#Polkadot is an open-source sharded multichain protocol. In simpler terms, it's a network that connects specialized #blockchains , facilitating cross-chain transfer of any data or asset types.
This enables blockchains to interoperate with each other, laying the foundation for a decentralized internet of blockchains, known as Web3. 🌐
By connecting public and private chains, permissionless networks, oracles and future technologies, Polkadot allows these blockchains to trustlessly share information and transactions through the Polkadot Relay Chain.
💡 The Core Components of Polkadot 💡
Polkadot’s system consists of four main components:
Relay Chain
Parachains
Parathreads
Bridges
Each of these plays a crucial role in creating consensus, enabling interoperability and shared security across the network.
Polkadot is a sharded multichain network, which means it can process many transactions on several chains in parallel, significantly improving scalability. Teams can customize their own blockchain’s governance on Polkadot based on their needs and evolving conditions.
At the end of 2021, Polkadot successfully concluded its first Parachain auctions, assigning slots to Acala, Moonbeam, Astar, Parallel and Clover. These projects will have their parachain slots locked in for 96 weeks, guaranteed by the #DOT bidders committed as collateral.
🔄 Polkadot's Revolutionary On-Chain Governance Model 🔄
Polkadot recently announced an overhaul of its governance model. Now, anyone can submit proposals, making it more aligned with the ethos of decentralization. This will replace the existing governance infrastructure with a framework in the form of a "referendum."
🌟 The Masterminds behind Polkadot 🌟
The Swiss Web3 Foundation is the flagship protocol of Polkadot. Its creators, Dr. Gavin Wood, Robert Habermeier and Peter Czaban, are blockchain pioneers. Wood, co-founder of #Ethereum and creator of the smart contract coding language Solidity, is credited with coining the term Web3.
💲 Polkadot's Market Status 💲
The live Polkadot price :
today is $5.49 USD
24-hour trading volume of $222,278,617 USD
Polkadot is up 4.64% in the last 24 hours
Current CoinMarketCap ranking is #12
Live market cap of $6,935,554,316 USD
There is a circulating supply of 1,263,710,068 DOT coins
It’s never too late to take a closer look at Polkadot!
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