Polkadot is a multichain protocol processing software that can take several data types not limited to tokens and coins. This means that it is considered an interoperable blockchain system with few limitations and restrictions.

Polkadot simplifies the creation of decentralized applications while providing security and accurate information at the same time. It comprises four core components: Relay Chain, Parachains, Parathread, and Bridges allow connectivity and bonding across different chains.

The parallel processing power of Polkadot makes it unique as it can process several transactions at the same time. This increases the upgradability of the platform. Due to its capabilities in the crypto space, it has a high rank amongst its competitors, and the value continues to skyrocket as time passes by.