Polkadot Price - DOT/USD : $5.8238

Polkadot is a next-generation open-source protocol and cryptocurrency. It is a fully interoperable multi-chain platform that is built to facilitate seamless communication between blockchains. The Polkadot network supports the development of new technologies and hosts an expanding ecosystem of Web3 applications.

Blockchains are built, secured and governed using their own computer languages and consensus algorithms. Their isolated nature, however, has created problems when it comes to integration. Polkadot was primarily designed to address these industry pain points.

A protocol for protocols

Polkadot is the first layer-0 blockchain. It is dubbed the “protocol for protocols” because it connects blockchains and allows them to share messages and perform transactions without compromising security or decentralisation. This is a game changer because it makes it easy for developers, token holders and content creators to use blockchain-enabled products together.

Polkadot is built to scale. Its cross-chain network is united over Polkadot’s central relay chain, which powers the entire platform. Independent blockchains, called Parachains and parathreads, delegate their consensus to the relay chain, to process fast and secure transactions. Through bridges, Polkadot can also connect to external blockchains like Bitcoin and Ethereum.

Built-in capabilities

Polkadot makes it simple to build layer-1 projects on top of its core code without having to start from scratch. It features an out-of-the-box building environment where developers can create their own blockchain-based decentralised applications (dApps) with Polkadot’s programming language Substrate. It enables smart contracts and digital assets to be exchanged over different chains using Polkadot’s XCM consensus messaging format.

DOT is the native token of the Polkadot blockchain and is essential to the operation of the Polkadot network. Polkadot (DOT) is one of the top cryptocurrencies by market capitalisation.