Polkadot(POT) started its journey in 2016, by Web3 Foundation and it aims to create a free and decentralized web. British Computer Programmer, Gavin Wood is the Polkadot’s creator and he is also the co-founder of Ethereum. Polkadot is a new cryptocurrency and in recent months it has gained immense popularity. As we can see Bitcoin tops the list of cryptocurrencies, and its popularity will not be discharged anytime in the future, Polkadot might become a serious threat to high-ranking cryptocurrencies like Ethereum.
What is Polkadot (POT)?
Polkadot can be explained as a heterogeneous multi-chain interchange, translation architecture that allows customized size chains and helps them to connect with a public blockchain. Polkadot is an open-source and decentralized blockchain protocol that aims to improve security and scalability thereby ensuring interoperability among different blockchains. As multiple blockchains can parallelly work with the Polkadot ecosystem; it is referred to as Parallel chains or parachains. Parachains depends on Polkadot’s transaction validation and network security. It is based on the mechanism of proof-of-stake.
Why do you Need Polkadot?
Polkadot helps in solving two major issues the blockchain-based systems are facing today; governance and scalability. Polkadot can enhance the network’s ability and help them to handle a multitude of transactions per second. In this way, it ensures proper management of upgrades in protocol and the improvements done by the community. Simply put, Polkadot helps developers to create solutions on all blockchains instead of just a single blockchain.
Working of Polkadot
The Polkadot platform allows different blockchains for transferring messages that are of high value and trust-free. It allows them to share their unique features while handling the security. That being said, Polkadot is a heterogeneous, scalable, multi-chain technology. There are various use cases for parachains that include oracle chains, identity chains, transaction chains, file storage chains, IoT chains, data curation chains, privacy chains, and finance chains.
Benefits of Polkadot
Here are the few benefits of Polkadot –
- Polkadot addresses the lack of Interoperability among multiple chains and it can prepare the way for a brand new financial ecosystem, through seamless data transfers among different applications and projects. Polkadot also strives to solve a few issues like upgradeability, interoperability, and customization.
- One of the major concerns with the blockchain ecosystem is slow transaction speeds. Polkadot can speed up the transactions that are taking place in its network and also lower the possibility of network overload.
- Several projects have specific requirements and needs; hence there is a need for customizability, which is of higher importance. Polkadot provides customization features that permit design optimization for the individual chains to suit the needs of the project.
How can you Buy Polkadot in India?
Several crypto exchanges in India list DOT (Polkadot Network) on their platform, people can buy cryptocurrency using either fiat or other cryptocurrencies. Numerous cryptocurrency exchanges offer their users an array of cryptocurrencies to select from. Users can buy Bitcoin in India to trade using a crypto exchange and they offer minimum trading fees to help the users to take advantage of the cryptocurrency market. They can purchase Polkadot through Debit or credit card, BHIM, IMPS transfer, and MobiKwik wallet.
Final Words
Experts remark that Polkadot acts as a blockchain for blockchains or protocol for protocols, and as an option, it can interact with another blockchain that is included in the Polkadot ecosystem. In this way, it not only saves resources and money but also developers can have access to the Polkadot network community rather than building a community on their own. Also, it simplifies the process and takes out the problem to build everything from the beginning. Even though Polkadot’s future looks quite promising, it will take time to see the Polkadot network’s practical and actual use cases to see in action.