1. Limitless Scalability — Polkadot can support an infinite number of blockchains and allow them to connect together. These are known as para-chains.
2. Adaptable Consensus Mechanism — As different blockchains run on different consensus mechanisms, the Polkadot platform provides an open and adaptable consensus mechanism to host them.
3. Cross-Chain Transactions — The framework can support the transfer of value between different blockchains. It’s necessary for interoperability and true integration.
4. Defined Governance Mechanism — It has a defined governance mechanism, which eliminates a major problem faced by other blockchains.
5. Upgradeability — Polkadot can support upgrades, without having to resort to drastic hard forks to implement change.
6. Pooled Security — The blockchains connecting with Polkadot can be secured by a unifying security umbrella. This can help protect small chains that don’t have effective security bootstrapping.
7. Low transaction fees– Polkadot claims it has lower transaction fees compared to Ethereum.
8.Substrate-In order to efficiently build many different blockchains, the Parity developers put all the functions needed to build blockchains into a framework called Substrate. The idea is to take everything you’ve learned in the development of Ethereum and Bitcoin and make it as easy and easy as possible to create a blockchain. Substrate was created in a modular way to provide technical freedom, but also to make functions such as accounts, balances, governance, and smart contracts as easy as plugging in a library.
9.Developer flexibility: Parity Technologies’ Substrate modular framework allows developers to select specific components that suit their application-specific chain best.
10.Shared security model for parachains: Polkadot allows developers to launch chains and applications leveraging a shared security model, without having to worry about attracting enough miners or validators to secure their own chains.
11.Sizable warchest to attract projects and developers: Polkadot has raised nearly $200 million dollars since 2017 allowing the project to attract top talent and marketing.
Projects Built On Polkadot
The Polkadot ecosystem has an enormous outreach and usage. There are currently 383 projects building on Polkadot，according to the polkaproject.com website. This includes crypto-projects related to DeFi, cryptocurrency wallets, infrastructure projects, tokens, Oracle, DAO, privacy, exchange, gaming, IoT, scaling, etc.
A few well-known projects being built on the Polkadot protocol are Chainlink, Ankr, Celer Network, Akropolis, Ocean Protocol, 0x Protocol, imToken, etc.