Polkadot is a decentralized platform that facilitates interconnectivity between different blockchain ecosystems in a trustless, scalable, and highly secure manner. In this manner, Polkadot’s technology enables the adoption of Web 3.0 technologies on a commercial level.
The Web3 Foundation, a Switzerland-based nonprofit organization, is responsible for the development of the Polkadot ecosystem. It forges partnerships with researchers and developers to make the Polkadot network an attractive platform to develop Web 3.0 applications on.
The Polkadot protocol supports cross-chain communication and transfer of data and assets across previously standalone, external blockchains. It makes it possible for different blockchain networks to connect to Polkadot’s platform as parachains and communicate with each other across both public, open and permissionless networks as well as private, permissioned blockchains.
To support its flexible connectivity offering across independent chains, Polkadot leverages a Nominated Proof-of-Stake (NPoS) consensus mechanism to secure its network in a highly energy-efficient, transparent, and reliable manner. DOT is the native digital token of the Polkadot ecosystem, and serves as both governance and utility token of the platform.
You can learn more about Polkadot(DOT) at our KuCoin Blog.