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Cryptocurrencies

What is Polkadot ($DOT)?

What is Polkadot (DOT)?

A multi-chain application environment permits cross-chain interoperability at a previously inconceivable level. In particular, Polkadot offers users the ability to send beyond just tokens across blockchains. Polkadot also helps these networks to communicate accurate data.

Polkadot is a project founded by the Web3 Foundation.

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What Problems Does Polkadot (DOT) Solve?

Polkadot seeks to handle one of the most pressing problems faced in the blockchain sector, interoperability. At present, the market is in a state of utmost compartmentalization. Blockchains function as distinct islands of data with a small way of leveraging the other networks’ details. Polkadot eradicated these concerns via the incorporation of a kind of ownership technology. Polkadot can also communicate details from private blockchains to public networks and contrariwise.

Benefits of Polkadot (DOT)

  • Polkadot permits developers to establish chains and applications powering a shared security model without worrying about alluring enough miners or validators to protect their own chains.
  • Polkadot’s parachains can utilize bridges to link with external networks such as Ethereum and Blockchain.
  • Polkadot has formerly raised approximately $200 million, become a top ten coin by market cap, and began to be incorporated with other networks, such as Chainlink.

How Does Polkadot (DOT) Work

The system operated uniquely that amalgamated a network of heterogeneous blockchains known as parathreads and parachains. These chains link to and are protected by the Polkadot Relay Chain. There are even occurrences where these chains link to external networks through bridges additionally. This design offers Polkadot extra flexibility. 

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