This interoperability seeks to establish a fully decentralized and private web, controlled by its users, and simplify the creation of new applications, institutions and services.
Polkadot’s native DOT token serves three clear purposes: providing network governance and operations, and creating parachains (parallel chains) by bonding.
Polkadot was founded by the Web3 Foundation, a Swiss Foundation founded to facilitate a fully functional and user-friendly decentralized web, as an open-source project.
Its founders are Dr. Gavin Wood, Robert Habermeier and Peter Czaban.
With a wealth of experience across highly specialized fintech industries, he is currently helping to develop a new generation of distributed technology.
The network has a highly sophisticated user-driven governance system that also helps to secure it. Communities can customize their blockchain’s governance on Polkadot based on their needs and evolving conditions. Nominators, validators, collators and fishermen all fulfil various duties to help secure and maintain the network and eradicate bad behavior.
The network uses the NPoS (nominated proof-of-stake) mechanism to select validators and nominators and maximize chain security.
This unique validity scheme enables chains to interact with each other securely under the same rules, yet remain independently governed.
