• A new generation blockchain protocol that simplifies cross-chain communication.
• Describing itself as ‘the blockchain of blockchains’, it’s aiming to overcome a problem in the current blockchain landscape: hundreds of blockchains that exist in isolation.
• Operating on a Proof-of-Stake model, Polkadot provides a more appealing alternative for those with environmental concerns over blockchain’s validated via Proof-of-Work.
Use cases of Polkadot
• Scalability.
• Allow more blockchains to communicate with each other.
• Co-operative shared security model.
Why is DOT getting attention?
• Polkadot raised funds by selling its DOT token, allowing investors to trade since August 2020.
• Since it’s recent launch, DOT has seen listings at over 40 exchanges.
• Highly anticipated developments, such as “parachain slot auctions” coming soon.
History of Polkadot
• Former Ethereum executives, Gavin Wood and Jutta Steiner, lead the DOT project.
• The development began in November 2017, proof-of-concept launched in mid-2018, and token transfers were enabled in August 2020.