Crypto startup plans third wave of internet

UK startup builds a more secure, peer-to-peer internet

Spotted: UK-based crypto startup Polkadot plans to reshape the internet using blockchain. The goal is to create a 3rd wave (Web3) of the web — one that lays the foundation for a secure peer-to-peer platform.

A blockchain is a chain of digital information (known as blocks) stored in a public database (chain). The challenge is that while blockchains are growing in popularity, they struggle to speak with each other. Polkadot, a global network of blockchains, provides a framework for blockchains to communicate, thereby connecting them.

Blockchain advocates say this system is more trustworthy and secure than the internet we currently use. This is because the information is shared only with blockchains you trust. This helps protect against viruses and malware.

The new network would allow applications from one blockchain to work seamlessly on any other blockchain. To make this happen, Polkadot envisions a network made up of three main components. The first piece, parachain, will gather and process information. That information will be passed to a relay chain (the second piece) and then to a bridge, where it would be reconnected to a main chain, like Ethereum.

Dr Gavin Wood, the co-Founder of Ethereum, is a co-founder of the startup.