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What is Polkadot all about
Polkadot is a blockchain that is looking to tackle the concerns about interoperability in space. At the moment, different blockchain and their tokens operate in siloed, self-contained environments which many feel is holding back the technology.
Polkadot is looking to connect multiple specialized blockchains into one unified network. As this multi-chain framework, Polkadot would operate a bit like how HTML, in internet usage, allows sites, browsers, and servers to interact with each other.
Ultimately, this framework would enable developers to focus on creating dapp and smart contract functionality that every blockchain user, regardless of their chosen chain, could access..
Polkadot works by allowing other chains to connect with Polkadot and work in parallel as so-called “parachains” in order to access the network’s proof-of-stake validation of transactions and security.
Polkadot also has its own native cryptocurrency, called DOT, which works in the blockchain’s framework and allows holders to vote on potential code changes, which then automatically upgrade across the network if a consensus is reached.
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DOT Questions & Answers
What is the current Polkadot price?
Today, the price of Polkadot is at 35.24 EUR.
To date, what was the highest price of Polkadot?
We saw the highest spike in the price of Polkadot on 2021-05-15, when it was at 40.63 EUR.
Is Polkadot expected to increase in value next month?
Based on our short term price prediction, we estimate Polkadot's cost will be between €29.64 and €43.26 next month.
What will Polkadot be worth in 3 months?
Using our short term price prediction we estimate the price of Polkadot will reach between €29.64 and €62.96 in three months time.
What will the price of Polkadot be half year from now?
Difficult as it is projecting long term in accordance with our short term prediction we suspect the price of Polkadot will reach between €29.64 and €99.10 6 months from now.
How popular is Polkadot online?
32130 people took part via Reddit, in an online discussion about Polkadot in the last 48 hours. Polkadot's official Twitter handle is followed by null users.
Why do we need Polkadot?
Polkadot aims to be the network that links and combines the vast blockchain ecosystem together. Instead of having the space be siloed and broken up into little ecosystems, it would rather allow users to seamlessly traverse it.
Can Polkadot connect to any blockchain?
Polkadot labels itself a "layer 0" solution that has the ability to connect all blockchains and enable cross-blockchain transfers of any data and asset, not just tokens.
What do the different Polkadot chains do?
The Polkadot network allows for the creation of three types of blockchains. The Relay Chain – The main Polkadot blockchain; Parachains – custom blockchains that use the relay chain’s computing resources to confirm that transactions are accurate; and Bridges which allow the Polkadot network to interact with other blockchains.
Why is interoperability important in the blockchain space?
Blockchains currently operate in very siloed instances. They have the ability to do a lot within their own ecosystem but there is very little linking to other coins — this limits the possibilities of the space for users. Having interoperability between blockchains makes the space far more usable.