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Polkadot is a protocol working on scalability and other challenges by creating a network of interoperable blockchains. The protocol aims to break down the barriers between blockchain ecosystems and facilitate data transfers and communications. A Brief History Of Polkadot Polkadot was founded by Peter Czaban, Robert Habermeier, and Gavin Wood, who also coined the term “Web3” in 2014. Wood was behind the Polkadot white paper, published in 2016, and the Web3 Foundation launched in 2017. The protocol allows independent blockchains to communicate with one another, with the ultimate goal of enabling a completely decentralized web that gives users complete control. Polkadot aims to connect private and consortium chains, public and permissionless networks, oracles, and even future technologies that have yet to be created. It aims to create an ecosystem that allows independent blockchains to exchange information and conduct transactions in a trustless manner through the Relay Chain. Polkadot’s unique architecture makes creating and connecting decentralized applications (dApps), services, and institutions easy. Polkadot was rolled out in multiple phases. In 2017, the Web3 Foundation raised $145 million in Ethereum by selling DOT, Polkadot’s native token. However, the wallet in which the ETH tokens were stored was hacked, freezing $90 million of the total funds. The Web3 Foundation held a private token sale in 2019 to recoup the losses. Who Are The Brains Behind Polkadot? The Web3 Foundation is the main entity behind Polkadot and has made it the foundation’s flagship project. The Web3 Foundation is a Swiss blockchain-based organization dedicated to creating a user-friendly, fully functional decentralized web. The foundation has partnered with some of the best projects and protocols to create Polkadot and help develop services and applications that run on the Polkadot network. Polkadot was founded by some of the most prominent individuals in the crypto and blockchain ecosystem:…

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Filed under: News - @ June 22, 2024 2:26 am