What is Polkadot (DOT)?
DOT’s interoperability seeks to establish a fully decentralized and private web, controlled by its users. It simplifies the creation of new applications, institutions and services
Polkadot is a sharded multichain network, meaning it can process multiple transactions on several chains, in parallel (hence, “parachains”. This significantly improves the scalability of the network.
Polkadot was founded by the titular Web3 Foundation, with its founders including the likes of Dr. Gavin Wood - an Ethereum co-founder and the creator of the smart contract language Solidity.
Polkadot uses the Substrate framework to allow the creation and connection of custom blockchains within minutes. This opens the door for innovation upon the network by making it easier for developers to enter the space
Nominated Proof of Stake
Polkadot uses a modified proof-of-stake mechanism to allow the various chains on its network to be secured by a common set of validators. This allows for the chains to interact with each other securely, but remain independently governed from one another