About Polkadot (DOT)
Polkadot (DOT) is an open-source multichain protocol that aims to connect and secure multiple blockchains on a single network. Polkadot was established in 2020 by founder Gavin Wood who is an original co-founder of Ethereum. The overall goal of the Polkadot protocol is to solve issues that currently plague blockchain technology such as; interoperability, scalability, governance, and data privacy.
In particular, Polkadot allows individual blockchain networks to connect with other blockchains making them interoperable. This multi-chain functionality makes it easier for developers, start-ups, and enterprises to build and operate blockchain technology. The Polkadot network refers to itself as a Layer 0 protocol as it can form an underlying framework for other Layer 1s to thrive atop.
The Polkadot protocol has 4 main components. These are the relay chain, parachain, parathreads and bridges. The main Polkadot network is known as the relay chain – this creates interoperability and secures the networks.
The parachain is a user-created specialised network designed to run on the main blockchain, of which there are thousands (including dApps, crypto wallets, GameFi and so on). Parathreads act similarly to parachains but with more flexible connectivity. Lastly, bridges are the connectors between parachains and parathreads that allow for communication with external blockchain-based platforms like Ethereum.
