DeFi 10110 September 2021

Polkadot Explained

Polkadot

Summary

  • Polkadot is the next-generation blockchain platform
  • It allows different blockchains to run parallel to each other on the same platform
  • It unifies the strengths of different blockchains

Polkadot ($DOT), commonly referred to as the next-generation blockchain platform that acts as a link for all other blockchains, is a project created by developers for developers. Polkadot was developed mainly to connect oracles, public and private chains, dApps, and DeFi services in a way that they can all work side-by-side.

Polkadot is a bridge protocol that focuses on value transfer, communication, and security pooling for different blockchains. On Polkadot, blockchains can operate parallel to each other on the same network. This unification is a way of compounding the strong features of different blockchains while mitigating their weaknesses.

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