What is Polkadot & How is it different?
🔹What is Polkadot?
Polkadot is a next-generation blockchain protocol connecting multiple specialized blockchains into one unified network. Designed as part of a broad vision for a web that returns control to individuals over internet monopolies, Polkadot builds on the revolutionary promise of previous blockchain networks while offering several fundamental advantages. Source
🔹How is Polkadot different?
Polkadot is a sharded multichain network, meaning it can process many transactions on several chains in parallel, eliminating the bottlenecks of slow and limited transaction times. Source
Each blockchain can have a novel design optimized for a specific use case. That means blockchains can offer better services, while also improving efficiency and security by leaving out unnecessary code. Source
3.Cross-Chain Communication & Easily Upgraded
Polkadot offers interoperability and cross-chain communication meaning you can transfer information between chains. For example, a financial services chain can communicate with another that provides access to real-world data. This will work perfect for stock market feeds and other live data that is updated on real time. Lastly, Polkadot enables forkless upgrades, allowing blockchains to evolve and adapt easily as better technology becomes available. Source
🔹What are the uses of DOTs in Polkadot?
DOT serve three key functions in Polkadot:
- to be used for governance of the network,
- to be staked for operation of the network,
- to be bonded to connect a chain to Polkadot as a parachain, more on parachains in another article to come later this month.
🔹Where can you buy DOT on Huobi?
Now that you have learned a bit about Polkadot , how it is different and where you can buy it on Huobi that wraps up this quick project overview.
Thanks for reading!
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