Polkadot price has been climbing up by nearly 24.85%, and it just appears that it might be time to buy the DOT. Polkadot is claimed to be one of the many potential Ethereum killers.

Dr. Gavin Wood, Founder of Polkadot, has a long history with Ethereum as he was one of the founding members of the Ethereum network. However, following Ethereum’s failure to abandon the proof-of-work (PoW) mining protocol and to transit to the proof-of-stake (PoS) consensus algorithm, Wood left Ethereum and founded Polkadot.

Polkadot is different from Ethereum in being an interoperable blockchain platform where several protocols will be able to transfer any form of data or asset types, not just tokens. Being open-sourced sharding multichain protocol, it is heterogeneous and focuses on addressing the scalability issues which have been daunting the Ethereum Network.

Polkadot is armed with four core components to achieve its vision.  They are Relay Chain, Parachains, Parathreads, and the Bridges. DOT is the utility token in the network being used in network governance, operations, and bonding.

Polkadot (DOT) has been discussing a lot about DAOs and their future.  For clarity, DAOs, or decentralized autonomous organizations, have evolved in recent years. In simple terms, they are digital organizations with rules encoded to permit collective management.

With the ability to be adapted for diverse needs and situations, they are currently starting to receive more mainstream attention as they take off in areas such as DeFi and NFTs.

Central to a DAO’s success is effective governance and the way it gives its stakeholders a voice in its decision-making. In the last few years, major strides have been made in creating decentralized governance systems that really work, ranging from well-thought-out concepts to the tech to implement them.

Polkadot organized a non-technical overview of where DAOs are now, the challenges they face, and to explore more about their potential to change the face of the future.

They are set to explore:  Why DAOs are important for a fairer future in the next generation of the internet?  Ways DAOs are currently being used? Challenges to setting up and implement an effective governance system? The importance of community involvement in DAOs. Practical experiences of the speakers using DAOs in the Polkadot ecosystem.  How we see DAOs developing and being adopted for mainstream (real world) use.

Polkadot permits diverse blockchains to transfer messages, including value, in a trust-free fashion, sharing their unique features while pooling their security.