Joining Polkadot’s Bet Against Blockchain Maximalism
The days of chain maximalism are over. Ferrum Network believes in a multi-chain future and is joining Polkadot in their bet against blockchain maximalism. Ferrum Network was founded on the basis of an interoperable world; we believe an alignment with the Polkadot ecosystem is the ideal next step in our journey to help make blockchain interoperability as seamless as a MetaMask transaction.
– Taha Abbasi, Chief Strategy Officer at Ferrum Network
Polkadot set out to build a multi-chain world with their HETEROGENEOUS MULTI-CHAIN FRAMEWORK. Ferrum is a strong believer and proponent of Polkadot's bet against chain maximalism. We feel that Ferrum's mission aligns perfectly with Polkadot's core ethos. We also believe that the DotSama community is ideally suited to undertake the task of creating, adopting, and standardizing interoperability across chains. For these reasons, we feel the DotSama ecosystem is the ideal and nurturing environment for the inception and growth of Ferrum's blockchains.
Why Reinvent The Wheel - Early Chain Attacks
An attacker could double-spend through a "51% attack" in which the attacker amasses a majority of the hashrate on the target cryptocurrency.
Newer blockchains are more susceptible to 51% attacks as it's cheaper and typically easier to acquire enough tokens to control over 50% of the blockchain's hashrate. Other consensus mechanisms have sought to solve this problem. However, Polkadot's solution is novel and unique in the sense that they have virtually eliminated the likely hood of a 51% attack from parachains by introducing the concept of shared security. Through this novel concept, parachains are able to rely on the security of the Polkadot or Kusama relay chains and their validators instead of amassing or relying on their own validator/miner network. This means even new parachains benefit from the security of an established Polkadot and Kusama relay chain.
This security advantage was another major factor in our decision to build Ferrum in the DotSama ecosystem.
Even though utilizing the Substrate framework is more or less the default path when building in the DotSama ecosystem, we wanted to highlight the importance of utilizing substrate. There is something to be said about creating a new language that solves specific problems. We've seen this time and again in the past from the creation of C, C#, Java, Python, PHP, and most recently Ruby on Rails, NodeJs, Go, and many more.
In the Web3 world, the predominant language has been Solidity with RUST picking up traction over the years. Utilizing an existing, well-established language like RUST and a framework like Substrate with an active community of contributors and developers removes unnecessary friction from the adoption of a network. More regarding Substrate and our reasoning for building with this framework can be found in the Substrate Framework section.