Polkadot, an open source sharded multichain protocol, connects and secures a network of specialized blockchains. This allows cross-chain transfer for any type of data or assets, not just tokens. It also facilitates interoperability between blockchains. Polkadot, also known by Web3, was created to create a foundation for a decentralized Internet of blockchains.
Polkadot has been called a layer-0 protocol because it describes and underlies a format for layer 1 blockchains, known as parachains (parallel chain). Polkadot, as a metaprotocol is capable of independently updating its codebase through on-chain governance in accordance with the will of its token holders.
Polkadot is a foundation that supports a decentralized internet, controlled by its users. It also simplifies the creation of new services, institutions, and applications.
The Polkadot protocol allows for the connection of public and private networks, permissionless networks oracles, and future technologies. This allows these independent blockchains to share information and transactions via the Polkadot Relay Chain (explained below).
The native DOT token of Polkadot serves three purposes: Staking for operations and security; Facilitating network governance; and Bonding tokens to connect parachains.
Polkadot is made up of four core components.
- Relay Chain: Polkadot’s “heart”, helping to create consensus and interoperability across the network of various chains.
- Parachains are independent chains that can use their tokens and be optimized to specific uses.
- Parathreads are similar to parachains, but have flexible connectivity that is based on a pay-as you-go model.
- Bridges: Allow parachains and parathreads connect to external blockchains such as Ethereum.
Who are the Polkadot Founders?
Polkadot, the emblem protocol of Web3 Foundation (a Swiss Foundation) is a goal to create an open-source, functional, and user-friendly decentralized internet.
Polkadot’s founders were Dr. Gavin Wood and Robert Habermeier.
Wood is the president of Web3 Foundation. This is due to his industry influence as an Ethereum co-founder, Parity Technology founder, and creator of the smart contract code language Solidity. Wood is also responsible for the creation of the term Web3.
Habermeier, a Thiel Fellow, is an accomplished cryptography and blockchain researcher and developer. Czaban, the former Technology Director of Web3 Foundation has a wealth of experience in highly specialized fintech sectors.
What makes Polkadot unique?
Polkadot, a multichain sharded network, can process transactions on multiple chains simultaneously (“parachains”) This parallel processing power increases scalability.
Substrate is a framework that allows you to quickly create custom blockchains. Substrate Blockchains can also be connected to Polkadot’s network. It is highly adaptable and flexible, allowing for the sharing of functionality and information between participants. You can upgrade Polkadot automatically without having to use a fork. This allows you to add new features and fix bugs.
The network uses a sophisticated, user-driven governance system that allows token holders to vote on how the network is run. Polkadot allows teams to customize the governance of their blockchain-based on changing conditions and their needs. To help protect and maintain the network, validators, and collators each have different duties.
