The first step in building your own Blockchain starts with developing your environment on the substrate. This will be followed by creating a group of validators by uploading the runtime code for a node and then gradually scale it up.
The world came to know about smart contracts when Ethereum was launched in July 2015. The concept of smart contracts which enables developers and enthusiasts to deploy decentralized applications (DApps) on the Ethereum mainnet was new and was introduced for the first time.
Different DApps are available across different blockchains like Ethereum and offer varied utilities which include financial services, gaming, finance, web based shopping and social media, with an ever-expanding user base across the globe.
However despite providing the infrastructure for developers to invent new and useful digital applications, there are bottlenecks which hamper them to rub shoulders with contemporary centralized platforms like Twitter, Facebook and Netflix. It includes precincts such as limited scalability and high gas fees.
Birth Of The Substrate
This forced many developers to create blockchain infrastructure that can help build the foundation of a decentralized web, or Web3. Ethereum co-founder and its first chief technology officer Gavin Wood was the first to part ways and he set up Parity Technologies to build Web 3.
Gavin employed his vast experience in Blochchain technology to create a Substrate which was free and will serve as the future-proof blockchain framework for developers to create and tweak their blockchain’s architecture in line with varying customer preferences.
Substrate built Blockchain offers distinct advantages because it can be easily integrated with other networks like Polkadot since it provides a great deal of interoperability freedom. Thus the substrate can be labeled as the true decentralized world solutions which is incredibly swift , economical and much more secure than before.