Polkadot is an open-source blockchain platform, its main purpose is to enable the secure transfer of digital data and value between different blockchains, even those that are not compatible. In May 2020, Polkadot was launched by Dr. Gavin Wood, one of the Ethereum co-founders; it aimed to provide a solution to some blockchain interoperability problems. The para chain system is its major innovation, it means many blockchains are run in parallel and united with appropriate communication.
Polkadot is operated by a new consensus mechanism called Nominated Proof-of-Stake (NPoS) to secure the network as well as scale it. The governance model is decentralized as well, where DOT holders attain right to vote on network upgrades and decisions. That provides the users with some kind of influence on how the platform grows.
Polkadot Network’s native token, the DOT coin serves three main functions: Ploating, Staking, and Bonding. Governance: Allows token holders to take a part in making the decisions. Staking motivates the users to safeguard the network, while Bonding integrates new para chains ( other blockchains ) into the ecosystem.
One of the smartest players in the copyright (decentralized applications) framework, with so much focus on Smart contracts capable of great scalability unlike what other blockchain-based applications offer.