Polkadot

A cryptocurrency and blockchain platform are called Polkadot. It is intended to make it possible for blockchains to communicate and transact with one another without the aid of a reliable third party. As a result, it is possible to transfer data or assets across blockchains and to use the Polkadot Network to create decentralized apps.

The relay chain, the main blockchain of the Polkadot network, and the numerous user-created secondary networks known as "parachains" are both there. While parachains are auctioned, allowing individual projects to build and run their own blockchains that reside within the Polkadot infrastructure, the relay chain serves as the network's governance layer.

Gavin Wood, a co-founder of Ethereum, developed the system, which garnered approximately $144.3 million in its initial coin offering in October 2017.

A proof-of-stake consensus algorithm is used by the network. Ouroboros is the source of the employed protocol, Blind Assignment for Blockchain Extension (BABE). Gavin Wood, a co-founder of Ethereum, modified the protocol, which is being developed by the Web3 Foundation with an initial implementation by Parity Technologies.

The "genesis block" of Polkadot, the first block, was launched in May 2020.

Its native token is the DOT, and DOTs were made available when the genesis block was activated.