The Polkadot Mission and the Rise of the Blockchain Substrate Network
Polkadot is a Web 3.0 platform. To build Polkadot, the Web3 Foundation is working with top-notch companies to encourage the development of the services and applications that will run on it. Parity Technologies, Inria Paris, and ETH Zurich researchers are working together with Polychain Capital and Parity Technologies engineers to create a better version of Web3 which uses Polkadot as its foundation. Funding is provided by the Web3 Foundation to further develop the ecosystem.
As part of the Polkadot design, external networks, as well as customized layer one “parachains”, may interface with one other, creating an interconnected internet of blockchains. The network relies on a proof-of-stake consensus method that is favorable to the environment. Developed by the Web3 Foundation with the first implementation by Parity Technologies, this protocol was devised by Ethereum co-founder Gavin Wood. When Coinbase launched its cryptocurrency trading platform in June 2021, it added Polkadot to the mix. After a successful initial token sale on October 27, 2017, Polkadot raised a total of 485,331 ETH (Ether, the currency of the Ethereum blockchain).
Polkadot was founded by some of the industry’s leading developers, including Robert Habermeier, Dr. Gavin Wood, and Peter Czaban. Thiel Fellow, Robert Habermeier has a background in blockchains, distributed systems, and cryptography research and development. He is also a long-time member of the Rust community and he focussed on leveraging features of the language to build performant features that are highly parallel.
As a co-founder and CTO of Ethereum, Gavin Wood was instrumental in the development of blockchain technology. Solidity, Proof-of-Authority Consensus, and Whisper are some of the components he created for the blockchain business. Gavin is now responsible for innovation on Substrate and Polkadot at Parity Technologies. In 2014, he invented the phrase “Web 3.0,” and he currently serves as the president of the Web3.org Foundation.
Web3 Foundation’s Technology Director, Peter Czaban strives to assist the development of distributed technologies’ next generation. Oxford University awarded him his Master’s degree in Engineering Science with a specialization in Bayesian Machine Learning. He worked on mesh networks and distributed knowledge bases as well as machine learning and business development in the defense, banking, and data analytics industries.
A new platform from Polkadot combines security, scalability, and innovation. As of May 2020, Polkadot published the genesis block of its Relay Chain and is presently on pace to deploy numerous parachains in 2021, according to its roadmap.
Substrate makes it easy to create a Polkadot parachain. It is possible to construct a blockchain for an application using Substrate and connect it to Polkadot afterward.
If you use Substrate to build your blockchain, it will be natively compatible with Polkadot, so you may link to Polkadot as a parachain when the main net is released. Without a hard fork, you can upgrade your blockchain. Because of its plug-in functionality and customizability, Substrate is easy to use and highly customizable.
It is possible to send arbitrary messages over the Polkadot network by linking your blockchain with Polkadot. (interchain). Through the Polkadot network, your blockchain is protected by Polkadot’s security pool.
Polkadot is an open-source project. Using Polkadot is free and open to anybody who wants to participate in the project. Perhaps even a grant may be available to you. Polkadot aims to create an Internet in which everyone’s identity and data are their own, protected from centralized control.