In this article we will talk about a project that aims to allow the transfer of information between blockchain of any kind and solve scalability problems.
A project spearheaded by none other than one of ethereum’s founding members, this is Gavin Wood.
Polkadot is one of the many projects that aim to respond to the problems of scalability and interoperability in the crypto world.
What is polkadot?
According to its website polkadot is a scalable, interoperable and secure protocol for the following website, since it seeks to facilitate an internet where independent blockchains can exchange information and transactions reliably through the polkadot network chain.
Since polkadot is a multi-chain network platform, it is designed primarily for 2 things, offering interoperability and scalability solutions for those blockchain projects that are built on top of it, but also allowing communications between all external blockchains.
This is one of the most complex projects that exist today, since its architecture is very complex due to thescalability and interoperability problems that many faces today.
The polkadot network is a multi-chain system, that is, it connects several chains in a single network that allows them to process transactions in parallel and exchange data with each other.
Behind polkadot is a fairly important companycalled parity which is responsible for developing thepolkadot network.
The polkadot white paper was published in 2016 by Dr. Gavin Wood, who was one of Ethereum’s co-founders and for some time its CEO.
Although Vitalik Buterin is perhaps the best-known face behind Ethereum, Gavin Wood was one of the most important figures, as this played a fundamental role in the creation of solidity, the programming language for writing smart contracts that is used in several platforms for smart contracts including Ethereum.
Wood ended up leaving Ethereum to, according to him, fulfill the promises it had not fulfilled, dissatisfied by the slow progress and Ethereum, Gavin began to work on his own on an ideal platform.
In late 2016 he published polkadot’s White paper, in 2017 Gavin teamed up with Peter they married to create the web3 foundation, a non-profit organization that would support the research and development of the polkadot network.
The polkadot network has a phased deployment plan, with important stages marking each phase.
The first phase was the launch of the main network in May 2020, in June the network went from being a centralized network, which operated with a mechanism called proof of authority to being a much more decentralized system, by introducing the nominated proof of participation mechanism.
In the following phases the network managed to establish systems of governance and decentralization, allowing more people to have decision-making power within the network through voting.