Polkadot is an open source, blockchain platform and cryptocurrency that allows for distributed computing. It is a protocol that enables cross- blockchain transfers of any type of asset or data.Polkadot aims to achieve high degrees of security and scalability. DOT is the protocol's governance token which can be used for staking to secure the network or bond new chains. The reason why Polkadot network can process more than 1000 transactions per second is because it has many parachains that do a lot of heavy lifting for the main chain. Polkadot was founded in 2016 by Gavin Wood,a former Co-founder and CTO of Ethereum.
How does Polkadot work?
Polkadot uses a proof-of-stake consensus mechanism to secure the network,verify transactions, and create and distribute new DOT rewards.
What can Polkadot be used for?
Polkadot allows all parties to take public and private chains and " plug them in" to a shared connectivity layer. Polkadot can connect any computer to become a node or make new blocks, providing an unlimited amount of space for future innovation and value creation.
Is Polkadot coin a good investment?
Polkadot has shown a great promise in solving the problem of interoperability. It is thereby a good long-term investment.
What Blockchain does Polkadot use?
Polkadot unites a network of heterogeneous blockchain called parachains and parathreads. They can also connect with external networks view bridges.
Chart of Polkadot
Is Polkadot a coin or token?
The Polkadot token (DOT) serves two main functions within the Polkadot network : It's a governance token, which allows holders to have a say in the future of the protocol and it's used for staking,which is the way Polkadot network verifies transactions and issues new DOT.
Why should I buy Polkadot?
Polkadot is a unique new block-chain that attempts to solve the interoperability problem. It handles huge numbers of transactions through sharing.
Scalability has been a major barrier for crypto. Polkadot has linked valuable partnerships with Chainlink and Ankr
