Polkadot is a “multi-chain network” that aims to connect different specialized blockchains into a single unified network. The blockchains, or blockchains, that connect to Polkadot work in parallel in the form of so-called parachains. This allows them to access proof-of-stake validation of transactions and the security of the Polkadot network. Currently, blockchains operate separately and in silos. Polkadot promises to create an interoperable blockchain internet for a decentralized web.
This relay mechanism facilitates authenticated transactions from one blockchain to another. Provides shared security that is the same for all members, regardless of the protocol they use. Second, it allows trustless transactions between all of its member chains. An interchain that acts as a set of secure messages between blockchains.
It enables new blockchain designs to communicate and pool their security while allowing them to have completely arbitrary state transition functions. This opens the door to an “internet” of blockchains, where private and consortium chains can be severed from open and public chains like Ethereum without losing the ability to communicate with them on their own terms.
Developers creating innovative, decentralized systems today have to design these systems from scratch. This also means that time, talent, and resources are diverted toward building competitive networks, rather than creating a standard that everyone can use to build.
Polkadot has an internal token for his network called DOT which has risen to become the fourth largest cryptocurrency, achieving a maximum market capitalization of almost $ 18 billion. This token allows holders to vote on potential code changes, which are then automatically updated across the network if a consensus is reached.
The DOT token can be bought and traded on a large number of popular cryptocurrency exchanges. This includes several popular Tier 1 exchanges used by millions of cryptocurrency traders around the world, including Binance, Kraken, CEX.io, and Huobi Global, as well as close to 100 less established platforms.
See also:
Tron is a new cryptocurrency with good performance
Best Cryptocurrencies or alternatives to Bitcoin
