactions without barriers. whether Sorswap needs to open liquidity mining will be decided by Sorceress.governance voting.
Sorceresster: Sorceresster is a tool for C-suite users to expand their network and also their business. Blockchain startups on Sorceresster. can publish their project models with custom parameters, e-commerce people can publish their products through its platform, and in addition to this they can freely publish prize quizzes and task systems, all decentralized and with point-to-point transmission.
Sorceress Browser: Sorceress Browser includes Block Browser & Relationship Browser. In the block browser, you can clearly check every transaction contained in every block; in the relationship browser, you can clearly check all the relationship networks and all the contacts within 6 spacings.
Sorceress Cross-chain Prophecy Machine: The core functionality of Sorceress aims to connect three environments. It supports all the leading smart contract networks including off-chain and cross-chain interactions. In its on-chain and off-chain versions, Sorceress is designed with modularity in mind. each piece of the Sorceress system is scalable, thus allowing for the replacement of different components with better technology and bidding mechanisms.
It is reported that Sorceress, as the first TRC protocol-based sidechain for the PoC parallel slot , will open a whitelist airdrop campaign for the token SOR in the near future and is expected to go live on the mainnet in July-August 2021, which is expected.
For more information about Sorceress, please follow the official website at https://www.sorceress.pro
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