Polkadot is a project designed to increase the interoperability of various blockchains, such as Bitcoin and Ethereum, and combine them into a single multi-blockchain. The great fundamentals behind the project and team is the reason why polkadot live chart is going straight up
Polkadot was created by Dr. Gavin Wood, an iconic figure in the early history of Ethereum - he was the co-founder, first CTO and main developer of Ethereum. He is the person standing behind the Solidity programming language. On January 11, 2016, Wood left Ethereum to pursue a project that could meet expectations that, according to Wood, Ethereum failed to meet.
According to Wood, he got the idea for Polkadot in the summer of 2016, when he was waiting for the technical documentation on sharding in Ethereum 2.0 to start implementing it. Together with Marek Kotewicz, they worked on the simplified version of the “sharding” and they were able to draft the first white paper in October 2016. In parallel to his work in the Ethereum project, Wood, in collaboration with several colleagues, started their own company - EthCore. The name was then changed to Parity Technologies. The company's employees created Parity Ethereum Client, Substrate framework, Polkadot network and Parity multi-signature wallet.
In the summer of 2017, Wood and developer Peter Czaban founded the Web3 Foundation, a non-profit organization dedicated to fostering the development of decentralized internet software protocols. One of the first tasks of the Web3 Foundation was to control the funds raised during the Polkadot ICO, which took place from October 15 to October 27, 2017, which makes polkadot exchange listings successful. The project raised approximately $ 145 million by selling 5 million native DOT tokens.
Scalability: One of the core issues in the blockchain is that it cannot handle a huge number of transactions quickly and with the low fees. Network nodes process transactions in a one-to-one format. creating the limitation to the growth of the blockchain.
Isolation: lack of two-way communication and interoperability in the blockchain infrastructure.
The native token of the DOT network has two main functions:
Management: token holders have complete control over the protocol, having privileges that are assigned to miners on other platforms - determining the structure of transaction fees, decisions on changing the protocol, adding or removing parachains. This function helps the coin make the polkadot live price from the 3$ to 50$ per coin in one year.
Operations: DOT tokens provide the underlying Polkadot consensus mechanism. Token holders must be active participants in the network and stake tokens against violations of the consensus rules. That reason is helping the dot coin chart to not be so much dependent on top of crypto coins, which make dot token price more flexible and more reliable.
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