Founded by Dr. Gavin Wood, one of the co-founders of Ethereum, Polkadot (DOT) aims to address the challenges of scalability, security, and interoperability faced by existing blockchain networks.
Polkadot employs a multi-chain architecture, where multiple blockchains, known as parachains, operate in parallel, connected by a central relay chain. The platform's interoperability is further enhanced by the use of bridges, enabling communication with external blockchains and networks.
Polkadot's relay chain serves as a bridge, enabling the secure transfer of messages and assets between various parachains. This structure enhances scalability by allowing multiple transactions to occur simultaneously on different chains.
DOT is the native cryptocurrency of the Polkadot network and serves various functions such as staking for network security, governance participation, and bonding to secure parachain slots. The governance model involves token holders participating in decision-making processes, making key choices about the network's development and upgrades.
