Polkadot Price - DOT/NZD : $7.6680

Polkadot is an open-source multi-chain platform and cryptocurrency. It allows interoperability and interconnectivity between independent blockchains. The network provides a scalable building environment that is home to a wide range of cutting-edge technologies.

Blockchains are built to store data and share information in a decentralised way. They are written in different programming languages and secured by their own methods of cryptography. This has made it hard for them to communicate. With the development of new technologies and a rapidly growing market, it is important for blockchains to be compatible. Polkadot seeks to provide an answer.

A blockchain for blockchains

Polkadot is called a “blockchain for blockchains” because it is the first layer-0 protocol in the world. It connects blockchains and oracles to allow them to exchange data and cryptocurrencies in a trustless manner. This is a game changer because it makes it easy for people to use Web3-enabled products together.

Polkadot offers cross-chain functionality and scalability. It connects a web of parachains and parathreads via the main relay chain, Polkadot’s core component. Utilising the power of the entire network independent chains can process fast and secure transactions. Through bridges, Polkadot also connects to external blockchains like Bitcoin and Ethereum.

Polkadot’s developer toolkit

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

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