What Is Polkadot? Introduction to DOT

Key Takeaways

  • Polkadot is a blockchain protocol designed to support “parachains created by different developers.
  • It aims to provide interoperability, scalability, and security.
  • DOT trading began in August 2020.

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Polkadot is a blockchain protocol designed to support multiple chains within a single network. It aims to overcome a problem in the current blockchain landscape: hundreds of blockchains exist in isolation and have little ability to communicate.

History of Polkadot

Polkadot is developed by Parity Technologies, led by Gavin Wood and Jutta Steiner, two former Ethereum executives. The project is also supported by the Web3 Foundation, a closely related organization that provides the project with funding, advocacy, research, and collaborations.

Parity was founded in 2015. Initially, it began to work on node software for Ethereum, called the Parity Ethereum client. The company has phased out support for that project, leaving it to focus on Polkadot and a related project, Substrate.

Development began in November 2017, when developers published the first code on Github.

The company launched two proof-of-concepts in mid-2018 and deployed Polkadot’s first parachain in July 2018. Polkadot launched in an “initial” state in May 2020, and token transfers were enabled in August 2020.

As of September 2020, Polkadot’s relay chain has not yet been activated, and chain auctions are not yet live.

What Is Polkadot?

As noted above, Polkadot’s design is meant to support several chains. It is not merely a single blockchain that exists in isolation. There are several advantages to its approach:

  • Scalability: Polkadot supports multiple blockchains through a mechanism called “sharding” or parachains. This allows transactions to be processed efficiently and in parallel.
  • Interoperability: Different Polkadot parachains and applications can share information and functionality thanks to the project’s interoperable design and compatibility between…

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