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Polkadot (blockchain platform)

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Polkadot Network
Denominations
CodeDOT
Development
Original author(s)Gavin Wood
White paperPolkadot White Paper
Implementation(s)polkadot, gossamer
Initial releaseMay 26, 2020
Code repositorygithub.com/paritytech/polkadot-sdk
Development statusActive
Written inRust
Operating systemCross-platform
Source modelOpen source
LicenseGPL-3.0
Ledger
Timestamping schemeProof of stake
Website
Websitepolkadot.network

Polkadot is a decentralized, nominated proof-of-stake blockchain with smart contract functionality. The cryptocurrency native to the blockchain is the DOT.

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.

History

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Gavin Wood, founder of Polkadot.

Polkadot was created by the Ethereum co-founder Gavin Wood,[1] Robert Habermeier and Peter Czaban.[2] The white paper for Polkadot was published by Wood in 2016.[2] The Polkadot SDK and other core technology components are being developed by Parity Technologies. The project raised over $144.3 million in its Initial coin offering in October 2017.[3]

Polkadot's network launched in May 2020.[4]

Concepts

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Polkadot relays.

Multi-chain ecosystem

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Polkadot is founded on the premise that there will be a multitude of blockchains in the future. It provides an open-source software development kit called Polkadot SDK that can be used by development teams to build their own blockchains.

These blockchains can run by themselves, referred to as "solochains", or can join the Polkadot ecosystem as "parachains".

Sovereignty, shared security and interoperability

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Polkadot offers three properties to parachains: sovereignty, shared security and interoperability.

Sovereignty refers to the idea that individual blockchains are sovereign in the way they conduct themselves. Blockchains define their own rules for how users can interact on them.

Shared security means that one chain provides cryptoeconomic security to other chains. The Polkadot network has a primary blockchain named the "relay chain", which provides security for parachains. This way, parachains enjoy high cryptoeconomic security, relieving them from the burden to source their own security through means that compromise their sovereignty.

Interoperability is created through a common standard of data exchange, called XCM.[5] Since parachains have shared security, bridging times between parachains are typically under a minute.

Technical details

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Proof of stake

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Main articles: Proof of stake and Ouroboros (protocol)

The network uses a nominated proof-of-stake consensus algorithm.[6] The protocol used, Blind Assignment for Blockchain Extension (BABE), is derived from Ouroboros.[7]

See also

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References

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  1. ^ Vigna, Paul (March 3, 2022). "How Bitcoin and a Crypto Exchange Became Part of Ukraine's War Effort". Wall Street Journal.
  2. ^ a b "About Polkadot, a platform for Web3". PolkadotAbout. October 17, 2017.
  3. ^ Butcher, Mike (October 17, 2017). "Polkadot passes the $140M mark for its fund-raise to link private and public blockchains". Techcrunch.
  4. ^ "Ethereum Blockchain Killer Goes By Unassuming Name of Polkadot". Bloomberg. October 17, 2020. Retrieved July 14, 2021.
  5. ^ "Understanding XCM on Polkadot and How It Enables Cross-Chain Use Cases". Moonbeam. Retrieved 2024-09-11.
  6. ^ Piven, Ben (13 May 2021). "After Musk Bitcoin U-turn, which coins are more climate friendly?". www.aljazeera.com. Retrieved 5 July 2021.
  7. ^ "BABE | Research at Web3 Foundation". research.web3.foundation. Retrieved 2024-09-10.
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