The development of the Internet of Things (IoT) is impossible without the creation of a decentralized environment. Tethering devices to remote servers of IT companies is only the initial, not the last stage in the evolution of the IoT.
As the number of devices in any given system grows, the weaknesses of the traditional, centralized model begin to be revealed: insufficient bandwidth and vulnerability of data passing through the servers. The answer to these inefficiencies should include the construction of a multi-agent system, where each participant is endowed with greater autonomy and can perform a wider range of tasks. This trend should include the ability of a device to independently accept orders and payments for their completion, as well as engage in contracts with another device without human mediation.
Ethereum smart contracts make it possible to bring such a concept to life, but only up to certain limits due to limited bandwidth, high cost of transactions, and the lack of a “common language” with other blockchains, unless the developers have come up with a special “bridge” for a specific case.
Polkadot protocol, the flagship project of Parity Technologies and the Web3 Foundation, is best-placed to realize the idea of Web 3.0 and opening the possibility of connecting millions of smart devices to the global network. Polkadot’s sharding protocol provides an opportunity for inter-blockchain communication. Below we break down the reasons why the IoT industry has become one of the main beneficiaries of internetworking protocols and review the most promising IoT projects on Polkadot.
Why is there so much talk about polka dots?
Half a year after the launch of the Polkadot main network, it boasts developer recognition. According to Coingecko, at the time of this writing, Polkadot token DOT is ranked seventh among all blockchains, with a market cap of $4.15 billion and a daily trading volume approaching $100 million….