In a simple way, polkadot is a blockchain connected with a core network–the relay chain,where other blockchain connect and communicate with each other.By hosting blockchain,the relay chain also handles their security and transactions, allowing cross chain interoperability (communication between different blockchains) to function seamlessly, by hosting blockchains.
- Polkadot is protocol which connects blockchains-allowing value and data to be sent across previously incompatible networks(Ethereum and Bitcoin for example.) It’s also designed to be scalable and fast).
- This currency is used for staking and governance;it can be bought or sold on coinbase and other exchanges.
- This decentralized computing platform is still finding its sea legs in a turbulent market, and there are many competing cryptocurrencies with many similar goals. So this won’t be a smooth and simple ride, but I believe that polkadot coin is one of most interesting cryptocurrency investments available right now in the market.)
- Polkadot is a network protocol which allows arbitrary data with not just tokens but to be transferred across the blockchain. Therefore you must say that polkadot is a true multi chain application environment where many things like cross chain registries and cross chain computation are possible. This makes it possible to build applications. And which get permissioned data from a private blockchain and use it on a public blockchain.
polkadot units are also called parachains and parathreads.
- There are some dots connecting with polkadot coin
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1.Relay chain
This is responsible for the network’s shared security, consensus and cross chain interoperability. This is the heart of polkadot. The relay chain acts as the governance layer of the network.
2.Parachains
It has its own tokens and optimizes their functionality For specific cases. It is a sovereign blockchain.
3.Bridges
It allows parathreads and parachains to connect and communicate with external networks like Bitcoin and Ethereum.
4.Parathreads
What is polkadot used for….
- To understand the polkadot we first need to understand the idea of programmable blockchain.
- They are ecosystems where cryptocurrencies and applications can be built.
- Polkadot uses parachains to solve these problems rather than blaming all the applications.. One network, each application has its own mini blockchain Or parachain that connects back to the main chain.
- It has gained over 630% since its launch.
- It has a fast growing pool of developers. The cryptocurrency market is so new that it sometimes becomes difficult to compare projects and understand their fundamentalism. Coins use different validation methods, solve different problems, and there is very little historical data.
- All these networks are isolated from each other. We have little idea about the information exchanged between them. The history of polkadot is closely associated with Ethereum.
- Its founder is Dr. Gavin Wood, who was the chief training officer and developer of Ethereum.
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What’s great about it ??
I believe that polkadot is in its prime position to take over the altcoin space currently occupied by Ethereum “”
- If you think that bitcoin only knows about how to transfer value between its participants, then Ethereum knows how to do it too in an intelligible way, and also knows how to run complex computational tasks to run a program that will execute different functions.
- Polkadot serves as a protocol for protocol Or a blockchain, industry experts tell about it.
- There is an option to interact with other blockchains that are part of the polkadot system. Most of the people using polkadot are developers. There are those people who are enthusiastic about it. Its developers are flocking to it, so are investors.
- Polkadot has been trading for less than a year. “Most projects being built on polkadot today will be somewhat correlated to DOT, said by mancheski. Polkadot will become a market mover.
- It is open source. It provides interoperability and interconnectivity between blockchains, by enabling independent chains to securely exchange messages and perform transactions without trusted parties.