Polkadot is a popular project based on blockchain technology, whose mission is to solve the problem of inaccurate communication between different networks. The way blockchains function is highly resistant to any external interference, which ensures a high level of security, but on the other hand, it creates significant difficulties in communication between different blockchains.
The first version of the Polkadot code was published at the stage of November 2017, while a few months later in mid-2018, two proof-of-concept algorithms were ready. The project itself finally took off two years later, specifically in May 2020.
Polkadot is a type of parachain because it processes different transactions for different blockchains in parallel. Importantly, this mechanism of action means that parachaines can also exchange information with each other. In addition, it is possible to create new parachaines for subsequent projects or applications, and the additional benefit is the possibility of modernizing each of the chains without having to rebuild the entire network.
One of the greatest successes of the team behind this project is that Polkadot's parachaines are also compatible with the features of other blockchains such as smart contracts on the Ethereum network, UTXO transactions in Bitcoin, as well as ZK-snarks in Zcash.
Entities called validators use native DOT tokens belonging to the Polkadot network and approve individual operations. Validators are selected by nominees with the additional task of securing the main chain. Another element of the Polkadot ecosystem are the so-called fishermen. They are responsible for constant monitoring of the network to avoid unwanted activities that may negatively affect the entire network or its users.