Polkadot Network
Polkadot Logo Horizontal Pink-BlackOnWhite.png
CodeDOT
Development
Original author(s)Gavin Wood
White paperhttps://polkadot.network/PolkaDotPaper.pdf
Initial releaseMay 26th, 2020
Written inRust
Developer(s)Parity Technologies, Chainsafe Systems, Soramitsu[citation needed]
Websitepolkadot.network
Ledger
Timestamping schemeProof of stake

Polkadot is an open source blockchain platform and cryptocurrency.[1] It provides interconnectivity and interoperability between blockchains, by enabling independent chains to securely exchange messages and perform transactions with each other without trusted third-party. This allows for cross-chain transfers of data or assets, between different blockchains, and for cross-chain DApps (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".[3] 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 and benefit from its security.[4]

The protocol was created by the Ethereum co-founder Gavin Wood,[5] and raised over $144.3 million in its Initial coin offering in October 2017.[6]

The network uses a proof of stake consensus algorithm.[7] The protocol used, Blind Assignment for Blockchain Extension (BABE), is derived from Ouroboros.[8] The protocol was adapted by the Ethereum co-founder Gavin Wood and is developed by the Web3 Foundation with the initial implementation by Parity Technologies.[citation needed]

Protocol

General description

The Polkadot protocol is intended to be a scalable multi-chain technology. Unlike the usual blockchain implementations, centered around a single blockchain and having various degrees of generalization depending on the applications, Polkadot provides a primary chain (relay-chain), which can host a large number of validatable and globally consistent data structures (parachains).[9]

Polkadot is considered "scalable" by design. A project deployed on Polkadot can be substantially distributed and parallelized over a large number of parachains. Knowing that all aspects of each parachain can be conducted in parallel by different parts of the network, the system is thus considered scalable and extensible on a large scale. Polkadot is intended to provide the basic elements of an infrastructure, leaving any application-related complexity to the middleware level.

Polkadot was created to connect private/consortium channels, public/permissionless networks, oracles and any other technology in the Web3 ecosystem not yet developed. Through Polkadot's relay-chain, which focuses on scalability, governance and interoperability, the protocol provides access to an internet of independent blockchains that can exchange information and perform transactions without a trusted third party.

In general, Polkadot seeks to solve the following problems:

Token (DOT)

The DOT is a native token, and DOTs were released upon the launch of the Polkadot genesis block.

Polkadot Ambassador

It is launched in 2019, aims to gather advocates together and contribute to the polkadot ecosystem. People joining this scheme will become a candidate. This role is an introduction phase where you will learn how the community works, showcase your contributions, see what’s involved, and get to know the other candidates and ambassadors.

Reference

  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. ^ "Polkadot Architecture". The Crypto Journal. Retrieved 16 Feb 2022.
  4. ^ Waters, Richard (31 December 2020). "What did Silicon Valley's crypto bubble create?". Financial Times.
  5. ^ Vigna, Paul (March 3, 2022). "How Bitcoin and a Crypto Exchange Became Part of Ukraine's War Effort".
  6. ^ Butcher, Mike (October 17, 2017). "Polkadot passes the $140M mark for its fund-raise to link private and public blockchains".
  7. ^ 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)
  8. ^ Alper, Handan net. "BABE". W3F. Retrieved 2021-12-06.
  9. ^ Wintermeyer, Lawrence (Jun 10, 2021). "Polkadot Blockchain Network Draws Institutional Interest". Forbes.