FOUNDERS Of POLKADOT-
Polkadot was founded by Gavin Wood (A CO-FOUNDERS of ETHEREUM) Alongside Peters Czaban & Robert Habermeier in 2016.
What Is POLKADOT?
POLKADOT is a software that seeks to incentivize a global network of computers to operate a blockchain on top of which users can launch & operate their own blockchain.
In this way, POLKADOT is one of a number competing blockchains aiming to grow an ecosystem of cryptocurrencies, other notable examples of which ETHEREUM (ETH), COSMOS (ATOM), EOSIO (EOS).
How does POLKADOT works?
The POLKADOT networks allows for the creation of three different blockchains.-
- The Relay Chain– The main blockchain, This network is where transactions are finalized.
- Parachains– Customs blockchains that uses the Relay Chain’s computing resources to confirm that transactions are accurate.
- Bridges– Bridges allow the POLKADOT network to interact with other blockchains, This will eventually Bridge other blockchains like ETHEREUM, BITCOIN, & COSMOS and allow tokens to be swapped without a central exchange.
With this design, The POLKADOT teams contends transactions can be kept secure and Accurate using only the computing resources required to run the main chain.
Users, Though, Gain the added benefit of being able to customize many Parachains for many different uses.
POLKADOT’S, CRYPTOCURRENCIEY, DOT serves 3 Distinct purposes-
- Governance over the Network
- Operation
- Bondings Parachains
DOT is currently ranked #6 in the market capitalization. With a Total of 18.5 Billion Dollars. The coin is valued at $20.45
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