Introduction
Polkadot, an ambitious project born in the blockchain industry, offers an exploratory insight into a multi-chain universe. It is introducing a new decentralized way of exchanging any type of data, paving the way for a truly scalable internet.
Functioning of Polkadot
At the core of Polkadot's function lies its sophisticated 'relay chain.' This primary chain enables the interoperation of various 'parachains', or parallel chains, each of which can have its own tokens and be optimized for specific uses. Together, they form an interconnected web of blockchains, moving forward to solve the scalability issue which plagues the current blockchain industry.
Polkadot's Usage
Polkadot's innovative multi-chain environment allows different blockchains to interact seamlessly, enabling a wide array of applications. From DeFi to gaming, supply chain to identity verification, Polkadot's diversity in facilitating various projects is truly remarkable.
Team Behind Polkadot
The team behind Polkadot comprises credible and experienced individuals. Dr. Gavin Wood, a co-founder of Ethereum, is at the forefront, along with other notable figures like Robert Habermeier and Peter Czaban. This dedicated and ambitious team is driving Polkadot's potential toward a newer decentralized world.
Polkadot: Price Performance in 2020 vs 2021
Polkadot saw respectable growth in the year 2020, starting from a low price but soaring to new heights. The year 2021, however, witnessed a significant surge in Polkadot's price. Despite the volatility, the increasing adoption and innovative technology promise a potential upside.
Conclusion
Polkadot is more than just a cryptocurrency project; it's an ecosystem facilitating diverse applications and multiple blockchains. As the digital world evolves, Polkadot, with its robust development team and innovative approach, likely will be an integral player in the blockchain industry.
