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What is Polkadot?

Crypto Terms Glossary: What is Polkadot?

Polkadot is a decentralized blockchain network protocol designed to allow independent blockchain networks to connect and transfer data between one another through cross-chain interoperable technology. Polkadot was founded by former Ethereum co-founder and Chief Technology Officer (CTO) Dr. Gavin Wood. Polkadot makes use of the GRANDPA (GHOST-based Recursive Ancestor Deriving Prefix Agreement) and BABE (Blind Assignment for Blockchain Extension) mechanisms to form a hybridized Nominated Proof-of-Stake (NPoS) consensus methodology. Polkadot employs DOT as the network's native asset, which is used to sign, send, and receive transactions, employ governance parameters, and to conduct other processes within the Polkadot blockchain ecosystem.

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