Polkadot was established in 2014 by Ethereum’s Gavin Wood and is a “heterogenous multi-chain technology“. The project’s vision is to become ‘the’ central blockchain to which other blockchains can plug in. Therefore, they aim to solve issues concerning the singularity and disjointed nature of existing blockchains.
How is this important
Polkadot’s goal is to unify blockchains, by focusing on the scalability, singularity and interconnectivity of current blockchain solutions.
Currently, blockchains are singular entities and processing large volumes of transactions quickly is difficult. Therefore, scalability and information transfer is limited.
A solution to these concerns is provided, since Polkadot’s multi-chain network provides greater processing power. In other words, greater processing power makes registering and managing transactions faster.
On the paltform, clients can design their blockchain. This is possible through cross-chain communication, which allows for increased interoperability between various blockchains.
What this means for crypto users
With, Polkadot information is processed more efficiently and faster. In addition, plans on developing smart contract chains and data curation networks are underway. Therefore offering viable competition to competitors like Ethereum.
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