Polkadot aims to be a blockchain technology that can integrate with any other blockchain system, enabling communication and interoperability. Advantages include seamless integration of new blockchains- a shared pool of code making it easier to update the network. It also fastens processing time between blocks (10-15 seconds) and has no hard forks. In the end, the process becomes easy and fast
It claims some serious heavyweight backers — the kind you don’t want to mess around with your funds. Firstly, the Web3 Foundation was led by Ethereum founder Vitalik Buterin. He didn’t not only founded Polkadot but also co-founded Bitcoin Magazine in 2011 (before certain crypto became bitcoin). Then there is a slew of other blockchain investors such as Ethereum co-founder Joseph Lubin, Blockstream co-founder Nik Halvorsen and the aforementioned Web3 Foundation.
On July 31, 2017, it was announced that Polkadot has partnered with Truffle to make the Polkadot framework easier to use. The announcement also mentioned that Truffle can help them to build an on-chain governance layer that will allow developers to directly interact among themselves, allowing for faster block times and censorship resistance.
Polkadot is a proposed software for establishing a new era of decentralized internet infrastructure.
- The project will allow more decentralization and authority over the coin.
- As the future is knocking on the door, this collaboration will help them to stay relevant in the future and compete in the world of finance much more strongly.
- In the end, the network of blockchain and decentralized finance will rule the world in soon