Is Polkadot (DOT) Still Worth It in 2024?
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Founded by Gavin Wood, Polkadot is touted as “a scalable, interoperable and secure network protocol for the next web (Web 3)”.
To achieve this, there are three core components of its main blockchain architecture: the relay chain (the network’s core chain), parachains (Polkadot-native chains) and bridges (ideal for interacting with different networks such as Bitcoin and Ethereum). I recommend exploring the lightpaper for a concise overview of the blockchain and organisation.
Because Polkadot allows any type of data to be sent between any type of blockchain, it unlocks a wide range of real-world use cases.
High network decentralisation
Unlike many blockchain networks that claim to be decentralised when they’re more like semi-centralised networks, Polkadot is one of the few that has a bona fide distributed setup.
It is the third-most decentralised blockchain, Bitcoin and Mina Protocol, with the foundation blockchain well ahead of its competitors. This is based on Polkadot’s Nakamoto Coefficient of 92.
This coefficient represents the…
