Polkadot is a platform with low barriers to entry for flexible, autonomous economies acting together within Polkadot’s shared security umbrella. Polkadot is a revolution, not just in blockchain technology but also towards enabling fairer peer-to-peer digital jurisdictions.
Polkadot enables cross-blockchain transfers of any type of data or asset, not just tokens. Connecting to Polkadot gives you the ability to interoperate with a wide variety of blockchains in the Polkadot network.
Polkadot provides unprecedented economic scalability by enabling a common set of validators to secure multiple blockchains. Polkadot provides transactional scalability by spreading transactions across multiple parallel blockchains.
Create a blockchain in minutes using the blockchain-building framework Substrate. Connect it to Polkadot and get interoperability and security from day one. This ease of development helps Polkadot's network grow.
Polkadot is designed to be a truly resilient network: it’s able to adapt and upgrade itself without forking. This enables Polkadot to easily adapt to changes and upgrade itself as better technologies become available.
Polkadot introduces “pooled security,” where multiple chains are secured by Polkadot’s validators. Blockchains can get security from day one when they connect to Polkadot, giving them a strong incentive to join the Polkadot network.
Polkadot has an open governance system. Upgrades to the network are coordinated via on-chain governance, ensuring that Polkadot’s development reflects the values of the community and avoids stagnation.
The DOT token serves 4 distinct purposes: governance over the network,
operation, bonding, and interoperability.
Polkadot stakeholders have control over the protocol. All privileges, which on other platforms are exclusive to miners, will be given to the relay chain operators (DOT holders). This includes managing exceptional events such as protocol upgrades and fixes.
New parachains are added by bonding tokens. Bonded parachains cannot be removed from the network arbitrarily or unbond their DOTs until their lease ends.
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.
For messages to be passed from one blockchain to the next, a fee may be paid by the sender in DOTs. However, this is not required.
Polkadot is an open-source project founded by the Web3 Foundation.
Web3 Foundation has commissioned five teams and over 100 developers to build Polkadot, including:
I started the last year-end round-up with some statistics, and it seems fitting to continue the trend and report some numbers from this year. In total, the Polkadot project, including Substrate, Grandpa, Cumulus and a few bits of support code, has over three hundred thousand lines of code!...