What is Polkadot?
Polkadot (DOT) blockchain is a next-generation blockchain protocol designed for combining a whole network of purpose-specific blockchains. Essentially, Polkadot is a software that seeks to incentivize a global network of computers to operate a blockchain on top of which users can launch and operate their own blockchains.
Polkadot was designed to facilitate cross-chain communication that allows for Substrate-based blockchains to scale independently. Substrate is an open-source framework that lets you build entire, configurable blockchains in a timely fashion.The Polkadot Substrate framework gives blockchain researchers a new framework to test concepts and applications.
Software developers familiar with the popular developer languages like WebAssembly (Wasm), and Rust can build smart contract applications, which makes it easier to experiment than Ethereum’s smart contract native language Solidity, which not many developers have experience with.
Real World Example:
Polkadot allows all parties to take public and private chains and "plug them in" to a shared connectivity layer. Chains can choose to maintain their own validator set or utilize Polkadot's pooled security system to verify their transactions via the Relay Chain.
The Polkadot project is developed by Parity Technology and supported by the Web3 Foundation.
It uses a NPoS (nominated proof-of-stake) mechanism to select nominators and validators and protect the security of the chain. The network consists of four basic components: The Relay Chain, The Parachain (blockchains running in parallel), Parathread (more flexible and economical transaction model than parallel chain),The Bridge Chain (mediates the connection of other blockchains). There are four different consensus roles in the Polkadot network: Nominators, Validators, Collators and Fishermen. There are two different governance roles: Council Membership and Technical Committee. The blockchain has been developed to be able to integrate new enhancements and updates without the need to create a new hardfork.
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