Polkadot Price - DOT/AUD : $5.9630

Polkadot is an open-source blockchain and cryptocurrency. It is a fully interoperable and highly scalable multi-chain application platform. Polkadot’s network nurtures innovation and hosts a growing ecosystem of emerging Web3 technologies.

Blockchains are built to operate without central control. They have developed separately, using their own programming languages and consensus mechanisms. This has made it difficult for independent chains to exchange information because there is no technical standard. Polkadot was specifically created to solve this issue.

A world-first

Polkadot offers a unique solution as the world’s first layer-0 protocol. It connects independent blockchains and enables them to share data in a trustless manner, using their own fuels, governance, and special functions. This is a game changer as it makes it simple for developers, content creators, and token holders to use decentralised products and services together.

Polkadot connects the dots! Its core relay chain unites a city of blockchains into one interconnected network, comprised of parachains and parathreds. They share common resources and utilise the security and scalability of Polkadot to process fast and cheap transactions. Through bridges, they can also connect to blockchains outside the network, like Bitcoin and Ethereum.

Integrated features

Polkadot’s integrated security features and cross-chain capabilities allow digital assets and smart contracts to be sent between chains effortlessly, using Polkadot’s Cross-Consensus Messaging Format (XCM). Polkadot also provides an out-of-the-box blockchain-building framework that developers can use as a starter kit to build their own decentralised applications (dApps) using Polkadot’s programming language, Substrate.

Polkadot (DOT) is one of the top cryptocurrencies by market capitalisation. The native token of the Polkadot blockchain is DOT, which powers the entire network.