Introduction to Polkadot
What problem does Polkadot solve?
In the year 2017, there was a surge in the number of available cryptocurrencies as many experienced individuals realized the true potential of cryptocurrencies. As a result, many newer ambitious projects that focused their energies towards the development of a decentralised internet, also known as Web 3.0, came into the limelight. Polkadot is a similar project that seeks to power the future of a decentralised internet. The technology has identified the lack of inter-operation between different cryptocurrencies, and therefore has empowered its own blockchain to be interoperable with other blockchains regardless of whether it was within or outside the cryptocurrency. This is indeed one of the greatest powers of the Polkadot project. Polkadot also provides the relevant infrastructure and technology through its blockchain platform which allows for the creation of smart contracts and even new blockchains built on top of the Polkadot network. The Polkadot technology is built on a modular design and is upgradeable. The network of this futuristic technology is decentralised and is governed by those who hold DOT, the native token of the Polkadot cryptocurrency (Krupka, 2020).
Polkadot: What is Polkadot? | A Polkadot for Beginners Guide and Intro to Blockchain
What is Polkadot
What does the cryptocurrency Polkadot actually do?
Polkadot is a revolutionary project whose main aim is to establish a more decentralised internet. As a matter of fact, it is backed by the Web3 Foundation, which is a Swiss-based organisation working actively to realise the dream of free and decentralised internet. The actual product is hard to describe in simple words. Polkadot is easily one of the most complicated cryptocurrencies of this era. To get a deep understanding of the technology, Polkadot Foundation has series of articles dedicated to explaining the technology. However, Polkadot can be visioned as an ecosystem of blockchains. The backbone of the project is the main blockchain known as Relay Chain. The Relay Chain can have Parachains growing out of it which can have their own tokens, protocols, methodologies and mechanisms (Platts, 2019).
Who is behind Polkadot
What team is working to make Polkadot successful?
The founding figure of Poladot is none other than the cryptocurrency sensation, Dr. Gavin Woods. Dr. Woods was one of the pioneers of the Ethereum cryptocurrency and is an experienced individual with over 20 years of experience in the software industry. He has been involved with many blockchain projects including Ethereum, and is also renowned for creating the programming language Solidity (Matinger, 2020). In 2017, Dr, Gavin started working on a new cryptocurrency, which eventually came out as Polkadot and was created to deliver on the promises which Ethereum could not.
Polkadot is surrounded by teams of experienced individuals who are working actively on the cryptocurrency. The founder of the project is Dr. Gavin Woods who is also heading the Polkadot Foundation. The proejct has a great suport from the Web3.0 team as well.