polkadot network

Polkadot Network is a next-generation blockchain that is built to allow interoperability between different blockchains. 

• Founders: Gavin Wood, Robern Habermeier, Peter Czaban
• Founded: 2016
• Headquarters: Zug, Switzerland

Key Features:

• Helps the blockchain to exchange messages and perform transactions. 
• Makes use of a Nominated Proof-of-Stack (NPoS) mechanism which improves security and decentralization. 
• Has a Substrate Framework which will allow the developers to create custom-made blockchains.
• Allows the sharing of data and assets without intermediaries by enabling seamless communication between blockchains.

It has raised a total funding of $300.2M over 14 rounds, and its most recent funding was raised from a Venture on January 1, 2022.

FAQs

1. What is Polkadot's native token used for?

DOT is its native token used for governance, staking, and bonding to connect new parachains to the network.

2. What is a parachain?

It is an independent blockchain connected to Polkadot that runs in parallel on the network.

3. What are the core components of the Polkadot Network?

Parachain, Relay Chain, and Bridges.