What is Polkadot (DOT)?
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Polkadot (DOT) |
What is Polkadot (DOT)?
Polkadot is an open-source sharding multichain protocol that facilitates the transfer of any type of data or asset across chains, not just tokens. Therefore, various blockchains can work together.
This interoperability led to the creation of Perfectly Decentralized Web and Private Web which can be controlled by the user It also makes it easier to create new applications, institutions, and services.
The Polkadot protocol connects both public and private chains. unauthorized networks, oracles and future technologies This makes these independent blockchains lack the reliability of sharing data and transactions through the Polkadot relay chain (explained more below).
Polkadot's original DOT token had three distinct purposes: to oversee the network and its operations, and to create parachains (parachains) through links.
Polkadot has four main components:
- Relay Chain: Polkadot's "heart" that helps build consensus ability to work together and shared security across networks of various chains
- Parachains: independent chains that can have their own tokens and are optimized for specific use cases.
- Parathread: Similar to parachains but with flexible connections based on pay-as-you-go or pay-as-you-go that saves
- Bridges: Allows parachains and parathreads to connect and communicate with external blockchains like Ethereum.
Who is the founder of Polkadot?
Polkadot was founded by the Web3 Foundation, a Swiss foundation founded to facilitate Decentralized Web that is fully functional and easy to use. Because it's an open-source project.
Its founders are Dr. Gavin Wood, Robert Habermeier and Peter Czaban.
Wood, president of the Web3 Foundation, is the most well-known of the three. Due to his influence in the industry as co-founder of Ethereum, founder of Parity Technologies, and creator of Solidity, the smart contract coding language.
Habermeier is a Thiel Fellow researcher and developer with a successful career in blockchain and cryptography. Czaban is the Web3 Foundation's technology director with a wealth of experience in the fintech industry and a high level of expertise. He is currently helping to develop a new generation of distributed technology.
What makes Polkadot different?
Polkadot is a sharded multichain network, meaning that many transactions can be processed on multiple parallel chains. This parallel processing power also increases scalability.
Custom blockchains are easily and quickly developed through the Substrate framework. Plus it can connect to Polkadot's network in minutes. The network is also highly flexible and adaptable. This makes it possible to share information and functionality between participants. Similar to the smartphone app, Polkadot can be upgraded automatically without a fork to trigger new features or remove bugs.
The network has a highly sophisticated user-driven governance system. And it also helps to keep it safe. The community can customize blockchain governance on Polkadot according to their needs and under changeable conditions, nominees, validators, reviewers and fishermen all perform various functions to help maintain it. Network security and maintenance including eliminating bad behaviors
How many Polkadot (DOT) tokens are in circulation?
Polkadot currently allocates 1 billion DOT tokens after the network's redenomination. With up to 10 million supply in August 2020 in progress. redenomination fully to avoid using small decimals and simplify the calculations. while the total balance was increased by a factor of one hundred. But it does not affect the distribution of DOT or the proportional share of holders.
How secure is the Polkadot network?
Polkadot's mass interoperability through a common set of validators secures various blockchains and allows for transaction scalability by distributing data across multiple parachains.
The network uses an NPoS (nominated proof-of-stake) mechanism to select validators and nominees. ready to increase the safety of the chain
This unique form of validity allows networks to safely interact with each other under the same rules. but still under independent supervision
Where can you buy Polkadot (DOT)?
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