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Polkadot has been designed to perform transactions more privately and efficiently. It does this by operating two types of blockchains. There is a main network, known as a relay chain, in which transactions are permanent, as well as user-created parachains. The parachains feed into the main blockchain, allowing parachain transactions to inherit the security of the main chain. Parachains can be customised to suit many different uses. Meant to empower developers to build better solutions, Polkadot makes it easier to connect and create decentralised institutions, services and applications offering inherent value. While the relay chain does not inherently support smart contracts, the parachains can support these. Polkadot builds on the success of the Ethereum project while introducing unique innovations. Founded by Gavin Wood in 2016, a co-founder of Ethereum, Polkadot has raised approximately $200m across two sales of its DOT cryptocurrency. Track the price of Polkadot (DOT) on eToro today.