Polkadot Is Coming…
Welcome to Polkadot’s Medium, brought to you by the Web3 Foundation. On this blog you will find updates to our project, FAQs, and highlights from both core team members and guest contributors.
We’ve seen a number of blockchain and crypto projects reach significant milestones. Some are highly functional and open such as Ethereum while others provide strong privacy like Zcash. Others are designed to fulfill the permissioning requirements of enterprise and operate in private.
In the future, we see a world filled with diverse blockchains all serving specific and unique purposes. Currently, these blockchain networks exist in isolation with no communication or interoperability between them; this is an existential problem that needs to be addressed in order for a truly trustless ecosystem to develop and thrive.
Polkadot is a network that connects blockchains. With Polkadot, various blockchains are able to send and receive messages between each other.
This incredibly important development will help bring about the new ecosystem of Web3. A world where decentralized apps (Dapps) may leverage many interconnecting blockchains. Private/consortium and public/permissionless networks and oracles, will deliver new, novel and decentralised services.
Wait, But How?
Security is pooled within the Polkadot ecosystem, which means that individual chains can leverage collective security without having to start from scratch to gain traction and trust.
Polkadot can also ease some of the scalability issues encountered by isolated blockchains. By running transactions in parallel, Polkadot gives the ability to split transactions between multiple parachains (the name given to ‘parallelised’ chains that participate as part of the Polkadot network).
We are creating a blockchain where token holders have complete control over the protocol. All privileges, which on other platforms are exclusive to miners, will be given to the relay chain participants, including managing exceptional events such as protocol upgrades and fixes.
This is the groundwork that allows Polkadot token holders to imagine completely new systems free from old models of trust. We aim to create one common network across multiple blockchains. What gets built on top of that is up to you.
What will you create with Polkadot?
There’s much more to share, and we look forward to doing so in the coming weeks. Stay tuned for details around community resources, our token sale, and important FAQs.
In the meantime, we welcome your thoughts and participation in the development of Polkadot.
Join us here:
Chat with us on Riot: Polkadot Watercooler
Community discussion on the subreddit: Polkadot_market
Follow our official updates via Twitter
The Web3 Foundation (W3F) is currently supporting the development of Polkadot.
The Web3 Foundation was created to nurture and steward technologies and applications in the fields of decentralized web software protocols, particularly those which utilize modern cryptographic methods to safeguard decentralization, to the benefit and for the stability of the Web3 ecosystem.
We will be publishing more information on the W3F in the coming weeks.