What is Prism: a Detailed Introduction to Our Parachain
Over the past year, the DeFi market has seen explosive growth in both the total value locked (TVL) and the number of users.
The adoption of DeFi applications will revolutionize traditional financial markets by improving the efficiency of financial collaboration and reducing intermediate costs. But for now, blockchain infrastructure is not perfect. First of all, the Ethernet infrastructure is not perfect, and the upgrade process is slow. Ecological growth on the Ethernet is hampered by high transaction fees. Second, BSC is highly centralized: most of the current BSC nodes are in the hands of Binance who itself decides who can use their official cross-chain bridge. That is why Prism has come into being.
Native to your existing work-flows
Prism is fully compatible with Ethereum. Prism EVM RPC is a protocol layer that supports all tools of the Ethernet ecosystem, such as MetaMask, Web3js, Etherjs, Truffle, Hardhat, etc.
The Prism Core
Prism is an ideal infrastructure to deploy DeFi applications upon. It boasts four key advantages.
1. High Scalability
Prism provides a more flexible infrastructure for DeFi applications through its vertical and horizontal scalability.
2. Rich Functions
Prism can easily operate as a sidechain of any Ethereum compatible public chain and communicate with the Cosmos ecosystem. This is achieved by Prism EVM, Prism Bridge and the IBC protocol.
3. Low Barriers
Prism can perform 1000+ TPS. DeFi applications deployed on Prism enjoy higher transaction rates at lower gas cost.
4. High Security
Prism is built on Substate, and the inherent security of the Rust language eliminates runtime exceptions.
To sum up: Prism powered by Shadows has several outstanding features: 1) built with Substrate, Prism is highly scalable and cross-chain capable; 2) Prism is compatible with other public chains such as Ether, BSC, which will bring liquidity to DeFi applications on Prism Network; 3) developers will be able to create and deploy DeFi applications on Prism Network easily, quickly and cost-effectively.
Prism Sidechain: How does It Work?
The Prism sidechain is one of the independent Layer 2 solutions, enabling Prism a greater capacity and higher transaction speeds than the main Ethernet network. Nodes on Prism are responsible for confirming and processing transactions. Once connected to a Polkadot parallel chain slot, the transaction data will be collected by Prism’s collator nodes. The data will then be submitted to Polkadot verifiers to be written into blocks, which maintains the consensus of the entire network. Security is the responsibility of every sidechain, Prism relies on the decentralized nature of the Polkadot network and its advanced consensus mechanism to provide strong security for every user.
After nearly 10 years of development since the birth of Bitcoin, blockchain technology has failed to solve the problem of poor connections between different chains. With the emergence of cross-chain technology, the flow of digital assets among different chains is now possible.
That being said, cross-chain technology is still in its infancy. This is especially true for Polkadot. Although many projects are developed based on Polkadot, assets like BTC and ETH can not easily enter the Polkadot ecosystem due to the imperfect infrastructure. More than ever, people are demanding freedom, privacy, security and efficiency in financial transactions. Innovative DeFi applications are the key to transitioning human societies into the Web3.0 economy.
To build an innovative DeFi platform, Prism Network will push cross-chain technology to the next level and connect major crypto-ecosystems together, bringing assets from other public chains and the real world into Prism and Polkadot.
About Shadows Network: