What is Polkadot?
Polkadot is an open-source project developed by the Web3 Foundation. It is a common protocol that allows blockchain networks to work together. The intention is to create a single network, configured by combining multiple blockchains. Polkadot is designed according to a paradigm in which blockchains can work together on the Internet, which provides new benefits of using blockchains. Going into detail, Polkadot is a system that supports interaction between very different chains with different properties, including encrypted authority chains suitable for internal corporate networks (as long as they validate certain specifications). For example, a bank could verify a transaction on its private network and then publish it on the Etheruem network.
Polkadot Website
How does Polkadot work?
Polkadot operates on four characteristics based on generating, checking, verifying, and releasing blocks on top of Polkadot and parachains. It’s combining all of these characteristics to provide the speed of transmission in the blockchain. Central blockchain (relay) looks for blockchain states, known as parachains, that are associated with the system. The reason Polkadot can process all this data is that many parachains do most of the heavy lifting of the main relay chain. As a result, the Polkadot network can process more than 1,000 transactions per second, compared to 7 for Bitcoin and 30 for Ethereum. As the network grows and more parachains are added, Polkadot should become even faster, with speeds that can reach a million transactions per second.
