What Exactly Is Polkadot? (DOT)

  • A “multi-chain network” aiming to connect different specialized blockchains into a single unified network.
  • Blockchains that connect with Polkadot work in parallel as so-called “parachains.”
  • Parachains give access to the network’s proof-of-stake validation of transactions and security.

According to Polkadot’s mission statement on their website;

Polkadot is built to connect private and consortium chains, public and permissionless networks, oracles, and future technologies that are yet to be created. Polkadot facilitates an internet where independent blockchains can exchange information and transactions in a trustless way via the Polkadot relay chain.

Polkadot makes it easier than ever to create and connect decentralized applications, services, and institutions. By empowering innovators to build better solutions, we seek to free society from its reliance on a broken web where its large institutions can’t violate our trust.

What Is Polkadot's Goal?

This cryptocurrency is a network designed to join the dots with all other networks. It’s commonly referred to as a multi-chain network because it can join networks together, unlike networks like Bitcoin, which operates independently.

Its ultimate aim is to act as a framework for all blockchains that opt-in, like how HTML allows sites, browsers, and servers to interact. Ultimately, the idea is to take care of messy and costly cryptocurrency mining processes (including validation of transactions and security protocols) and enable developers to focus on creating dapp and smart contract functionality.

Where Can I Buy DOT?

So, if you are interested in diversifying your cryptocurrency portfolio, Polkadot is worth looking into. Find a Byte Federal Bitcoin ATM near you for an instant, safe and secure cryptocurrency purchase with no hidden fees.

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