What is Polkadot (DOT)? | Polkadot Crypto Explained in Under 60 Seconds

2 years ago
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The Polkadot network protocol allows any data to be transferred across blockchains creating a completely decentralized web.

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Polkadot (DOT) is the native token that powers the Polkadot platform. Used for governance, staking & bonding.

With forkless upgrades, Polkadot allows blockchains to upgrade themselves (without needing to fork the chain) using it’s transparent on-chain governance system.

The Polkadot relay chain allows independent blockchains to exchange information & transactions in a trustless way by using Polkadot’s pooled security system to verify transactions.

Polkadot unites a network of heterogeneous blockchain shards called parachains. These chains connect to the Polkadot Relay Chain, and can connect with external networks via bridges.

BLOCKCHAIN SCALING
By bridging multiple specialized chains together into one sharded network, Polkadot allows for multiple transactions to be processed in parallel.

COMMUNITY POWERED
All DOT holders can propose changes, vote on existing proposals and help elect council members who represent passive stakeholders within Polkadot’s governance system.

WEBSITE: https://polkadot.network/

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