Polkadot is a blockchain platform and cryptocurrency that aims to facilitate interoperability between different blockchain networks. It allows for the transfer of data and assets across previously incompatible chains, helping to create a scalable, secure, and decentralised multi-chain network for the next web.
Polkadot operates as a heterogeneous sharded multi-chain system, coordinated by a central Relay Chain. This structure enables the network to process transactions and data across multiple chains in parallel, thus improving scalability. It employs a hybrid consensus model using the GRANDPA and BABE algorithms to ensure security and efficient block finality. Polkadot's architecture includes parachains, which are independent chains that leverage the security and interoperability of the Relay Chain.
Polkadot has diverse use cases, including but not limited to decentralised finance (DeFi) applications, interoperability solutions for different blockchain networks, tokenisation of real estate and energy assets, blockchain-based gaming platforms, and privacy-focused applications. Notable collaborations, like with Energy Web and Heroic, demonstrate its capacity to integrate real-world assets and enhance industries through blockchain technology.
Polkadot was founded by Dr Gavin Wood, a co-founder and former CTO of Ethereum, alongside Peter Czaban and Robert Habermeier. The Web3 Foundation, launched in 2017, was instrumental in Polkadot’s development. The mainnet was successfully launched in May 2020, introducing parachains to boost scalability and interoperability. Polkadot continues to innovate, with proposals like Polkadot 2.0 aiming to evolve its technology and market strategy further.