Polkadot is a decentralized network that is often described as the blockchain of blockchains. It has a rather amusing history as the head of the development team is the former CTO of Ethereum, Gavin Wood. It has a rather complicated structure and has interconnected blockchains that form such an incredibly dense computing node that Polkadot is often called a multichain rather than being pointed to as a single blockchain. It allows for various blockchains to run simultaneously on a single network node, if you come to think of it then it is not only amusing but a strong technological feat in the crypto space. The upgraded interpretation of the crypto known as the genesis block was launched back in the May of 2020.
Things you need to know about Polkadot
It runs on a nominated proof of stake which is a bit different than the proof of work algorithm and allows the Polkadot holders to be able to take part in securing the network by staking their individual coins. This can be achieved in two ways and this is amazing because it basically provides the users with two different actionable insights i.e. either to work independently and validating the transactions by adding new blocks over the blockchain and taking part in the consensus or staking their coins to back the other validators.
So, if you really think about it then you have these two choices, either work yourself onto the blockchain and be rewarded or let your native tokens do all the work for you and get rewarded at the end of validating each block. No other blockchain or crypto network out there gives its users this kind of freedom that Polkadot provides. Another great aspect of this blockchain is that it prevents the whales to take over the network and disposing of their tokens for the sake of earning a validating profit but then end up bringing the price consistency of the token to an imminent end.
Why you should invest in Polkadot?
The most promising aspect of Polkadot is that it allows different blockchains to be able to interact and communicate with each other in real-time. So, in basic linguistics Polkadot allows these blockchains to speak the same language which makes their interaction with each other easier and provides the common grounds for these blockchains to exist simultaneously on a single network node. Just like any other cryptocurrency Polkadot is also a highly volatile asset which means that you might see enormous gains overnight or see your whole investment going kaput in a day or two. This phenomenon is kind of universal for the whole crypto market.
Polkadot on the other hand enjoys a solid management and development team that not only has tons of experience but also at the same time is providing a solution that is bringing other blockchains on a common front. This is what makes Polkadot a completely unique crypto environment in that it is not only hosting a native token but also at the same time many decentralized projects are running through it. This alone should tempt you enough to invest in Polkadot and see amazing returns coming your way.
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