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What is special about Polkadot? How Polkadot works!

 


Polkadot is understood as an "open source sharding multichain protocol". It enables “cross-chain” transfers of asset types, such as tokens/coins, as well as various data. Polkadot allows the transmission of numerous blockchains that can be interoperable with each other. Interoperability brings the advantage of setting up a private and decentralized web. The network is controlled by the community. At the same time, applications (apps) can be created in a simplified way by institutions for services if necessary.


The Polkadot protocol is able to connect public and private networks (chains) and so-called "Oracles" as well as future technologies. All independent blockchains can exchange transactions and information with each other via Polkadot's so-called "relay chain". This can be done in a manner called "trustless." "Trustless" means that trust between users is not required. The "DOT" token can be used for three purposes: First, it is used to provide the network line. Furthermore, "DOT" enables network operation and the creation of "parachains" through so-called "bonding". Parachains are independent blockchains that run in parallel within the Polkadot network.


What are the four core components of Polkadot?

First of all, the "relay chain" is to be mentioned, which is seen as the heart. It ensures the interoperability, the consensus and the security of the network of the different "chains". Then there are the “parachains”. These independent "chains" have their own tokens that are optimized for their specific use cases. And the "parathreads" which are similar to the "parachains". In contrast, they are based on an economical "pay-as-you-go" model with flexible connectivity. Fourth, there are the "bridges" that allow the "parachains"/"parathreads" to connect to other external blockchains, such as the "Ethereum" network.


What is unique about Polkadot?

Polkadot is referred to as a "sharded multichain network". This means that several transactions on different "chains" can be carried out in parallel on the "parachains". The parallel processing power brings significant benefits for scalability. Custom blockchains can be developed easily and quickly using the "Substrate" frameworks. The network is flexible, adaptable and information and functions can be shared between participants in the network. Polkadot updates automatically, so no fork“ must be generated in order to use new implemented functions or to fix errors. A user-driven governance system was created for Polkadot, which helps keep the network secure. Communities can adapt the project to their own needs and external conditions. There are "nominators", "validators" as well as "collators" and so-called "fishermen" who fulfill different tasks. The "validators" ensure the mass interoperability of the various blockchains. Transactions are scaled by spreading the data across multiple "parachains". Polkadot uses the "NPoS" ("Proof-of-Stake") mechanism to select "Nominators" and "Validators" to improve security. Polkadot's unique validity system allows "chains" to interact with each other,


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