Polkadot (DOT) is a blockchain launched in 2016 by Gavin Wood, Ethereum's former CTO and co-founder. It allows developers to create customized interoperable parachains, or blockchains deployed from the Polkadot mainnet. Each parachain connects to the main relay chain, allowing them to communicate and share in the security measures of the mainnet.
The benefits of developing on Polkadot include parachains having their own modified proof-of-stake (PoS) consensus mechanism, decentralized app (DApp) development, and tokens. Space for Parachains is limited and regularly auctioned off for DOT, Polkadotโs native cryptocurrency token. DOT price is updated live on Binance.
DOT has four primary uses cases:
Holders can vote on project changes through Polkadot's governance mechanism.
Users can pay network transaction fees on the Relay Chain and some Parachains.
The token is staked to validate transactions.
DOT can be bonded to start new Parachains. #Dot #POLKADOT'S