Polkadot is a next generation blockchain protocol that connects multiple specialized blockchains to a unified network. It was conceived as a way for the Web to restore control of individuals "Internet monopoly, building on the revolutionary promise of early blockchain networks and offering several fundamental benefits.
Blockchains can only handle a limited amount of traffic in isolation and even then only for a very limited number of users at the same time. Polkadot is a fragmented multi-chain network, which means it can handle many transactions simultaneously, eliminating bottlenecks that have occurred. This parallel computing power significantly improves scalability and creates increased acceptance. The separate chain connected to polkadots is called a parachute because it stores all its transactions in a separate database.
When it comes to blockchain architecture, not everything fits neatly into a block, and blockchain architectures need to be compromised to support different functions and use cases. At Polkadot, each blockchain can have a new design optimized for a specific use case. For example, a chain could optimize identity management, while file storage could be optimized, and so on. This means that blockchain can provide better services by improving efficiency and security by eliminating unnecessary code. The team develops and adapts its blockchain with a substrate development framework based on the open source blockchain platform Ethereum and the open source codebase.
Unlike previous networks, which were largely operated in a stand-alone environment, Polkadot offers interoperability and chain communication. Instead of relying on a single sales device such as a computer, network or smartphone, the network and applications on PolkADot can exchange information and functions such as apps and smartphones across multiple devices. This allows users to transfer information across chains and opens the door to innovative new services. For example, a chain that provides financial services can communicate with another that provides real-world data, known as the oracle chain, which feeds prices into stock prices and symbolic trading.
Teams can customize and optimize blockchain management to meet their needs, and build prefabricated modules to deploy them faster. The municipality of Polkadot has its own blockchain governance model for its citizens. It can be perfected and improved when needs and conditions change over time, such as the number of inhabitants, the size of the municipality or the type of infrastructure.
Together, these core features open up new services that give people control over their own digital lives. Like any software, blockchains need upgrades to stay relevant and improve over time. Upgrading a traditional chain requires a so-called hard fork, which creates two separate transaction processes that can split a community into two, often taking months of work. Polkadot enables forkless upgrades, allowing the blockchain to evolve and adapt easily as better technologies become available. For some projects, its unique design offers a unique combination of security, scalability, privacy and a high level of transparency.