![]() ![]() The original whitepaper was published in October of that year, but the project would not start until 2017 when it raised funds through an initial coin offering. In 2016, while working on an Ethereum specification for sharding, Gavin Wood began working on a whitepaper describing a heterogeneous multi-chain framework that would become the Polkadot protocol. To do this, Polkadot uses a Nominated Proof-of-Stake (NPoS) model that is intended to use a fraction of the energy of a conventional proof-of-work mechanism, with Polkadot suggesting the model has the lowest carbon footprint among analyzed proof-of-stake protocols. The protocol is also designed to be energy efficient. These connect to and are secured through Polkadot’s Relay Chain and can connect to external networks through bridges. To do this, Polkadot unites a network of heterogeneous blockchains called parachains and parathreads. This is to allow users to build applications that can take permissioned data and use it on a public blockchain. Further, Polkadot is built to transfer data across public, open, permissionless blockchains and across private, permissioned blockchains. The network is a multi-chain environment where cross-chain registries and cross-chain computation are intended to be enabled. It is built to be a scalable, interopable, and secure network that can further enable Web3. Polkadot is a network protocol that allows arbitrary data, and token, to be transferred across blockchains. Graphic representation of Polkadot's technology. As a metaprotocol, it also offers autonomous and forkless updating of its own codebase through on-chain governance, based on the token holder community of Polkadot. Further, Polkadot is known as a layer-0 metaprotocol because it underlies and describes a format for a network of layer-1 blockchains. This interoperability is intended to allow for scalability through the creation of a general environment for multiple state machines. Polkadot’s network is capable of spreading transactions across multiple parallel blockchains to enable high throughput necessary to reach a similar transaction processing capacity of centralized payment processors.Īs well, Polkadot is a network protocol that allows arbitrary data, not just assets or tokens, to be transferred across blockchains, to offer a multi-chain application environment where cross-chain registries and cross-chain computation are possible. The technology works to enable blockchains to communicate between each other, allows for upgradeability and interoperability amongst blockchains, and introduces a shared security model that allows developers to focus on technology. Polkadot is the developer of a blockchain network designed to simplify the exchange of digital assets with lower fees than other blockchain networks. ![]()
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