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Polkadot (cryptocurrency)

Polkadot (cryptocurrency)

Polkadot is a blockchain protocol intended to allow interoperability between any blockchains while pooling together network security. It is a relay chain between blockchains.

Polkadot is a free and open source project referring both to an open network protocol and the public network that runs this protocol (e.g. Ethereum, Bitcoin). The primary implementation was announced on November 14th, 2016 in the Polkadot whitepaper written by Gavin Wood, co-founder of Ethereum, Parity Technologies and Polkadot.

Polkadot claims current blockchain protocol implementations inadequately address differences in the needs of disparate users preferences for tradeoffs between privacy, security, and scalability. Additionally it is difficulty for most blockchains to communicate information to each other without an interoperability layer. Users participate in a variety of roles staking tokens in contracts across both polkadot and the parachains with the intended goals is to provide a improved scalability and security across a group of blockchains.

History
Fundraising

The polkadot pre-sale will distribute 50% of the DOT tokens at the genesis block through a Dutch auction. No specific date has been announced, however it will not be available to residents of the USA or China. The sale will use Parity PICOP's, a technology for confirming identity to participate in ICO's, for know your customers (KYC) services. DOT tokens will not exist until release of the polkadot blockchain, estimated for Q3 2019.

Characteristics
Relay chains and parachains

The polkadot chain is at the center of the polkdadot architecture providing the relay chain between a variety of parachains and virtual parachains (e.g. Ethereum, Zcash, etc). Scalability would come from parallelizing problems across multiple parachains. The relay chain coordinates consensus as well as the passing of any generic type of message between the chains. Messages are generic and can represent hashed bundles of transactions or any other arbitrary data. Thus the relay chain adds no functionality or complexity beyond pooling consensus and security across the chains and passing messages.

Consensus roles

The polkadot chain is governed by a proof of stake mechanism with a four varieties of user roles including validators, nominators, collators, and fisherman.

  • Validators are the users on the polkadot relay chain who are staking DOT tokens in order to create new blocks on the polkadot network. Validators staking DOT tokens must maintain a relay-chain client with sufficient availability and bandwidth or risk losing
  • Nominators stake DOT tokens to signal trust in specific validators
  • Collators maintain a full node in specific parachains. They assist the validators by collating transactions and provide a block with a zero-knowledge proof to the validators.
  • Fisherman watch the validators and collators for malicious attacks on the network. If fisherman they identify misbehavior they are rewarded.

Timeline

People

Name
Role
LinkedIn

Gavin Wood

Further reading

Title
Author
Link
Type
Date

An Introduction to Polkadot and Parachains

Paul Kohlhaas

Polkadot: Vision for a Heterogeneous Multi-chain Framework

Gavin Wood

Web 3.0 Revisited — Part Two: “Introduction to Polkadot: what it is, what it ain’t”

Stephan Tual

Documentaries, videos and podcasts

Title
Date
Link

Gavin Wood - Polkadot - Ethereum London

Jul 10, 2017

Polkadot - the internet of blockchains has arrived

Dec 7, 2016

Polkadot Network: Scaling Solution for Blockchain

Sep 10, 2017

Companies

Company
CEO
Location
Products/Services

News

Title
Author
Date
Publisher
Description
October 12, 2021
The Economic Times
Bitcoin climbed above $57,000 for the first time since May as speculators bet that the largest cryptocurrency will retest the record highs reached earlier this year.
October 10, 2021
The Economic Times
In a massive turn of events, the US Federal Reserve stated that they do not plan to ban cryptocurrencies. It gives faith that some of the policy makers in the US really do see the incredible potential that cryptocurrency and blockchain technologies will have in the not-so-distant future.
Guest Author
October 7, 2021
Crunchbase News
Regulators are increasingly circling crypto, leading the sector's biggest players to take steps to reign in policies that represent a more extreme deviation from standard practice in the mainstream markets, writes Reuben Jackson, a blockchain security consultant.
September 23, 2021
The Economic Times
Barring stablecoins that are pegged to the dollar, all of the top 10 cryptocurrencies traded higher at 900 hours (IST). Polkadot climbed as much as 15 per cent, whereas Solana followed closely with over 14 per cent gain.
JD Alois
July 29, 2021
Crowdfund Insider
Click HERE to find out ⭐ Supported by the European Investment Fund, Fabric Ventures Raises $130 Million for DeFi, Digital Asset Fund. | Crowdfund Insider: Global Fintech News, including Crowdfunding, Blockchain and more.
June 15, 2021
The Economic Times
Crypto market gained high, when Tesla announced purchases in numero uno digital token, while the market of virtual currencies tumbled over high energy use.
Saniya More
June 8, 2021
The Block
Polkadot creator Gavin Wood said the blockchain protocol Polkadot is set to begin its proposed auction schedule.
Saniya More
June 2, 2021
The Block
The fund will support projects competing for a parachain slot on the Polkadot relay chain, as well as additional early-stage projects.
Omar Faridi
June 2, 2021
Crowdfund Insider
US-based Fintech firm Current partners Polkadot based DeFi platform Acala to launch hybrid finance solutions.
Omar Faridi
May 10, 2021
Crowdfund Insider
Switzerland based digital asset fund Dialectic makes strategic investment in Suterusu, a layer-2 privacy protection protocol.
PlatON
April 15, 2021
www.prnewswire.com:443
/PRNewswire/ -- Recently, PlatDot, a project jointly promoted by PlatON and ChainX to realize cross-chain interoperability between PlatON and Polkadot, has...
ShapeShift
February 10, 2021
www.prnewswire.com:443
/PRNewswire/ -- ShapeShift, an international, non-custodial cryptocurrency leader, announced the availability of a new, in-depth report titled "New Frontiers:...
STP Network
January 28, 2021
www.prnewswire.com:443
/PRNewswire/ -- STP Network has announced that its new iteration of its protocol will feature the synthetic tokenization of assets on Polkadot. STP 2.0 will...
Omar Faridi
July 10, 2020
Crowdfund Insider
Blockchain infrastructure developer Bison Trails introduces tool to automatically manage Polkadot participation for "large-scale" DOT holders.
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