What is Polkadot and How to Buy It
Polkadot is a blockchain cryptocurrency that is aimed at delivering interoperability among other blockchains.
Polkadot was founded by Dr. Gavin Wood in June 2016, who is one of the eight co-founders of Ethereum. Gavin Wood is the original developer of the Solidity smart contract language, which is used to develop Ethereum smart contracts. Gavin wanted to “develop a sharded version of Ethereum” in mid-2016 and released the first draft of the Polkadot white paper in Oct. 2016.
Polkadot is a blockchain network developed to support numerous interconnected, application-specific sub-chains called parachains (short for parallelized chains). Each parachain built within Polkadot uses Parity Technologies’ Substrate modular framework, allowing developers to custom craft specific components that suit their application-specific chain needs. Polkadot refers to these parachains that plug into a single base platform known as the “Relay Chain.” The relay chains provide security to the network’s parachains and contain Polkadot’s consensus, finality, and voting logic.
Polkadot’s first main net launched on May 27th, 2020. The first step in a multi-stage rollout process is detailed in the project’s mainnet launch roadmap. Polkadot runs on a Nominated Proof-of-Stake (PoS) system, enabling DOT owners to claim staking rewards and validator positions. Polkadot also has a governance functionality handing the protocol control over to the community to remain fully decentralized.
Polkadot was created by Dr. Gavin Wood in Oct. 2016, who is one of the eight co-founders of Ethereum. Gavin Wood is the original developer of the Solidity smart contract language, which is used every day to develop Ethereum smart contracts. Dr. Wood started working on developing a “sharded version of Ethereum” in mid-2016 and released the first draft of the Polkadot white paper.
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Polkadot has Interoperability between Blockchains which is a major concern with other platforms. Polkadot solves this issue through the integration of various proprietary technologies that create a bridge. Polkadot can also send/receive information from public Blockchains to private networks and vice-versa. Polkadot is also scalable, self-governed, and forkless, providing stability.