- Live from: 2020
Polkadot is a Proof of Stake blockchain protocol with a scalable heterogeneous multi-chain technology that has been built to connect a series of specialised blockchains in one network. It is heterogeneous because it is totally flexible and makes no assumption about the nature or structure of the chains in the network.
- It is designed to operate two types of blockchains – a main network, called a relay chain where transactions are permanent and user created networks, called Parachains, which can be customised for many different uses.
- Its pooled security and trust-free interchain transactability gives an advantage over competitors.
- Polkadot’s parachains can use bridges to connect with other blockchains.
- Polkadot allows developers to launch chains and applications leveraging a shared security model, without having to worry about attracting enough miners or validators to secure their own chains.
- Standard validators across the network provide vast scalability compared to other blockchains.
- Hackers have exploited code vulnerabilities.
- Currently only a limited number of parachains are available and slots are sold via auction, pricing out smaller users.