• What is Polkadot?
Polkadot is a sharded protocol that allows blockchain networks to collaborate. Polkadot is an open-source project developed by the Web3 Foundation.
Polkadot was founded in 2016 by Gavin Wood, an Eherium co-founder and the developer of Solidity, Etherium’s programming language. Polkadot is now managed by Web3 Foundation and created by Parity Technologies, both of which Gavin is a co-founder of. Polkadot is Gavin Wood’s idea for the next generation of Etherium.
• What sets it apart from Ethereum?
If you think Bitcoin just knows how to transfer value between its participants, think again. Ethereum not only knows how to transfer value between its participants, but it also knows how to run complex computing tasks in order to run a program that performs various functions. It’s the Bitcoin for computer programmers.
The issue with Ethereum is that it is based on a protocol known as GAS. Since you must pay GAS for each computing task, and the more complicated the task, the higher the cost. For users, Ethereum may be very pricey. If Ethereum is compared to a highway, so the applications that developers build on it must pay a GAS fee, which is essentially a traffic congestion fee.
Using the highway example again, Polkadot is like having several highways, each of which can be designed to fulfill a particular role with specific applications.
Industry experts advise that Polkadot acts as a standard for protocols or a blockchain for blockchains. There’s also the possibility of interacting with the Polkadot ecosystem’s other blockchains. This not only saves money and time, but it also allows developers to tap into the Polkadot ecosystem rather than creating their own to promote new coin-funded projects. Polkadot streamlines the invention process by eliminating the need to start from the ground up.
With all that said, Polkadot aims to develop a multichain universe in which various blockchains can coexist and collaborate to create a more vibrant, interoperable mega-system of blockchains.
To know more about their projects and future events, I highly recommend checking their official website https://polkadot.network/