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What is Polkadot? Explained in 5 minutes!

This is a blockchain blockchains can be useful for all sorts of things from improving open access to financial services to providing a better safer way to manage our data online block chains are used to build applications for gaming supply chain Logistics social media the internet of things and more but up until now protocol limitations have made blockchain technology impractical for most real-world use cases.

Networks composed of a single block chain, for example can only process a limited number of transactions if too many transactions are submitted at once a bottleneck occurs causing delays and increase transaction fees that won’t work what’s needed is a way for blockchains designed for specific purposes to work together efficiently and securely at scale.

This is polkadot. a sharded chain protocol that unites an entire network of diverse blockchains into a single decentralized ecosystem polka dot makes it easier than ever for software developers startups and Enterprises to make efficient use of blockchain technology in precisely the way that’s best for their project.

Polka dot makes blockchains scalable and customizable. It also unlocks cross chain communication transparent governance. And for the first time ever a way to seamlessly upgrade blockchains. How does it work meet the polka dot real a chain? This is the heart of the polka dot Network all blockchains on polka dot are connected here like spokes connected to the hub of a wheel.

Each Block Chain connected to the relay chain can be optimized for a specific use case. This allows teams to incorporate exactly the functionality. They need and offers greater efficiency and security than building on a general-purpose blockchain. Teams can also drastically reduce the build time of their custom Block Chain by building it with substrate are modular development framework the real a chain allows polka-dot to process transactions from all chains in the network at the same time drastically increasing scalability. This simultaneous transaction processing also called parallel processing is why blockchains on polka dot are called para chains the real a chain also.

Sides is secure way for chains to communicate with each other polka dots cross chain messaging scheme allows chains to exchange any type of data. For example, a token an account balance or even information from The Real World like a stock price or the final score of a sporting event this interoperability promotes Innovation on new types of services that leverage the specific capabilities of different chains. For example for Decentralized Finance applications

So what about governance are the blockchain protocols often have a small group of stakeholders making crucial decisions in an opaque way for the entire network? Polka dot is governed transparently on Chain by all stakeholders who wish to participate by proposing and voting on referenda using polka dots native token the DOT. Individual para chain teams are completely Sovereign and free to govern their own blockchains in any way. They see fit. When it comes to upgrades the process for updating conventional blockchains can cause a hard Fork a Divergence in the chain that can take months of work and risk splitting a community into Polka dot is the first protocol to enable foreclosures on chain upgrades. This capability means teams can bring new features to their blockchain on polka dot easier and faster than with any other protocol. Polka dot also enables Bridges to other networks like Bitcoin or Etherium for cross Network functionality and communication never before has there been a protocol for connecting diverse blockchains together and allowing them to communicate safely with each other at scale in a decentralized way polka dot makes blockchain technology accessible and practical for teams innovating real world applications for a better future. This is blockchain. It are you ready to start building?