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The EQONEX report is a deep dive into the application, fees, technical setup, and history of the Polkadot Network and DOT token.

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Features of Polkadot

Polkadot has several features designed to make it stand out from competitor platforms. One of the most notable is that Polkadot has a kind of sibling network called Kusama, which runs on the same codebase. Kusama serves as a midpoint between Polkadot’s testnets and a full Polkadot implementation. Along with the ability to experiment, Kusama is expected to remain operational as a live environment for lower value applications that don’t require Polkadot’s enterprise-grade security and stability. However, the two platforms are comparable in architecture and operation.  

Architecturally, Polkadot draws comparisons with Ethereum 2.0. Both platforms use sharding as a way of increasing processing capacity, each deploying a central chain responsible for maintaining the state and security of the overall blockchain. Polkadot’s central chain is called the Relay Chain, whereas Ethereum has the Beacon chain. In both cases, sharded chains connect to the central chain. Polkadot calls these sharded chains parachains.  

Perhaps the biggest difference between Polkadot and Ethereum is that Polkadot is aiming for full interoperability across other blockchain platforms. Some of the parachains connected to Polkadot will operate as so-called bridge parachains, allowing anyone to transact value from an external network into the Polkadot ecosystem and vice versa. Bridge parachains act as witnesses for bridge traffic to ensure that transaction integrity is secured on both sides.  

Rather than coding smart contracts from scratch, Substrate is an open-source framework allowing anyone to create an application-specific blockchain to run on Polkadot or Kusama. Any developer with knowledge of generic programming languages can start using Substrate without learning any new tools.  

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