What is Polkadot?
Polkadot is a next-generation decentralized network protocol that enables blockchain scalability, interoperability and security. The key innovation of Polkadot is its relay chain architecture which allows it to connect multiple blockchains together into one network. This provides a number of advantages over traditional blockchain protocols, including increased scalability, improved security and enhanced interoperability.
Polkadot Chart
Polkadot chart showing Polkadot price action over time.
Who Are the Founders of Polkadot?
The Polkadot project was founded by Gavin Wood, the former Ethereum Core developer and co-founder of Parity Technologies. Other notable members of the team include Web3 Foundation executive director Polkadot creator Dr. Peter Czaban, and ex-Ethereum Classic lead developer Afri Schoedon.
Polkadot Live Price
As of June 2018, the Polkadot ICO had raised $145 million, making it one of the largest ICOs to date. The native token of the Polkadot network is DOT, which is used to governance and staking.
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Why Was Polkadot Created?
Polkadot was created in order to address the scalability, security and interoperability challenges facing blockchain technology. The key innovation of Polkadot is its relay chain architecture which allows it to connect multiple blockchains together into one network. This provides a number of advantages over traditional blockchain protocols, including increased scalability, improved security and enhanced interoperability.
How Does Polkadot Work?
The Polkadot network is composed of two main components: the relay chain and the parachains. The relay chain is a centralised chain that is responsible for validating transactions and maintaining consensus across the network. The parachains are connected to the relay chain and are used to process transactions. Each parachain has its own native token, which is used to staking and governance.