Have you ever heard about polkadot and its Project?
In this article we will talk about a project polkadot that aims to enable the transfer of information between blockchain of any type and solve scalability problems.
A project headed by none other than one of the founding members of ethereum, Gavin Wood. Polkadot is one of the many projects that aim to provide an answer to the problems of scalability and interoperability in the world of cryptocurrencies.
But what is polkadot?
According to its website, polkadot is a scalable, interoperable and secure protocol for the following website, as it seeks to facilitate a web where independent blockchains can reliably exchange information and transactions across the polkadot network chain.
Since polkadot is a multi-chain network platform, it is primarily designed to 2 things, offer interoperability and scalability solutions for those blockchain projects that are built on top of it, but also enable communications between tasks the external blockchains.
This is one of the most complex projects currently in existence, as its architecture is very complex due to the scalability and interoperability issues that many are facing today.
The polkadot network is a multi-chain system, i.e. This allows to connect many chains in the same network in order to perform multiple transactions in parallel and thus promote the exchange of data among all of them.
Behind polkadot feed is a major company called equality, which is responsible for developing the network.
The polkadot white paper was published in 2016 by the specialist Gavin Wood, who was one of the co-founders of Ethereum and for some time its chief general manager.
Although Vitalik Buterin is perhaps the best-known face behind Ethereum, Gavin Wood was one of the most important figures, as he played a central role in the creation of robustness, the programming language for writing smart contracts that is used in several smart contract platforms including Ethereum.
Wood eventually left Ethereum to, according to him, fulfill the promises it had failed to deliver, dissatisfied with the slow progress and Ethereum, Gavin started working on his own on an ideal platform. In late 2016 he published the polkadot white paper, in 2017 Gavin partnered with Peter married to create the web3 foundation, a non-profit organization that would support research and development of the network.
Development phases polkadot
The polkadot network has a phased deployment arrangement, with major milestones marking each phase.
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It should be noted that in its first steps the network operated with a process called proof of authority, thatbut only until May 2020 because then they introduced a decentralized system works with a different mechanics called nominated participation, improving its operation.
Thanks to the above, the advantages of working with a decentralized system gave the users of its network a better participation, which translates into a higher level of governance on the part of its users.