Polkadot Price - DOT/SGD : $6.2272

Polkadot is a multi-chain application platform and cryptocurrency. Its open-source protocol is built for interoperability and interconnectivity between blockchains. Polkadot fosters the development of innovative Web3 technologies. The network is made to scale and can support a wide range of decentralised products and services.

Blockchains (in general) are built, secured, and governed with decentralisation in mind. They are written using various programming languages and operate on different cryptography systems. This has made things challenging when it comes to cross-chain integration. Polkadot seeks to provide a solution.

A platform for Web3

Polkadot is the first layer-0 protocol in the world. It enables different blockchains to share information and digital assets in a trustless and secure manner, while retaining their own governance and tokens. This is groundbreaking because it makes it simple for people to use blockchain-based applications together.

Polkadot fulfils its primary purpose of connecting blockchain networks through parachains and parathreads. They delegate their consensus and security computations to the relay chain, Polkadot’s central component, to process fast and congestion-free transactions. Polkadot can also connect to independent blockchains like Bitcoin and Ethereum through bridges.

Built-in capabilities

Polkadot provides a foundation for layer-1 projects to build on top of, without having to start from scratch. It features an out-of-the-box building environment where developers can create their own decentralised applications (dApps) using Polkadot’s own programming language, Substrate. It enables smart contracts to be exchanged seamlessly across chains using Polkadot’s XCM consensus messaging format.

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