Polkadot (DOT)

Polkadot is an open-source sharded multichain technology that connects and secures a network of specialised blockchains. It enables the cross-chain transfer of any data, not just tokens, and allows blockchains to communicate with one another. Polkadot was created to serve as the basis for the Web3, or decentralised internet of blockchains.

Polkadot is considered a layer-0 meta protocol since it supports and specifies a network of layer 1 blockchains known as parachains (parallel chains). As a metaprotocol, Polkadot has the ability to forklessly and autonomously update its own software in accordance with the desires of its token holder community.

Polkadot provides a basis for a decentralised web owned by its users, as well as for the establishment of new apps, institutions, and services.

Through the Polkadot Relay Chain, these separate blockchains may link to both public and private chains, permissionless networks, oracles, and future technologies.

Dr. Gavin Wood, Robert Habermeier, and Peter Czaban are the creators of Polkadot.

Polkadot's native DOT token serves three distinct purposes: staking for operations and security, supporting network governance, and bonding tokens to link parachains.

Polkadot is the flagship protocol of the Web3 Foundation, a Swiss Foundation whose purpose is to support an open-source, fully functional, and user-friendly decentralised web.

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