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What is Polkadot?

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1 year ago

Polkadot - a revolutionary project to be the new Ethereum - this is what Gavin Wood, author of Polkadot, set himself.

Today we will take a close look at this cryptocurrency. It is a project offering a platform on which programmers can create and combine blockchains. The whole network significantly facilitates communication between blockchains and connects them into one network. The aim of such a procedure is to eliminate the problem of today's blockchains that live in isolation and have very limited possibilities to communicate with each other.

The technology that Polkadot offers is, among others:
- Scalability: Polkadot handles multiple blockchain using "parachutes". In this way, transactions are processed in parallel.
- Updates without forks: The project is able to be upgraded without hard-forks. This prevents time-consuming reconstruction of the network.

Many projects are being implemented in Polkadot, including Chainlink.

Polkadot has raised around 140 million dollars by selling its DOT token during the ICO in 2017. The figures are as follows:

  • Market Cap: 22.2 billion dollars

  • ATH: $10.63 (7 January 2021)

  • Total Supply: 1 000 000 000 DOT

Polkadot is an extremely promising project. Given that many people are looking for a way to reach the wider community, this project can be a promising technology to use.

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