Exeedme on Polkadot for DeFi and NFT Interoperability
Exeedme is committed to building the next generation gamer-centric economy built on blockchain. This economy will reward gamers first, and be built to smash down barriers in the walled-gardens of today’s video game industry. In order to be truly inclusive, Exeedme’s technology needs to support a wide array of blockchains and online ecosystems for people all over the gaming universe.
Additionally, the explosive growth of DeFi and the rise of Non-Fungible Tokens (NFTs) are paving the way for how digital assets are used in video games. At Exeedme, we strongly believe that the future of DeFi won’t be limited to a single blockchain, and that NFTs will increase their utility and value the more mobile they are.
Buying and moving assets across blockchains will become a necessity as users look for new ways to interact with multiple permissionless networks. DeFi and NFT innovations on Polkadot can move both fungible and unique value assets across blockchains, expanding the possibility for more communities, groups and cultures to get involved. That is why we are planning to build a decentralized exchange for cross-chain fungible and non-fungible token swaps in order to power a multitude of different games and networks.
In this post, we will be talking about why we are building on Polkadot to deliver Exeedme’s vision.
What is Polkadot?
Polkadot is a scalable, interoperable & secure network protocol for the next web. Polkadot is a network protocol that allows arbitrary data — not just tokens — to be transferred across blockchains. This means Polkadot is a true multi-chain application environment where things like cross-chain registries and cross-chain computation are possible.
Polkadot serves as a heterogenous sharded blockchain. Simply put, it is a blockchain consisting of various blockchains. Its multi-chain architecture (also referred to as shards) allows transactions to be processed in parallel, increasing its throughput and scalability as more chains come in and the volume of transactions grows.
Polkadot is designed without any inherent application functionality. This is stark in contrast to previous blockchain implementations, that focus more on single-chain architectures with varying degrees of generality over applications.
Although Polkadot has many top-notch features such as scalability, speed, governance and upgradability, it is its interoperability feature that is the most relevant for Exeedme.
Each blockchain has its unique architecture. It’s difficult to get different blockchains to sync without a significant amount of effort and resources. This impacts cross-chain communication which also hampers interoperability.
Layer 2 solutions like WBTC, which tried to solve this issue, have experienced serious decentralisation concerns. Additionally, blockchain wrappers require every new feature to be custom-built on the system — again, a monumental task that is not worth the effort.
Polkadot’s vision is to leverage the advantages of each blockchain by using a connected architecture that allows seamless communication between all the chains, thereby solving the interoperability issue. Chain security is ensured by the network via pooled security. Sovereign chains further bolster security by automatically increasing their token price to avoid attacks.
Polkadot also provides a framework to build a new blockchain called Substrate. Substrate provides generalised modules for all the parts of a new chain, making the creation of new blockchains on Polkadot (called Parachains) easy by reusing existing scaffolds and features.
Exeedme’s platform will also have the ability to interact with external blockchains like Ethereum, Bitcoin, and many others. This is powered by Polkadot’s bridges, a technology that allows parachains to seamlessly communicate both internal and external-wise.
The goal is to have our final version of Exeedme in the Polkadot Ecosystem: a robust cross-chain platform that’s designed for an interoperable digital metaverse. We want to enable our gamers to transact and operate their digital assets (in-game items, data, or tokens) across multiple blockchains for true interoperability.
Imagine walking around in a virtual world, purpose built for enabling NFT operability and interoperability within the platform. Operability meaning users can actually use their assets inside the world, and interoperability meaning the assets can come from any game or from multiple chains.
Today different blockchain-based virtual worlds only enable specific assets to function within their environments. These assets, so far, are completely native to the platform. Exeedme’s vision is to open up these barriers to allow a true virtual multiverse to emerge. Imagine being able to use your CS:GO skins for your avatar in Decentraland, for example.
This interoperable world would allow for total cross-pollination of users, cultures, and technologies — and it would cause the NFT and crypto space to surge in growth. Everyone would want to build on and be in this platform because it allows people to see and experience multiple games, applications, or protocols. People from Axie Infinity would play Gods Unchained, people from Gods Unchained would play Axie, and so on and so forth.
The Future of Exeedme
Since Polkadot is not yet ready for the deployment of smart contracts, Exeedme’s first Beta and Phase 1 features will be developed on Ethereum. We see this as a necessary stepping stone to get our product out there and be able to iterate with feedback from our community. However, our vision is to build a fair and trusted Play2Earn gaming platform where gamers can play their favorite games and earn/use assets across a multitude of digital worlds and blockchains. Because of this, we are truly convinced that Polkadot is the perfect blockchain for Exeedme.