Polkadot & the $DOT ecosystem — An easy to digest guide

Introduction

What is Polkadot?

Interoperability enables the web 3.0

Parachains are the new blockchain

Here’s why Polkadot is exciting

  1. Because Polkadot has its own consensus algorithm (Proof of Authority), incoming blockchains can simply port in, thus taking advantage of what’s called pooled security. Pooled security takes the onus of creating a secure blockchain off the shoulders of parachains, and instead places it on the Polkadot Relay Chain.
  2. Since parachains benefit from the Polkadot Relay Chain’s pooled security and sharded scalability, they can instead focus on what matters: their own specialisation. Because independent blockchains are forced to be profitable to survive, they’re forced to build generally rather than specifically. Polkadot lets blockchains get weird, communicate with each other, and swap smart contract data securely and privately.
  3. Connecting to the Polkadot Relay Chain enables blockchains to send transactions between one another seamlessly, thus providing true interoperability between networks. For developers, this is especially tasty, as it allows them to build applications using smart contracts and features from different parachains. For DeFi applications, the era of full crosschain swaps is finally upon us.

Polkadot makes true DeFi possible

Polkadot key features

  • Countless chains linked by one mesh (the Polkadot Relay Chain)
  • Transactions processed in parallel = unlimited scaling capacity
  • Blockchain upgrades accomplished without forking
  • Blockchain bridges enable open collaboration between developers
  • Community governance and network control using DOT token
  • Pooled security means blockchains are stronger together

Polkadot Token ($DOT) Explained

Bonding

Staking

Governance

Guide to the Polkadot Ecosystem

Polkadot Resources

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Crypto Les

Crypto Les

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Crypto innit • Entrepreneur • London • Opinions my own •