Polkadot is an open-source multichain sharding protocol that facilitates cross-chain transfer of any type of data or asset, not just tokens. Its goal is to create the internet of blockchains, where different blockchain networks can continue to collaborate with each other.
It is composed of two types of blockchain: the Relay chain and the parachains.
The first is the main blockchain, responsible for network security and governance. Parachains are specialized blockchains that can be connected to the Relay chain and are useful for example for creating new custom networks, running dApps or providing oracle services.
The advantages of Polkadot are scalability which allows a greater number of transactions thanks to sharding, interoperability between different networks and security.
What drove the price of Polkadot?
Numerous reasons.
The announcement of the parachain auctions that will allow companies and developers to create their own parachains, the increase in interest in interoperability between blockchains and clearly the increase in price of many cryptocurrencies.
The daily chart of Polkadot shows an ongoing uptrend. The price has broken through the resistance at $8.50 and is rapidly approaching $9.50.
It is in 12th place by marketcap with an impressive $11,632,343,024 with price increases of approximately 70% in the last 30 days.
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