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Welcome to Our Polkadot Crypto Video!
Polkadot is the native cryptocurrency to the Polkadot platform, a new type of blockchain that enables interoperability between multiple independent blockchains. Interoperability is a concept within the blockchain ecosystem that has been talked about for quite a long time, but has yet to come to fruition in any macro sense. That is, while interoperability has been achieved in micro, laboratory based environments, it has yet to be achieved and used on a wide scale. Polkadot aims to change this by launching the world’s first highly interoperable blockchain platform. The native currency behind the platform is DOT, which drives the core operations of the blockchain. Polkadot is much like other smart contract platforms (such as Ethereum), except it has enabled two things.
The ability to have “chains within chains” AKA Sharding
The ability to have one blockchain “speak” to another, AKA interoperability
In order to have those operations be as seamless as possible, DOT is the token that acts like fuel for the network. Much like how Ether is the lifeblood of all smart contracts on Ethereum.
How Does Polkadot Work?
Polkadot cryptocurrency is the native token on the blockchain of the same name. The blockchain is a way of storing information that works similarly to a database. Blockchain technology stores information to create:
A permanent timeline, without the need to purge data
Uneditable records, so Polkadot can’t be easily hacked
Transparency and visibility to anyone
Decentralized currency not limited to control by a single bank or entity
How Is Polkadot Different Than the Competition?
Polkadot is newer than other popular cryptocurrencies. Bitcoin was the first to emerge in the world of cryptocurrency. It offers basic abilities compared to the second-most popular cryptocurrency, ethereum, which can complete more complex tasks.
However, there is a charge for each task with on the Ethereum network, so the cost of more complex transactions adds up quickly. And Ethereum has only one “lane” for transactions, which can lead to network congestion.
Polkadot is different because it offers parachains, short for parallel chains, which are series of connected blockchains. Polkadot is thus a “multichain” consisting of blockchains running alongside one another in a way that speeds up transactions. Having multiple lanes to complete transactions leaves less chance for network overload.
Additionally, Polkadot created protocols that allow its network to interact with other blockchains. Since its blockchain network is flexible, it has an increased ability to pivot and serve more specific needs.
The information contained herein is for informational purposes only. Nothing here shall be construed to be financial legal or tax advice. The content of this video is solely the opinions of the speaker who is not a licensed financial advisor or registered investment advisor. Trading cryptocurrencies poses considerable risk of loss. The speaker does not guarantee any particular outcome.
I hope you found value in our Polkadot Crypto video. Make sure to leave a like on the video if you gained value from it!
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⏰ TimeStamps ⏰
0:30 Polkadot Explained
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Source : https://www.youtube.com/watch?v=dHA0cXA5Xhs