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Polkadot - DOT/GBP

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Polkadot (DOT)

Polkadot is a blockchain project that wants to solve a problem based on communication inaccuracies between different chains. The way blockchains function limits the possibility of external interference, which ensures a high level of security, but on the other hand, it makes communication between different blockchains very difficult.

The first Polkadot code was published in November 2017, and in mid-2018, two proof-of-concept algorithms were ready. The project itself finally started in May 2020.

Polkadot processes different transactions for different blockchains in parallel, so it acts as a parachain. Not only that, this mode of action means that parachaines can also exchange information with each other. It is also possible to create new parachaines for new projects or applications, and an additional advantage is the possibility of modernizing each of the chains without the need to rebuild the entire network.

Polkadot parachains are also compatible with the functions of other blockchains such as Ethereum smart contracts, UTXO transactions in Bitcoin and ZK-snarks in Zcash.

The so-called validators who stack the native DOT tokens of the Polkadot network and they approve individual operations. They are elected by the nominees who additionally also secure the main chain. Another member of the Polkadot ecosystem are the so-called fishermen, responsible for constant monitoring of the net in order to extinguish the embryo of activities that may adversely affect the entire network or its users.

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