The crypto money market is facing different innovations and products every day. Especially with tokens, technological innovations are added. Polkadot coin, one of the most talked about coins of recent times, has added new ones to these technological developments. So what is Polkadot? When did Polkadot come out? The future of Polkadot coin Let’s take a look at our article about Polkadot’s advanced network, working system and advantages.
What is Polkadot (DOT)?
Polkadot is scalable, allowing various blockchains to transfer messages without requiring trust, including value; It is a heterogeneous, multi-chain and customizable technological platform. We can call it a next-generation blockchain protocol that connects multiple private blockchains into a single unified network.
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When did Polkadot appear?
It was created under the leadership of the Web3 Foundation, a Swiss-based foundation, and took its place in the cryptocurrency market on August 19, 2020.
Polkadot’s Basic Working Structure
There are some concepts that must be known first in order to master the basic working structure of Polkadot. The first of these is the relay chain. The basic Polkadot chain is the relay chain that connects all these independent chains. Therefore, they can organically solve interoperability problems between these link chains. Another concept is parachain. This concept refers to parallelized chains operating through the Polkadot network. These help to grow the system by parallelizing processes. The last concept is the bridge chain. This chain connects different blockchains that do not use Polkadot’s governance protocols. Below you can see the scheme of Polkadot working.
Advantages of Polkadot
Isolated blockchains can handle a limited amount of traffic. Polkadot is a fragmented multi-chain network, meaning it can process many transactions across multiple chains in parallel and eliminate bottlenecks that occur on other networks that process transactions one by one. This significantly increases scalability and encourages interoperability. Polkadot-connected fragmented chains are called “parachutes” because they run in parallel on the network and can optimize functionality. It also allows parachutes and parachutes to connect to and communicate with external networks such as Ethereum and Bitcoin. Another advantage that Polkadot provides is the innovation advantage. The substrate framework allows you to easily create a private blockchain. This ease of development encourages more developers to join the system. Polkadot is an upgradable and customizable network. Unlike others in Polkadot, each blockchain can have a new design that is optimized for a specific use case. This means that blockchains can offer better services and improve efficiency and security by leaving out unnecessary code.
Teams can develop and customize blockchains faster and more efficiently than ever before. Polkadot can be upgraded without hard forks to integrate new features or fix bugs. This feature allows Polkadot to easily adapt to changes and upgrade itself as better technologies emerge. Polkadot also allows chains to interact with each other in a meaningful way while remaining independent enough to execute their unique governance models. This means a better security system. Considering all these features, Polkadot is very preferable because it aims to offer a high alternative with its interoperability.
The Future of Polkadot
Polkadot coin can be easily bought on exchanges like other crypto coins. Polkadot, whose average current price is currently in the range of 15-20 USD, promises big projects for the future. When we look at the data, the crypto money is 6th in front of BCH in the market cap ranking. and gained 62% in December. The rise is based on Polkadot’s growth after it officially started trading in August 2020. Its price has risen more than 500 percent since August. With all this rise, the increase in support for the Polkadot ecosystem day by day shows that the future of this system and crypto money is quite bright.