Polkadot (DOT) is a unique type of blockchain and cryptocurrency that allows you to transfer any data so-called arbitrary data. Moving any data you want over the blockchain brings thousands of possibilities about using data worldwide. Polkadot can transfer given data in two shapes; the first type is public, open and permissionless, and the second type is private and permissioned. Not only transferring the coins on top of this, anyone can build applications that work on this blockchain, and with that application, they can send data in private type. For example, it is possible to send records of an institution privately over the blockchain.
Relay Chain of DOT
This technology helps other blockchains belonging to other institutions connect within a unified network and work together smoothly. Yet smart contracts do not work on this unified network, but the main goal of this technology is simply controlling the unified network. In the future smart contracts are planned but have not yet this is implemented in Relay Chain technology.
What is Parachain?
Parachains are the specialized blockchains that are included in DOT’s main network. Parachains can be customized for different uses in the blockchain. This is accepted as the spine of the Polkadot network. The number of slots is limited, and they are open for auction for anyone who is interested in it. Parachain auctions are held on the network of Polkadot, and with Relay Chain, it is decided which blockchain that Parachain will be connected.
Future of Polkadot
Polkadot has many unique technologies that can be improved and play a vital role in the future without a doubt. Analysts define Polkadot as one of the coins that will be used widely in the future because of its technology. The reason why Polkadot is important is because of Relay Chain and Parachain. These two technologies are advanced and ready to use worldwide, and their role is important in the cryptocurrency world. If anyone is looking for investment advice for cryptocurrency DOT is one of them undoubtedly.
Some features of Polkadot
- True Interworking
- Economic & Transactional scalability.
- Simple blockchain innovation.
- Secure for everyone without exception.
- User-driven network control.
Check more on the official website by clicking here.