Polkadot DOT

Polkadot is a Layer 0 multichain network designed to provide shared security, interoperability and scalable infrastructure for interconnected blockchains. Its mainnet launched in May 2020 following the publication of Gavin Wood’s original Polkadot whitepaper in 2016.

At the center of the network is the Polkadot Chain, which coordinates consensus, security, data availability and computational resources for connected chains. Application-specific blockchains can use Polkadot’s shared validator set rather than establishing an entirely separate security model.

Polkadot uses Nominated Proof of Stake (NPoS) to select validators and secure the network. Its consensus architecture combines BABE for block production with GRANDPA for finality, separating the processes of creating and finalizing blocks.

Cross-chain communication is enabled through XCM, Polkadot’s format for exchanging messages, assets and instructions between consensus systems. The network also uses Agile Coretime, allowing projects to obtain computational resources either in bulk or on demand instead of relying on the earlier parachain-slot auction model.

DOT is Polkadot’s native token and is used for staking, on-chain governance and access to network resources such as coretime. Polkadot uses OpenGov for decentralized governance, allowing DOT holders to participate in referenda affecting protocol parameters, treasury spending and network upgrades.

Development infrastructure is provided through the open-source Polkadot SDK, which combines technologies including Substrate, Cumulus and other components used to build Polkadot-compatible blockchains. The network continues to evolve through runtime upgrades without requiring conventional hard forks.