- Category: Smart Contract Platform
- Coin Launched: October, 2017
- Resources: White Paper
- Official Website: Polkadot
- Reddit: Polkadot
POLKADOT History / Information / Buying / Staking
Polkadot origins Polkadot is the brainchild of Dr. Gavin Wood, who is one of the co-founders of Ethereum and the inventor of the Solidity smart contract language. Dr. Wood started working on his idea to “design a sharded version of Ethereum” in mid-2016 and released the first draft of the Polkadot white paper in Oct. 2016. In 2017, Dr. Wood and Parity’s Peter Czaban founded the Web3 Foundation, a non-profit entity established to support the research and development of Polkadot as well as to oversee its fundraising efforts.
HOW POLKADOT WORKS
Polkadot is a network designed to join the dots with all other networks. It's commonly referred to as a multi-chain network, because it can join networks together, unlike networks like Bitcoin, which operates on its own. Its ultimate aim is to act as a framework for all blockchains that opt-in, a bit like how HTML allows sites, browsers, and servers to interact with each other. The idea is to take care of messy and costly cryptocurrency mining processes (including validation of transactions and security protocols) and enable developers to focus on creating dapp and smart contract functionality.
BENEFITS OF USING POLKADOT
Some of the benefits of using Polkadot are:
Multiple platforms will be able to communicate with each other – This is very important as it allows for the interoperability of blockchains and blockchains being built on different networks.
The team has been extremely transparent via various livestreams, conferences, and press releases.
The team has stated that they want Polkadot to be as adaptable as possible in order to accommodate any type of blockchain.
CAN YOU STAKE POLKADOT
Polkadot uses a Nominated Proof-of-Stake (NPoS) protocol to secure its network. DOT holders who want to stake their assets can do so as validator which requires a node running 24/7, or by nominating a validator.
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