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This article was written exclusively for Investing.comAnother set of new highs and corrections Ethereum has outperformed Bitcoin throughout 2021 Reason 1: The platform Reason 2:...
What is Polkadot coin?
Polkadot coin is a heterogeneous blockchain protocol that utilises sharding technology to enable the seamless transfer of data or crypto-assets across blockchains. The coin aims to build a scalable, interoperable, and secure system that allows adjacent blockchain protocols to build independently or with semi-dependence on its platform while leveraging its security.
It connects both private and public networks to its Relay Chain, with each being either a parachain or a parathread. The connection is carried through bridges, enabling projects building on the Polkadot ecosystem to connect and communicate with other blockchain ecosystems.
Where to buy Polkadot coin
You can buy Polkadot coin through several crypto exchanges like Binance, Coinbase, Huobi or crypto brokers like eToro. Since most of these platforms are regulated in one way or the other, you'd need to create an account and complete a know-your-customer (KYC) protocol before you're allowed to buy a Polkadot coin.
What is Polkadot crypto?
Polkadot crypto is a decentralized currency that enables the seamless transfer of different data types, assets, and tokens across various blockchain networks without relying on a third party. Polkadot crypto has become a major contender to the Ethereum network.
What makes Polkadot different?
Polkadot is different because of its ability to interoperate with a wide variety of blockchains. The network which seeks to address the blockchain trilemma has gained attention for its flexibility and robust nature.
Polkadot also uses a Nominated Proof-of-Stake (NPoS) consensus algorithm, ensuring that it is fast, environmentally sustainable, and a low-cost alternative to the Ethereum network.
How does Polkadot work?
The Polkadot protocol operates with a relay chain that serves as the epicentre of the entire activities in its ecosystem. All protocols (parachains or parathreads) connect to the Polkadot and interoperable network to send and receive different data sets.
The DOT token is used in validating transactions and participating in governance duties. DOT token holders can also decide on the future of the network.
Who created Polkadot?
Polkadot protocol was created by Dr Gavin Wood, one of the original eight co-founders of the Ethereum network. He is a British computer scientist credited with developing Solidity, a prominent programming language developers use to build on the Ethereum network.
Dr Wood also worked with co-founders Peter Czaban and Robert Habermeier to bring Polkadot to life in 2016. Despite this, Wood has remained the epicentre of the Polkadot project. He also previously worked with prominent developer Jutta Steiner to develop Parity Technologies in 2015. The software company contributes towards the development of Polkadot by enabling teams to build on the network.