Polkadot overview
Founded: 2017
Key persons: Gavin Wood
Capitalization: $33,965,885,348
Trading volume (24h): $1,785,389,470
CoinMarketCap rank: 8
Polkadot (Dot) general project description
Polkadot (Dot) is a cross-chain technology solution that allows different blockchains to exchange data securely, regardless of encryption or consensus. Polkadot (Dot) consists of three core elements:
1. Relay Chain - part of the core blockchain that uses the POS (proof-of-stake) principle and DOT tokens to validate and confirm transactions.
2. Parachein and Parathread are virtual memory slots that third-party blockchains use to store data and interact with the rest of the system.
3. Bridge Chains are used to harmonise data format transfer between the original blockchain (Bitcoin or Ethereum) and members of the Polkadot ecosystem.
The global mission of Polkadot is to create an accessible environment without compromising interaction speed and security for multiple projects, so that developers don’t need to build and maintain their own blockchains.
Current state (ecosystem and partners)
The project raised around 200 million USD during its ICO, with a great deal of support coming from the Web3 Foundation. In addition to working directly on the code, Polkadot provides a large number of grants to third-party teams — participants of the Polkadot ecosystem. After distributing its own token in the summer of 2020, the team is testing key technology features in the Kusama test network. Such approach makes core software elements functionality, code high-load resilience and external vulnerability testing possible with less risk to the core network.
Future plans and development (roadmap)
Development team is currently preparing all the necessary infrastructure for parachain auctions launch. The two-week auction has already been successfully introduced in the Kusama test network and is now a subject of additional research and analysis. The main launch is tentatively expected to take place in the first half of 2022, once the groundwork is completed.
