What’s so special about Polkadot?

24 Apr 2023

What’s so special about Polkadot?

With so many cryptocurrencies available, we’re very careful about which coins we support in the Gridlock wallet. So why did we prioritize Polkadot (DOT) support over other, better known, crypto coins and blockchains? 

Polkadot offers superb interoperability

Where many cryptocurrencies operate from a single blockchain, Polkadot adopts a different model. At its heart is a primary chain called the ‘relay chain’ which provides a governance layer for the network. The relay chain is then surrounded by ‘parachains’ which can be used by developers to build their own blockchain-based projects within the Polkadot ecosystem.

This interoperability means that Polkadot can connect directly to other blockchain-based systems, including other coins. Which means that you can seamlessly transfer coins and other digital assets between chains without the need for a (costly and/or insecure) third party broker.

Polkadot is a future-ready platform

Here at Gridlock we talk a lot about Web3 and DApps (decentralized apps) because they really are the future of the internet. The parachain design of Polkadot provides a platform on which these new services can be built and run – and which will interoperate seamlessly with other networks.

It’s also worth noting that the parachain configuration offers significant performance improvements over other blockchain systems. Polkadot claims that their network can process up to 1000 transactions every second. While TPS isn’t always the most important metric, Polkadot’s high throughput makes it more suitable for real-world applications than many other blockchains. This increased speed also reduces the cost per transaction, keeping overheads lower for operators and users.

Polkadot is a truly user-centric blockchain

If you own DOT (Polkadot’s native token) then you also acquire voting rights in how the network is run. This is exceptionally powerful. More than simply decentralizing finance, Polkadot users can vote on future developments, network upgrades, and electing ‘council members’ who represent their interests.

This approach ensures that Polkadot users get a blockchain-based platform that evolves to meet their needs, not those of a small, unelected group of stakeholders (which is the case at many other blockchain networks – and the economy in general). In fact, Polkadot encourages you to be an active part of the community because your participation makes a real difference.

Polkadot is a cryptocurrency with pedigree

The Polkadot protocol was created by Gavin Wood, one of the co-founders of Ethereum. With Polkadot, he has applied what was learned from his earlier projects to develop a more efficient, more secure blockchain that takes the best of Ethereum and expands on it to create a platform ready for the realities of Web3.

In March, Gridlock was fortunate to meet some of the Polkadot team at Ethereum Denver and enjoyed putting faces to the names and talking about the future. What a great team of people!

How can I get started with Polkadot?

You can buy DOT coins directly from your Gridlock wallet in the usual way through our integration with Banxa. Just tap Vault > Polkadot > Buy and enter the desired amount. You can find step-by-step instructions in our docs.

Polkadot is an excellent platform for blockchain operations, thanks to its supreme flexibility and interoperability. We expect to see the community continue to grow in the Web3 future – and we’re proud to offer DOT support through the Gridlock wallet.

If you’re not yet a part of the Gridlock community, you should be! Download Gridlock and get started today!

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Written by Reid Zedkongor

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Reid Zedkongor is peeling away layers of confusion around blockchain and cybersecurity. With a computer engineering background, he can dive into the details of crypto complexities to make crypto adoption easy for everyone. In his free time, he often reads fiction or enjoys a good laugh over a beer.

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