What is Polkadot and why is it one of the hottest blockchains right now?

[Monster5]

In a blockchain ecosystem dominated by Bitcoin and Ethereum, Polkadot — which launched only a year ago last May — is already establishing itself as a next-generation blockchain.

Bitcoin’s capability for facilitating value transfer without a central authority faced limitations in scaling and interoperability. This led to the rise of Ethereum and its more flexible network.

Ethereum didn’t only bring about a decentralized system where numerous applications could be built and run without intermediaries; it also created an ecosystem where value could be transferred more flexibly via smart contracts. However, a growing number of projects are being squeezed out by the Ethereum network’s congestion and high gas fees. This is where new rivals like Polkadot come in.