Blockchain and Cryptocurrency Beginner - Cryptocurrency Coins and Tokens - The Fundamentals: Polkadot (DOT)

Polkadot (DOT) – Fundamental Analysis

Polkadot is one of the top blockchain projects that is considered as a huge competitor to ethereum because of the solutions it provides. Founded by Dr. Gavin Wood, Robert Habermeier and Peter Czaban. Polkadot is a blockchain protocol with the purpose of connecting multiple different blockchains into a single network and also to build web 3.0 infrastructure. Polkadot utilizes the main chain which is referred to as the relay chain and individual blockchains that are referred to as parachains and parathread which are similar to the parachains on the polkadot network. On polkadot, the key elements which its focuses on are scalability, innovation and security. With these core elements, anyone can build cross-chain apps and deploy their own custom blockchain as parachain on the polkadot network and the parachain becomes interoperable with other polkadot parachains. Polkadot aims to solve a lot of problems in the blockchain world with its ground breaking technology.

Polkadot Mission

_{Screenshot of Polkadot website}

_{Screenshot of Polkadot website}

Features and Benefits of Polkadot

• Scalability
• Interoperability
• Security
• User-driven network governance
• Forkless
• Future-proof
• Easy blockchain innovation.

_{Screenshot of Polkadot website}

The DOT Token

The DOT token is the native token of polkadot with a lot of utility and powers the polkadot ecosystem. Holders of the DOT token take part in the network governance. Also, DOT token can be staked for the polkadot network consensus. DOT token is also used for network fees.