Polkadot Overview

Learn all about Polkadot blockchain.

Polkadot (DOT) is a third-generation blockchain that focuses on interoperability and scalability. Polkadot is pioneering interoperability by building a network that supports a constellation of independent blockchains. These self-sovereign blockchains are referred to as parachains. The Relay Chain acts as the central backbone of the Polkadot network. Parachains create blocks of transactions that are sent to validators operating on the Relay Chain. These validators confirm that the blocks can be added as permanent addition to the ledger. The result is that all parachains enjoy the same level of rigorous security guarantees.

Polkadot is enabling developers to launch application-specific blockchains (parachains) tailored to their specific needs. These custom blockchains are designed to be interoperable with one another, allowing for seamless cross-chain communication and transfers of value. Communication is enabled by Cross-Chain Message Passing (XCMP), while transactions take place across bridge parachains in the network. Polkadot operates a sharded blockchain model in which transactions are processed in parallel rather than sequentially, vastly improving the number of transactions per second.

The Relay Chain acts as the central backbone of the Polkadot network. Parachains create blocks of transactions that are sent to validators operating on the Relay Chain. These validators confirm that the blocks can be added as permanent addition to the ledger. The result is that all parachains enjoy the same level of rigorous security guarantees.

The Polkadot project was pioneered by Dr. Gavin Wood, a co-founder and former CTO of Ethereum, architect of the Solidity programming language, and author of the first formal specification of a blockchain, the Yellow Paper. While Dr. Woodโ€™s groundbreaking Solidity language laid the foundation for the use of custom smart contracts on the Ethereum blockchain, Polkadot is going a step further by allowing any developer the ability to create their own custom blockchain.

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Fast Facts

  • Token ticker: DOT
  • Annual return (approx): >10%
  • Number of validators upon network maturity (est): 1,000
  • Token unbonding period: 28 days

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