Polkadot DOT | Explained In 2 Minutes

Polkadot DOT | Explained In 2 Minutes

Dec 23, 2021

Must there be one blockchain to rule them all. According to Polkadot the answer is a clear no. Its value proposition is based around the exact opposite idea that multiple blockchains cannot just coexist peacefully, but downright thrive together.

Launched by Ethereum co-founder Dr. Gavin Wood Polkadot is a blockchain network, which acts as a so-called relay chain and thus connects block chains to one another by connecting these block chains to itself, and thereby facilitating communication between them.

Furthermore, it also makes it possible for these blockchains that are connected to it called parachains to interact with other major networks like Bitcoin or Ethereum.

The network makes it possible to build a blockchain without deploying too many resources toward the basics through its tool called substrate. Why waste time with basic blockchain infrastructure instead of focusing on what is actually supposed to make your project unique.

By making the basics easy to cover substrate enables blockchain projects to do just that. It also lets blockchains delegate resource intensive responsibilities to it most notably speed and security related ones. Since Polkadot processes transactions on all chains connected to it in parallel, parachains essentially have the privilege of tapping into Polkadot’s scalability.


In terms of consensus Polkadot uses a pos variation called NPoS or nominated proof of stake, broadly speaking you stake the DOT cryptocurrency so as to perform various roles.

The role of a validator, in other words validating parachain block data and having a say in potential network changes, the role of a nominator in other words securing the relay chain, the role of a collater in other words storing parachain data, and the role of a fisherman in other words monitoring the network itself.

Finally, DOT holders have a say in terms of governance from proposing changes and voting on proposed changes to electing the so-called council. With the council consisting of members, who can recommend changes that require fewer votes to be approved, and also vote in technical committee members an active developer base that can for example submit special proposals if an emergency is to take place.

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