What is the difference between blockchain and polkadot?


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The blockchain and Polkadot resembles the same since it stores data in blocks for it to be chained together and moves the existing data to a fresh block to store the new one. They both differ in transaction of funds since Polkadot provides parallel transactions that happen simultaneously and whereas the blockchain transacts funds instantly with less delay. However, Polkadot and Blockchain are completely decentralized and perform better than centralized systems to cut down the gas fee and benefit users with fast transaction speed with less wait time.

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Blockchain is a decentralized, distributed electronic database shared across a public or private network. Every transaction in a blockchain database is shared among a number of users, each one verifying that the database is accurate and preventing unauthorized transactions from being completed.

Polkadot is gaining interest from investors because it is more interactive. Developers can link blockchains to the Polkadot system and even create entirely new blockchains. When investors see developers flocking to new technology, it catches their attention.

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One of the biggest differences is design goals. Ethereum aims to be a platform for distributed finance and smart contract execution, whereas Polkadot has a vision of helping people build entire blockchains and integrating these blockchains with each other.

Polkadot’s greatest strength is Substrate. Substrate is a development framework for creating Polkadot-compatible blockchains, offering different levels of abstraction depending on developer needs. Polkadot is itself built using Substrate. It dramatically reduces the time, energy, and money required to create a new blockchain.