What is Polkadot $DOT?
Polkadot is a “next-generation blockchain protocol” connecting multiple specialized blockchains into one unified network. It enables independent blockchain networks to operate together, exchange data, and process transactions with the benefit of shared security provided by the Polkadot Relay Chain.
It aims to facilitate an “internet of blockchains” or “decentralized web” where users are in control, rather than internet monopolies. It also aims to make it easier than ever to create and connect decentralized applications (dapps), services, and institutions across blockchains.
The most critical parts of the Polkadot Network are the Relay Chain, Parachains, Parathreads, and Bridges. These components greatly simplify and enable cross-chain communication, interoperability, and scalability by bringing multiple blockchains into one network.
Polkadot Advantages & Features
True Interoperability
Polkadot enables cross-blockchain transfers of any type of data or asset. With Polkadot, you can interoperate with a wide variety of blockchains through the Polkadot network.
Easy Blockchain Innovation
Polkadot is built using the Substrate framework, which enables developers to create a custom blockchain in minutes and connect it to Polkadot to benefit from the network’s security and interoperability from day one.
User-Driven Network Governance
Polkadot employs a governance system where all stakeholders can vote on upgrades and network improvement proposals that are coordinated on-chain and enacted autonomously.
Who and When Created Polkadot?
Polkadot was founded by Robert Habermeier, Dr. Gavin Wood, and Peter Czaban and is backed by the Web3 Foundation as well as Parity Technologies.
Polkadot’s development began in November 2017 when developers published the first code on Github. In July 2018, Polkadot deployed its first Parachain and in May 2020, Polkadot launched in an “initial” state.
What is $DOT Token Used For?
$DOT is the native cryptocurrency of the Polkadot network and it primarily serves three distinct purposes:
GovernanceStakingBonding
Where to Buy & Sell (DOT)?
Polkadot (DOT) can be bought and sold on a peer-to-peer (P2P) basis but the most popular way to buy, sell, or trade DOT is through centralized cryptocurrency exchanges.
You can buy DOT with cryptocurrency or fiat currency at the following top exchanges. In most cases, you will be able to buy DOT with BTC, ETH, or stablecoins.
BinanceHuobi GlobalOKExKraken
How is Polkadot Governed?
Polkadot has an on-chain governance structure where three types of Polkadot users can influence the protocol’s development.
These users include:
$DOT Holders
Anyone who holds $DOT tokens can use their tokens to propose changes to the network. $DOT token holders can also approve or reject major changes proposed by others. $DOT holders are incentivized to participate in network governance through staking that pays rewards.
The Council
Polkadot has a Council whose members are elected by $DOT holders. Like $DOT holders, Council members are responsible for proposing and voting on protocol changes. Additionally, they also determine which changes proposed by DOT holders are made to the software.
Also, proposals made by Council members require fewer votes to be approved than proposals made by ordinary $DOT holders.
The Technical Committee
The technical committee is composed of a team of developers and software engineers who are actively building Polkadot. Members in this committee are voted in by Council members and can make special proposals in the event of an emergency.
![img 1 attached to Polkadot [IOU] review by Raiyan Ahmed](https://images.revain.org/blob/review_8a0e1750_b314_4986_97db_e1735674f0b6_image_0_6b131e72f4.jpeg)
