What is Polkadot (dot)?

Polkadot (DOT) uses the nominated proof-of-stake (PoS) consensus algorithm. Polkadot uses parachains and a relay chain to facilitate a much more scalable blockchain ecosystem. The protocol’s bridges allow different blockchain networks to interact with each other. The protocol also features the DOT token, which is used in governance and staking.

What is Dot (Dot) & how does it work?

DOT is the token staked or put up as collateral by validators to approve the next block in Polkadot’s blockchain. In this way, DOT functions as Polkadot’s proof-of-stake mechanism. Each separate blockchain built on Polkadot is referred to as a parallel chain or parachain within the system.

What is a polkadot token?

The Polkadot token (DOT) serves two main functions within the Polkadot network: it’s a governance token, which allows holders to have a say in the future of the protocol, and it’s used for staking, which is the way the Polkadot network verifies transactions and issues new DOT.

What is Polkadot blockchain?

Polkadot is a blockchain that’s designed to support other blockchains. Think of this crypto platform as a network made up of other blockchain systems. If you think of each blockchain as a unique dot, then the Polkadot blockchain is like a pattern made up of these dots. Let’s take a closer look to see how it all works.