What is Polkadot?
It can be described as an open-source protocol built for everyone. It enables independent chains to securely exchange messages and conduct transactions with each other without the need for a trusted third party.
The Polkadot blockchain was created to allow Substrate-based blockchains to scale independently by facilitating cross-chain communication. The substrate is an open-source platform that allows you to quickly create highly configurable blockchains.
In the Polkadot ecosystem, each independent blockchain is known as a parachain (parallel blockchain), while the main chain is known as the Relay Chain.
Substrate, a framework for developing cryptocurrencies and decentralized systems, allows any developer, company, or individual to create their own parachain.
Polkadot is designed to be “scalable.” The technology is deemed scalable and extensible on a wide scale since all components of each parachain can be carried out in parallel by different parts of the network.
The native cryptocurrency of Polkadot is known as ‘DOT’. The DOT token serves three purposes: network governance, operation, and bonding.
The protocol is completely controlled by Polkadot token holders. Participants in the relay chain have full access to all rights, including the ability to manage extraordinary occurrences such as protocol upgrades and corrections.