Polkadot - Protocol for Connecting Blockchains

in #businessntech11 months ago

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Polkadot is a blockchain platform solution that is considered as one of the competitors to ethereum and also major competitor to cosmos. Polkadot is simply a blockchain platform protocol that is capable of connecting multiple blockchains into a single network. One of the core aims of polkadot is building infrastructure for Web 3.0.

Polkadot blockchain platform focuses on security, scalability, and innovation. This is achieved by polkadot using what is known as parachain which is the individual blockchains in the polkadot ecosystem and the relay chain which is the main chain.

Polkadot makes it possible for anyone to set up their own custom parachain and once that is achieved, that custom chain becomes interoperable with other parachains on the polkadot blockchain network. Polkadot also allows for building cross-chain applications.

Key Features of Polkadot

Some of the key features of the polkadot blockchain

  • Scalability
  • Security
  • Interoperability
  • Easy blockchain innovation
  • User-driven network governance
  • Forkless and future-proof

Benefits of Polkadot

Polkadot is one of the top blockchain project at the moment and it offers a lot of benefits, hence why a lot of other projects are seeing polkadot as a great foundation to build on. Some of the benefits of polkadot are;

  • Polkadot allows for scaling which is key for any blockchain based project.

  • Polkadot allows for customization which is also very important for making changes and achieving uniqueness required to stand out.

  • Interoperability which means that the various blockchains can interact with each other and share data seamlessly.

  • Polkadot allows for effective governance in the network

  • Another key benefit of polkadot is upgradeability which means that polkadot and other parachains can upgrade without the need of hardfork.

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Polkadot Token – DOT

The native token of Polkadot is DOT which serves as the network token. The DOT token has a lot of usecases in the polkadot network ecosystem.

One of the main uses of DOT is that it is used as governance in the polkadot platform. This means that DOT holders can participate in the governance of the polkadot platform. DOT is also used for staking so as to facilitate consensus in the polkadot network and also determine network fees.

Polkadot Staking

Staking is also a big part of polkadot. This is not something new in the blockchain cryptocurrency space. Polkadot uses a proof of stake model which utilizes staking of tokens and rewards its users for staking on the network.

Polkadot (DOT) Wallets and Exchanges

Polkadot DOT can be held in a variety of different wallets like mobile wallets, desktop wallets and hardware wallet. Polkadot DOT is supported by a variety of the top crypto wallets like atomic wallet, ledger wallet, trust wallet, exodus wallet. Polkadot DOT is listed on a variety of top cryptocurrency exchanges such as binance, huobi, kucoin, kraken, bittrex, gate.io, OKEx, poloniex etc.