Polkadot is an open-source sharded
blockchain protocol that connects and secures a network of specialized blockchains. Polkadot was designed to provide a foundation for a decentralized internet of blockchains, also known as Web3.
Polkadot is known as a layer-0 metaprotocol that uses a technology called parachains (parallel chains) to describe other underlying protocols and blockchains. As a metaprotocol, Polkadot is also capable of autonomously and formlessly updating its own codebase via on-chain governance voted on by the Decentralized Autonomous Organization (DAO).
Polkadot provides a foundation to support a decentralized web, controlled by its users, and to simplify the creation of new applications, institutions, and services.
Polkadot’s native “DOT” token serves three clear purposes: staking for operations and security, facilitating network governance, as well as bonding tokens to connect to other blockchains via its parachains technology.