Polkadot (Cryptocurrency)

Polkadot Network
Denominations
Subunits
100 Planck	Planck
104 Planck	Microdot (uDOT)
107 Planck	Millidot (mDOT)
1010 Planck	Dot (DOT)
1016 Planck	Million (MDOT)
Development
Original author(s)	Gavin Wood
White paper	https://polkadot.network/PolkaDotPaper.pdf
Implementation(s)	polkadot, gossamer
Initial release	May 26th, 2020
Code repository	github.com/paritytech/polkadot-sdk
Development status	Active
Website	polkadot.network
Ledger
Timestamping scheme	Proof of stake

Polkadot is a blockchain platform and cryptocurrency. The native cryptocurrency for the Polkadot blockchain is the DOT.^[2] 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 (DApps) to be built using the Polkadot Network.^[3]

Polkadot relays.

Gavin Wood, founder of Polkadot.

History

The protocol was created by the Ethereum co-founder Gavin Wood,^[4] Robert Habermeier and Peter Czaban,^[5] raising over $144.3 million in its Initial coin offering in October 2017.^[6] Another private sale in 2019 raised an additional $43 million.^[5] The white paper for Polkadot was published by Wood in 2016.^[5]

Polkadot's initial block (the "genesis block") was released in May 2020.^[7]^{[non-primary source needed]} The DOT is its native token, and DOTs were released with the launch of the genesis block.^[5]^{[non-primary source needed]}

Technical details

The Polkadot network has a primary blockchain named the "relay chain" and many user-created parallel chains called "parachains". The relay chain acts as the governance layer of the network, while parachains are auctioned, enabling users to create and operate their own blockchains that use Polkadot's infrastructure.^[8] The relay chain is responsible for validating data, achieving consensus and executing transactions. It is estimated that 1,000 transactions per second can be processed by the network.^[5]^{[non-primary source needed]}

Proof of stake

The network uses a nominated proof-of-stake consensus algorithm.^[9] The protocol used, Blind Assignment for Blockchain Extension (BABE), is derived from Ouroboros, a protocol created by Aggelos Kiayias.^[10]^{[non-primary source needed]}

Bridges and Parathreads

The Polkadot network contains bridges, which connect blockchains and allow data transfer. Bridges provide interoperability with other blockchain networks. Parathreads operate in a similar manner to parachains but follow a "pay as you go" model, not requiring continuous connectivity to the Polkadot network.^[5]^{[non-primary source needed]}

References

↑ Ferran, Taylor. "Pokadot(DOT)". https://wiki.polkadot.network/docs/learn-DOT.
↑ "Ethereum Blockchain Killer Goes By Unassuming Name of Polkadot". October 17, 2020. https://www.bloomberg.com/news/articles/2020-10-17/ethereum-blockchain-killer-goes-by-unassuming-name-of-polkadot.
↑ "True interoperability". https://polkadot.network/.
↑ Vigna, Paul (March 3, 2022). "How Bitcoin and a Crypto Exchange Became Part of Ukraine's War Effort". Wall Street Journal. https://www.wsj.com/articles/how-bitcoin-and-a-crypto-exchange-became-part-of-ukraines-war-effort-11646320697.
↑ ^5.0 ^5.1 ^5.2 ^5.3 ^5.4 ^5.5 "About Polkadot, a platform for Web3". PolkadotAbout. October 17, 2017. https://polkadot.network/about/.
↑ Butcher, Mike (October 17, 2017). "Polkadot passes the $140M mark for its fund-raise to link private and public blockchains". Techcrunch. https://techcrunch.com/2017/10/17/polkadot-passes-the-140m-mark-for-its-fund-raise-to-link-private-and-public-blockchains/.
↑ "Polkadot Network" (in en). https://polkadot.network/faq/.
↑ Waters, Richard (31 December 2020). "What did Silicon Valley's crypto bubble create?". https://www.ft.com/content/e846c8f6-6ff0-4e2f-a95f-f32043558315.
↑ Piven, Ben (13 May 2021). "After Musk Bitcoin U-turn, which coins are more climate friendly?" (in en). https://www.aljazeera.com/economy/2021/5/13/after-musk-bitcoin-u-turn-which-coins-are-more-climate-friendly.
↑ [1] Kiayias home page at University of Edinburgh

External links

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Original source: https://en.wikipedia.org/wiki/Polkadot (cryptocurrency). Read more

[dot-1] Ferran, Taylor. "Pokadot(DOT)". https://wiki.polkadot.network/docs/learn-DOT.

[2] "Ethereum Blockchain Killer Goes By Unassuming Name of Polkadot". October 17, 2020. https://www.bloomberg.com/news/articles/2020-10-17/ethereum-blockchain-killer-goes-by-unassuming-name-of-polkadot.

[3] "True interoperability". https://polkadot.network/.

[4] Vigna, Paul (March 3, 2022). "How Bitcoin and a Crypto Exchange Became Part of Ukraine's War Effort". Wall Street Journal. https://www.wsj.com/articles/how-bitcoin-and-a-crypto-exchange-became-part-of-ukraines-war-effort-11646320697.

[about-5] 5.0 ^5.1 ^5.2 ^5.3 ^5.4 ^5.5 "About Polkadot, a platform for Web3". PolkadotAbout. October 17, 2017. https://polkadot.network/about/.

[6] Butcher, Mike (October 17, 2017). "Polkadot passes the $140M mark for its fund-raise to link private and public blockchains". Techcrunch. https://techcrunch.com/2017/10/17/polkadot-passes-the-140m-mark-for-its-fund-raise-to-link-private-and-public-blockchains/.

[7] "Polkadot Network" (in en). https://polkadot.network/faq/.

[8] Waters, Richard (31 December 2020). "What did Silicon Valley's crypto bubble create?". https://www.ft.com/content/e846c8f6-6ff0-4e2f-a95f-f32043558315.

[9] Piven, Ben (13 May 2021). "After Musk Bitcoin U-turn, which coins are more climate friendly?" (in en). https://www.aljazeera.com/economy/2021/5/13/after-musk-bitcoin-u-turn-which-coins-are-more-climate-friendly.

[10] [1] Kiayias home page at University of Edinburgh