Polkadot

What Is Polkadot (DOT)? Complete Guide Review About Polkadot.

What Is Polkadot (DOT)?

Polkadot enables cross-blockchain transfers of any type of data or asset, not just tokens. Connecting to gives you the ability to interoperate with a wide variety of blockchains in the network. New parachains are added by bonding tokens. Outdated or non-useful parachains are removed by removing bonded tokens. This is a form of proof of stake. This post is about the technology powering dot. DOT is a sharded blockchain with heterogeneous shards.

Polkadot is a network protocol that allows arbitrary data—not just tokens—to be transferred across blockchains. This means Polkadot is a true multi-chain application environment where things like cross-chain registries and cross-chain computation are possible. This can transfer this data across public, open, permission less blockchains as well as private, permissioned blockchains.

Polkadot This makes it possible to build applications that get permissioned data from a private blockchain and use it on a public blockchain. For instance, a school’s private, permissioned academic records chain could send a proof to a degree-verification smart contract on a public chain.

Polkadot Storage Key Points

Coin BasicInformation
Coin NamePolkadot
Short NameDOT
Circulating Supply987,579,314.96 DOT
Total Supply1,103,303,471
Source CodeClick Here To View Source Code
ExplorersClick Here To View Explorers
Twitter PageClick Here To Visit Twitter Group
WhitepaperClick Here To View
Support24/7
Official Project WebsiteClick Here To Visit Project Website

Economic & transactional scalability

Polkadot provides unprecedented economic scalability by enabling a common set of validators to secure multiple blockchains. DOT provides transactional scalability by spreading transactions across multiple parallel blockchains. Encointer is Kusama’s second common-good parachain slot. In this post, they take an in-depth look at Encointer and the problems it addresses — how it can bring financial inclusivity to Web3 and mitigate Sybil attacks with a novel ‘proof-of-personhood’ system for unique identity.

High energy efficiency

DOT consumes a small fraction of the energy used by conventional blockchains thanks to its next-generation nominated proof-of-stake (NPoS) model. Using the equivalent of ~6.6 US households worth of energy per year, DOT has the lowest carbon footprint among proof-of-stake protocols analyzed in recent research.

Easy blockchain innovation

Create a custom blockchain in minutes using the Substrate framework. Connect your chain to Polkadot and get interoperability and security from day one. This ease of development helps Polkadot’s network grow. Polkadot has a sophisticated governance system where all stakeholders have a voice. Network upgrades are coordinated on-chain and enacted autonomously and without forking the network, ensuring that Polkadot’s development remains future-proof and community-driven.

Governance

Polkadot token holders have complete control over the protocol. All privileges, which on other platforms are exclusive to miners, will be given to the Relay Chain participants (DOT holders), including managing exceptional events such as protocol upgrades and fixes. Game theory incentivizes token holders to behave in honest ways. Good actors are rewarded by this mechanism whilst bad actors will lose their stake in the network. This ensures the network stays secure.

Transparent on-chain governance

Updates to the protocol happen fork-free via transparent on-chain voting, so protocol development never stalls due to the lack of a clear process. The relay chain uses a sophisticated governance mechanism that is designed to establish a transparent, accountable and binding process for resolving disputes and upgrading the network. DOT tokens are used to participate in governance decisions, including tabling proposals, voting, and bonding. Parachains are free to design their own governance mechanisms, allowing for maximum freedom without affecting other Parachains.

High energy efficiency

Polkadot consumes a small fraction of the energy used by conventional blockchains thanks to its next-generation nominated proof-of-stake (NPoS) model. Using the equivalent of ~6.6 US households worth of energy per year, Polkadot has the lowest carbon footprint among proof-of-stake protocols analyzed in recent research.