Simply Explained

Simply Explained: Polkadot Parachains

Updated: Jul 25, 2024

Published: Mar 23, 2022

Creating a blockchain from scratch and making it secure is one of the toughest jobs in crypto. But Polkadot has the answer to this pain point: build your own L1 and benefit from a shared security system.

Polkadot is a multi-chain protocol that connects and secures a network of specialized blockchains. It facilitates cross-chain engagement and allows blockchains to interact with one another. It is a base for what we now know as web 3.

Introducing layer zero!

Polkadot are essentially saying: if you want to build an L1 and start a new ecosystem, you can build it on Polkadot.

The unique ecosystems built on Polkadot are known as parachains. These are similar to Avalanches subnets which we discussed here.

So what are Parachains?

“Parachain” stands for parallel chains. In the same way, we said Solana, Ethereum, and Avalanche all serve a different purpose and have a unique selling point, each new L1 chain built on Polkadot will also have a unique selling point and purpose. These new chains will run in parallel with each other using Polkadot’s security/validators.

Investing in Parachains is comparable to investing in Solana and Ethereum before any apps were built on them. You can learn how to invest in Parachains in our exclusive pro journal here.

About DOT token

The native DOT token has 3 clear use cases.

Staking for operations and security.
Facilitating network governance.
Bonding tokens to connect parachains.

Polkadot is a fascinating project that we cover in more detail in multiple pro journals. Subscribe to Cryptonary Pro for more useful, actionable information on Polkadot, Parachains and Web 3.

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