Polkadot Network
Denominations
CodeDOT
Development
Original author(s)Gavin Wood
White paperhttps://polkadot.network/PolkaDotPaper.pdf
Implementation(s)polkadot, gossamer
Initial releaseMay 26th, 2020
Ledger
Timestamping schemeProof of stake
Website
Websitepolkadot.network

Polkadot is a blockchain platform and cryptocurrency.[1] It is designed to allow blockchains to exchange messages and perform transactions with each other without a trusted third-party. This allows for cross-chain transfers of data or assets, between different blockchains, and for decentralized applications to be built using the Polkadot Network.[2]

The Polkadot network has a primary blockchain named "relay chain" and many user-created parallel chains called "parachains".[citation needed] The relay chain acts as the governance layer of the network, while parachains are auctioned, enabling independent projects to create and operate their own blockchains that live within the Polkadot infrastructure.[3]

The protocol was created by the Ethereum co-founder Gavin Wood,[4] and raised over $144.3 million in its Initial coin offering in October 2017.[5]

The network uses a proof of stake consensus algorithm.[6] The protocol used, Blind Assignment for Blockchain Extension (BABE), is derived from Ouroboros.[7] The protocol was adapted by Gavin Wood and is developed by the Web3 Foundation with the initial implementation by Parity Technologies.[citation needed]

Polkadot's initial block (the "genesis block") was released in May 2020.[8] The DOT is its native token, and DOTs were released with the launch of the genesis block.[citation needed]

References

  1. ^ "Ethereum Blockchain Killer Goes By Unassuming Name of Polkadot". Bloomberg. October 17, 2020. Retrieved July 14, 2021.((cite web)): CS1 maint: url-status (link)
  2. ^ "True interoperability". Polkadot. Retrieved 13 Feb 2022.
  3. ^ Waters, Richard (31 December 2020). "What did Silicon Valley's crypto bubble create?". Financial Times.
  4. ^ Vigna, Paul (March 3, 2022). "How Bitcoin and a Crypto Exchange Became Part of Ukraine's War Effort". Wall Street Journal.
  5. ^ Butcher, Mike (October 17, 2017). "Polkadot passes the $140M mark for its fund-raise to link private and public blockchains". Techcrunch.
  6. ^ Piven, Ben (13 May 2021). "After Musk Bitcoin U-turn, which coins are more climate friendly?". www.aljazeera.com. Retrieved 5 July 2021.((cite web)): CS1 maint: url-status (link)
  7. ^ Alper, Handan net. "BABE". W3F. Retrieved 2021-12-06.
  8. ^ "Polkadot Network". Polkadot Network. Retrieved 2022-08-08.