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Historical price data for Polkadot.
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  • Polkadot
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  • Market Cap
    $8.63 B

What is Polkadot?

Polkadot is a blockchain platform that aims to connect different blockchains. It allows the transfer of data and assets between these blockchains in a fast and scalable way. Polkadot achieves this by using parallel blockchains that are called parachains. These parachains distribute the processing workload, enabling Polkadot to handle multiple transactions simultaneously.

The DOT token serves as the primary digital currency in the Polkadot network. It acts as a governance tool that enables its holders to participate in the decision-making process regarding the protocol’s future development. The DOT token is also used for staking to validate transactions.

A Brief History of Polkadot

Polkadot was founded in 2016 by Gavin Wood, Robert Habermeier, and Peter Czaban and launched in May 2020. The platform is designed to be scalable, interoperable, and decentralized and aims to power the next generation of the web.

The Polkadot network consists of a primary blockchain known as the “relay chain” and “parachains.” The relay chain is responsible for security, consensus, and communication between different parts of the system. Parachains operate independently but still rely on the relay chain for secure transactions.

Notably, Polkadot uses the nominated proof-of-stake (NPoS) consensus algorithm to select its validator set. These validators are responsible for block production and transaction verification. The selection of validators is based on their total amount of DOT staked and also the amount staked by their nominators.

The Polkadot network has expanded beyond its ecosystem and established bridges to connect with external networks such as Bitcoin and Ethereum. The project aims to create a more open, diverse, and collaborative web where various blockchains can exchange information and value without intermediaries or centralized authorities.

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