Denominations | |
---|---|
Code | DOT |
Development | |
Original author(s) | Gavin Wood |
White paper | https://polkadot.network/PolkaDotPaper.pdf |
Implementation(s) | polkadot, gossamer |
Initial release | May 26th, 2020 |
Ledger | |
Timestamping scheme | Proof of stake |
Website | |
Website | polkadot |
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]