Polkadot is a revolutionary blockchain infrastructure designed to enable the next generation of the web where users control their own data and identity. It creates this infrastructure by providing a way to connect different, independent blockchains together in a single network, allowing them to interoperate, exchange data, and process transactions with the benefit of shared security provided by the Polkadot Relay Chain. It also allows interaction with non-blockchain systems and established blockchains such as Bitcoin and Ethereum.
With a transaction speed of up to one thousand transactions per second, Polkadot solves the major problems that hampered blockchain adoption to date and enables blockchain applications from decentralized finance (DeFi) and energy to the Internet of things (IoT) and gaming.
Polkadot is built using Substrate, a modular framework for building blockchains. Chains built with Substrate can easily connect to the Polkadot ecosystem.
Polkadot is a project of Web3 Foundation.
Before being integrated into Polkadot, the technology can be tested on the experimental platform Kusama, which has been built with (almost) the same code.
DOT - the native Polkadot tokens - serve several functions. They:
- give holders a role in controlling the governance of the platform
- are staked for operating the network
- can be bonded for a parachains
- can be used to pay fees within the network
Polkadot is the brainchild of Gavin Wood, co-founder and former CTO of Ethereum.