What is Polkadot (DOT)? 

Polkadot is a layer-0 protocol and next-generation blockchain that combines numerous specialised blockchains into a uniform, scalable network. It was created as part of a larger vision for a fair, secure, and resilient web that is designed to defend user interests (Web 3.0). Polkadot crypto is the flagship project of the Web3 Foundation, a Swiss non-profit organisation dedicated to enabling a fully functional and user-friendly decentralised web.

Polkadot is designed to connect private and consortium chains, public and permissionless networks, oracles, and future technologies. Polkadot crypto enables a trustless internet in which independent blockchains can communicate information and transactions over the Polkadot relay chain.

Polkadot crypto allows creating and connecting decentralised applications, services, and institutions easier than ever. By enabling innovators to create better solutions.

Who are the Founders of Polkadot Crypto?

Robert Habermeier is a Thiel Fellow with a background in blockchain research and development, distributed systems, and cryptography. He has been a part of the Rust community for a long time and has concentrated on using the language's strengths to create highly parallel and performant solutions.

Gavin Wood started developing blockchain technology as a co-founder and CTO of Ethereum. He created important blockchain components including Solidity, Proof-of-Authority consensus, and Whisper. Gavin now oversees innovation on Substrate and Polkadot at Parity. In 2014, he created the term "Web 3.0," and he currently serves as President of the Web3 Foundation.

Peter Czaban is the Web3 Foundation's Technology Director, where he works to assist in the development of the next generation of distributed technologies. He earned his Master of Engineering from the University of Oxford, where he studied Engineering Science with a concentration on Bayesian Machine Learning. He has worked on mesh networks, distributed knowledge bases, quantitative pricing models, machine learning, and business development in the defence, finance, and data analytics industries.

What is Token of Polkadot Network? And What are the functions of Polkadot (DOT)? 

The native token of the Polkadot network is called DOT. DOT serves multiple functions within the Polkadot ecosystem.

1. 1. The first purpose of DOT:-  is to grant holders full governance control over the platform. This governance function includes deciding network fees, the auction dynamics and schedule for adding parachains, and extraordinary occurrences such as updates and fixes to the Polkadot platform. These functions are not legally granted to DOT holders, however, the Polkadot underlying programming will allow DOT holders to participate in governance

How Does Staking Polkadot Tokens Contribute to Network Security ?

Proof of Stake: Polkadot employs a Proof of Stake (PoS) consensus method, which ensures that everyone involved in the staking process has "skin in the game" and can be held accountable. In the event of misbehaviour, players in the staking process may be punished or sliced, and their stake may be partially or completely confiscated by the network, depending on the gravity of the issue. It is not in a stakeholder's financial interest to plan an attack and risk losing tokens.

Increased security: The amount of staked tokens affects the security of PoS networks. A hostile actor would need to amass a significant amount of tokens to successfully attack the network, or different members would need to collude and behave maliciously. If an attack occurs, both the validator(s) and the nominators will be sliced, resulting in their stake being partially or completely taken by the network and deposited in the treasury.

Rewards: Token holders secure the network and get rewards by staking DOT. Polkadot's innovative staking system is designed to safeguard network security by rewarding good actors and punishing bad ones. The amount of incentives you can earn by staking is determined by the annual issuance of new DOT tokens, which is determined by the total amount of staked DOT tokens. The maximum DOT emission is set at 10%, which is achieved if 50% of the DOTs are staked. This would result in a staking return of 20%. 

Polkadot Standard XCM v3: Breaking New Ground for Web3 Interoperability

Polkadot's standard for cross-chain and cross-consensus communication is XCM, which stands for cross-consensus messaging. It enables many blockchains, smart contract platforms, and Substrate pallets to trade and collaborate on arbitrary data. XCM is a programming language that allows developers to create apps that span various blockchains, allowing for interoperability and platform integration.

The significance of XCM stems from its capacity to break down the silos that existed in previous-generation blockchain networks. It removes platform lock-in constraints and enables businesses and developers to collaborate on projects, build apps across chains, and form multichain decentralised autonomous organisations (DAOs). XCM allows secure and trustless interoperability, allowing assets and data to be moved between chains without the risks associated with centralised bridges.

To exchange messages across computers, XCM uses transport protocols such as HRMP (Horizontal Relay-routed Message Passing), XCMP (Cross-Chain Message Passing), and VMP (Vertical Message Passing). These protocols make it easier to transport XCM messages and communicate with other chains including the Polkadot Relay Chain.

The introduction of XCM v3 includes significant new features such as the ability to bridge to other networks such as Kusama and Ethereum, cross-chain NFT functionality, increased programmability with conditional and branching capabilities, and remote locking of assets across chains. XCM v3 also makes multichain deconstruction possible by optimising the Relay Chain and allows critical functions to be transferred to system parachains.

The concept of a true multichain future becomes a reality with XCM. By exploiting cross-chain interfaces, builders gain from speedier product development and increased time to market, while Web3 users benefit from improved user experiences and unparalleled protection for their assets and data across various chains. By facilitating seamless interoperability and collaboration between multiple blockchain ecosystems, XCM plays a critical role in unleashing the promise of Web3.

Polkadot Update: Q1 2023

In the first quarter of 2023, Polkadot enjoyed great growth and development. Developer engagement has increased, with a record-breaking 19,090 contributions registered on GitHub repositories in March. Polkadot's future appears bright, with upcoming milestones such as XCM v3, OpenGov, system parachains, asynchronous backing, and parathreads.

Several important partnerships and collaborations have occurred in the ecosystem. Beatport, the world's largest electronic music retailer, has established a digital collectible marketplace on the Polkadot para chain Aventus. Over the next 18 months, Beatport will also cooperate on ten major Polkadot events. KILT collaborated with Public Pressure to grant identification credentials on NFT collections, increasing the authenticity of Web3 music assets. During Paris Fashion Week, Unique Network collaborated with DUNDAS, a well-known fashion brand, to issue Proof of Attendance tokens via carbon-neutral advanced NFT infrastructure.

Astar Network formed strategic alliances with Toyota Motor Corporation and Sony Network Communications, initiating a Web3 incubation program and presenting Web3-focused events in Tokyo's Shibuya neighborhood. Furthermore, new parachains such as Zeitgeist and Subsocial have successfully transferred their projects from Kusama to the Polkadot Relay Chain.

In collaboration with Polkadot, Revolut, the global financial platform, created a Learn & Earn course that teaches users about staking and multichain interoperability. The Polkadot Blockchain Academy finished its second wave in Buenos Aires and announced a third in Berkeley, California.

Polkadot has a vibrant developer community, with over 19,000 individual contributions in March alone. Nomination pools, which were launched in November, have grown in popularity since they allow users with tiny amounts of DOT to participate in staking.

Polkadot's cross-chain messaging standard, XCM, has released its v3 version, which includes bridges to other networks, NFT exchanges, better programmability, and other enhancements. With a large increase in the number of XCM channels, XCM usage and use cases are expanding. The Polkadot Treasury and the Web3 Foundation grant program continue to support the ecosystem's development and expansion.

During the first quarter of 2023, Polkadot received four further forkless runtime enhancements. Overall, Polkadot's progress and successes in Q1 point to a bright future and its dedication to developing innovative goods throughout the year.

For more information of Polkadot (DOT), visit Suncrypto Price Explorer