Polkadot Overview
Polkadot is a platform that allows diverse blockchains to transfer messages, including value, in a trust-free fashion; sharing their unique features while pooling their security. In brief, Polkadot is a scalable, heterogeneous, multi-chain technology.
Polkadot is heterogeneous because it is entirely flexible and makes no assumptions about the nature or structure of the chains in the network. Even non-blockchain systems or data structures can become parachains if they fulfill a set of criteria.
Polkadot may be considered equivalent to a set of independent chains (e.g. a set containing Ethereum, Ethereum Classic, Namecoin and Bitcoin) except with important additions: pooled security and trust-free interchain transactability.
Unlike previous blockchain implementations that provide a single chain of varying degrees of generality, Polkadot provides a Relay Chain upon which a large number of verifiable data structures may be hosted. These data-structures are called “parallelized” chains or parachains. Polkadot provides a networking and consensus layer that allows blockchain developers to focus on creating a state machine with unique features, such as formal verification or anonymity.
Polkadot consists of many parachains with potentially differing characteristics. Transactions can be spread out across the chains, allowing many more transactions to be processed in the same period of time. Polkadot ensures that the security of all blockchains in the network is robust and that any dealings between them are faithfully executed. All parachains share security and state, meaning if one chain has a message reverted, all chains get reverted. It is also possible for independent chains with their own validators to be linked to Polkadot via bridges, thereby foregoing Polkadot’s shared state and security system. These chains can benefit from Polkadot’s interoperability without being hosted on the platform.
Project Development
The Polkadot network’s first Proof of Concept, POC-1, was released in May of 2018. The bulk of this release focuses on the development of the Relay Chain, the central nervous system of the Polkadot network.
Proof of Concept 2, POC-2, followed in July 2018 as the first real-world on-chain protocol upgrade, where owners of testnet DOT voted to approve a Referendum to upgrade the testnet from POC-1 to POC-2. POC-2 introduced the ability to develop parachains, staking rewards and slashing for validators, and the first real-world use of the Rust implementation of Libp2p.
The POC-3 testnet launched January 2019 and includes the GRANDPA consensus algorithm.
POC-4 launched April 2019 and brought new staking features that make running a validator on Polkadot more secure and customizable.
Kusama, an early unaudited release of Polkadot, was launched in August 2019.
The Genesis block of the Polkadot network was launched on May 26, 2020, as a Proof of Authority (PoA) network, with governance controlled by the single Sudo (super-user) account. During this time, validators started joining the network and signaling their intention to participate in consensus.
The network evolved to become a Proof of Stake (PoS) network on June 18, 2020. With the chain secured by the decentralized community of validators, the Sudo module was removed on July 20, 2020, transitioning the governance of the chain into the hands of the token (DOT) holders. This is the point where Polkadot became decentralized.
The final step of the transition to full-functioning Polkadot was the enabling of transfer functionality, which occurred on Polkadot at block number 1,205,128 on August 18, 2020, at 16:39 UTC.
On August 21, 2020, Redenomination of DOT occurred. From this date, one DOT (old) equals 100 new DOT.
See the Polkadot Launch Status page for the latest information on Polkadot development, explore the network, or view the codebase.
Polkadot Team
Web3 Foundation contracted Parity Technologies to develop the first implementations of Polkadot in Rust and JavaScript.
Dr. Gavin Wood, Co-Founder of Ethereum and Robert Habermeier, 2018 Thiel Fellow, are Co-Founders of Polkadot and Core Developers of the project. Additional contributors can be found by viewing the “Commits” on Parity Technologies Polkadot GitHub repository.
Web3 Foundation is coordinating with teams interested in developing additional implementations of the platform, core-polkadot (e.g. collator nodes, validator nodes, Relay Chain) and ecosystem building (e.g. block explorers, node explorers, wallets).
Polkadot is an open-source project and anyone is free to contribute to the development of the platform.
In addition to the open-source community, Web3 Foundation employs a team of researchers and community administrators to foster further development and adoption of the platform. Web3’s researchers include consensus mechanisms and decentralized messaging experts. The communications team administers community building that includes organizing the first Web3 Summit and administering Polkadot’s online and offline presence.
$DOT
DOT is the token native to the Polkadot network for the purpose of carrying out the key functions of the platform.
DOT serves three key functions in Polkadot: providing governance for the network, operating the network, and creating parachains by bonding DOT.
The first function of DOT is to entitle holders to complete governance control over the platform. Included in this governance function is determining the fees of the network, the auction dynamics and schedule for the addition of parachains, and exceptional events such as upgrades and fixes to the Polkadot platform. These functions are not formally granted to DOT holders, but rather the underlying code of Polkadot enables DOT holders to participate in governance.
The second function of DOT is to facilitate the consensus mechanism that underpins Polkadot. In order for the platform to function and allow for valid transactions to be carried out across parachains, Polkadot relies on DOT holders to play active roles. Participants put their DOT at risk (referred to as “staking” or “bonding”) to perform these functions, which acts as a disincentive for malicious participation in the network. DOT required to participate in the network varies according to the activity undertaken, the duration DOT is staked for, and the total number of DOT staked.
The third function of DOT is the ability to add new parachains by tying up DOT (referred to as “bonding”). The DOT will be locked during their bonding period and will be released back to the account that bonded them after the duration of the bond has elapsed and the parachain is removed.
DOT holders have certain functions within the Polkadot platform, including:
- The ability to act as a validator, collator, nominator or fisherman.
- The ability to participate in the governance of Polkadot.
- The ability to be a collator for a parathread by making bids for block inclusion that are denominated in DOT.
- The ability to participate in the decision-making process in relation to global upgrades and/or changes to Polkadot.
About Polkadot
Polkadot is a next-generation blockchain protocol that unites an entire network of purpose-built blockchains, allowing them to operate seamlessly together at scale. Because Polkadot allows any type of data to be sent between any type of blockchain, it unlocks a wide range of real-world use cases.
By bringing together the best features from multiple specialized blockchains, Polkadot paves the way for new decentralized marketplaces to emerge, offering fairer ways to access services through a variety of apps and providers.
While blockchains have demonstrated great promise in several fields — Internet of Things, finance, governance, identity management, web decentralization, and asset-tracking to name a few — design limitations in previous systems have largely hindered large-scale adoption.
Polkadot’s design offers several distinct advantages over existing and legacy networks, including heterogeneous sharding, scalability, upgradeability, transparent governance and cross-chain composability.
To learn more about the Polkadot project visit their official website.
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