Come with us on this journey wherein we talk about how Polkadot plan to solve the problem of blockchains connected and talking to each other.

The protocol was created by the Ethereum co-founder “Gavin Wood” and is developed by the “Web3 Foundation” with the initial implementation by Parity Technologies.

To understand what Polkadot is, let's take an example from the pic given below.

As we all know, the cryptocurrency world is a competing world where a lot of different blockchain projects doing similar things are competing with each other, but are working in isolation. Each of these blockchains can be seen as dots in the above picture.

• What Polkadot does is that it connect these chains with each other. And that's what makes Polkadot very important.

As every blockchain project has some kind of problem, similarly Polkadot also solves one of the major problems of the blockchain world.

- Polka Dot solves the problem of the lack of interoperability between different chains.

Computers before the dawn of the internet were good, but a way to send information from one computer to another revolutionized the whole world. Imagine different blockchains like Bitcoin, Ethereum, Solana, and other big blockchains as planets in a Solar system. They are great on their own but they need a way to interact with each other without any problem and much ease.

This is where Polkadot comes into play. 😌

• It's what we call a Layer 0 function.
• This layer 0 function makes it easier to build blockchains and connect them with each other much easier.

Let's get into some technicals too to understand how Polkadot actually works. 👨🏻‍💻

1. Polkadot is a Proof of Stake Blockchain.
2. It consists of a Relay chain and parachains.
3. Proof of stake- it is what's known as a consensus mechanism. Through this mechanism, a blockchain maintains its integrity. This model states that a person can mine or validate block transactions according to how many coins they hold.
4. This means that the more coins owned by miners the more mining power they have.

Within the Polkadot ecosystem, DOT holders can do the following with their tokens: 🪙

1. Participate in the governance of the Polkadot network.
2. Participate in staking either to become a validator or to nominate validators.
3. Bond tokens to connect a chain to the Polkadot Relay chain as a parachains.

For Polka Dot, the Centre is the relay chain where all the parachains come to achieve consensus. Polkadot as a proof of stake blockchain requires validating nodes or in general, people that want to protect and participate in the network Stake their Dot coins.

Minimum 10000 Dot coins are needed to stake to become a parachain. When all these validators come together to achieve consensus, it happens all in the Relay Chain.

As Polkadot connects all these Blockchains and Dapps with each other, here parachains are used to maintain the individual rules and use cases of these blockchains.

To understand more clearly about Polkadot, let's take an example of an Office.

In an office, every employee has their own specific jobs that they have to do. But every once in a while, they come together for a meeting to get Synced and coordinate their work.

Parachains simply meet up with the Relay chain every so often to make sure the security of the blockchain and that they are on the same page.

Polkadot makes it easy to set up Parachains easily which reduces the feedback loop time and also the parachains do not need to set up different security protocols due to the shared security of the Polkadot network.

Polkadot wants to position itself as the platform for Innovation, interoperability, Scalability, and experimentation.

About DOT Token 🪙

1. Market Cap-- $32,715,516,263
2. Circulating Supply -- 1,037,018,111
3. Total Supply -- 1,117,967,997
4. All-Time High -- $49.35
5. Market Cap Rank--#8

PS: Polkadot is amongst the best projects in the Crypto world and can become a major entity in the coming future.

• The current price of the Dot token is 💲30.43.

As Polkadot is going to start its Parachain auctions in October, we can see a rise in the Dot token Price as Parachains will be staking their Dot tokens and less supply will be available on exchanges.

In the coming months, if the Bull cycle continues, we can see Dot cross its all-time high of $49.35 and by December we can see a $60-$70 Dot according to Technical analysis of its Chart.

NOTE: Cryptocurrency market is subjected to market risk, please do your market research before investing 💲

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