Polkadot, a Beginner’s Guide (DOT)

By Aleksandra Wilson
2 min read August 16, 2021

DOT 101

Polkadot is a protocol of open-source sharding used mainly to facilitate data, assets, or token transfers. It tries to establish through interoperability a private net operated by the users. That makes the process of creating new applications and services significantly more straightforward. This protocol links private and public chains, networks, and other technologies. The previous permits blockchains to be independent of sharing information and performing transactions. That, via the Polkadot relay chain. Its main four elements are Relay Chain, Parachains, Parathread, and Bridges.

About The Founders

The Swiss Foundation, Web3 Foundation, wanted to facilitate a decentralized net that would be functional and friendly to the user. All of that, as a project of open source, which is why they founded Polkadot. The three principal founders are Dr. Gavin Wood, Robert Habermeier, and Peter Czaban. The first one being the most famous out of the three due to his participation as Ethereum co-founder, among other big tech projects. All three of them have experience in very specialized fintech industries.

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What Makes Polkadot Unique?

Starting with the main reason, it can process many transactions in parallel in multiple chains. Processing in parallel equals scalability improvement. Another advantage is how fast custom blockchains can be connected to the network of Polkadot. It also has a high capacity to adapt, being flexible and allowing information to be shared. Therefore, the user gets the feeling similar to using apps on a mobile device.

What About DOT Circulation?

Currently, it has an issuance of 1 billion DOT tokens. In August 2020, the network had a redenomination that was purely undertaken to steer clear of small decimals. That move only helped to make its calculation way easier. Although balances increased by a factor of 100, it did not impact the DOT distribution or the shares of the holders.

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Is The Network Secure?

It has a system user-driven, highly sophisticated that helps to secure it. Therefore on the user’s needs, entire communities have the opportunity to customize their blockchains. That and having many validators help ensure its blockchains on multiple levels, and it also allows them to scale their transactions.

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