![]() ![]() The key feature that sets Polkadot apart is its focus on interoperability, or inter-blockchain communication. ![]() The team is also working on cross-chain bridges, also called crypto bridges, to link Polkadot’s ecosystem with existing blockchains like Ethereum and Bitcoin (BTC). Polkadot's primary goal is to "connect dots" within the crypto community rather than overtaking other blockchains, for which the Polkadot team created a dual-blockchain system that gives developers greater autonomy while making it easy to interact with other projects. Like Ethereum, Polkadot aims to bring third-party developers onto its site to create new blockchain applications in fields like DeFi (decentralized finance) and play-to-earn gaming. Polkadot's DOT coin is available on most centralized crypto exchanges (CEXs) and often ranks high in the overall crypto market cap. Despite suffering hacks that drained millions of fundraiser money, Polkadot was successfully launched in 2020. By the end of 2017, Parity Technologies raised more than $200 million from Polkadot’s investors. Both of these organizations continue to raise funds and coordinate development for the Polkadot blockchain. Many crypto aficionados consider Polkadot an Ethereum competitor, and understandably so.Īfter publishing his whitepaper "Polkadot: Visions for a Heterogeneous Multi-Chain Framework" in 2016, Wood helped build nonprofit Web3 Foundation and company Parity Technologies. Wood reportedly left the Ethereum team in 2016 to address ETH’s shortcomings like high gas fees, slow transaction speeds, and network congestion. Before creating Polkadot, he helped develop the Solidity coding language that's essential for building smart contracts on Ethereum. ![]() Wood has been the key figure behind the project’s development. Gavin Wood––is committed to helping blockchains and dApps (decentralized applications) communicate. The Polkadot team––led by British computer programmer and Etheruem’s co-founder Dr. Developers interested in blockchain interoperability are most concerned about making it easy and safe for different blockchains to connect. At the time of writing, all blockchains have unique structures that make it difficult for them to "talk" to one another. Learning what Polkadot is can help explain the increasing importance of a field known as "blockchain interoperability." Polkadot isn't the only chain interested in inter-blockchain communication, but its technology may significantly influence the crypto industry.Ĭreated in 2016, Polkadot is a proof-of-stake (PoS) crypto project that aims to promote blockchain interoperability, which means communication among various blockchains. Although it shares many of Ethereum's features, it has a distinct goal from other blockchains in this category. ![]() It also is compared frequently to Cosmos as they both emphasize connectivity. Polkadot officially belongs to a category of blockchains known as "Ethereum competitors," along with Solana and Cardano. Although Polkadot is relatively new, its team has led some of the most high-profile crypto funding rounds in recent years, a lot of attention in the crypto ecosystem. Rather than creating a closed-off ecosystem, Polkadot aims to "connect the dots" in the crypto industry by helping today's self-contained blockchains interact. The Polkadot blockchain was created in the same spirit, as a tool for building connected blockchains, like connecting dots in a polka-dot pattern. The pattern "polka-dot" is a design of evenly spaced circles. ![]()
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