Polkadot is a blockchain network being built to enable Web 3.0, a decentralized and fair internet where users control their own data and markets prosper from network efficiency and security. Polkadot was founded in 2016 by Gavin Wood, former Co-Founder and CTO of Ethereum.
Polkadot’s technology addresses the major issues that have stymied blockchain adoption in recent years. Polkadot’s software development toolkit, Substrate, created by Parity Technologies, makes it easy for blockchain developers to build their own custom, fit-for-use blockchains.
Polkadot also enables multiple blockchains to communicate between each other, allows for easy upgradeability, and introduces “shared security”, a plug-and-play network security model that allows developers to focus on the technology and avoid spending time and resources recruiting a set of operators to run a new blockchain.
In addition, Polkadot provides an infrastructure that can scale along with the adoption of blockchain and cryptocurrency, as the network can spread transactions across multiple parallel blockchains to enable high throughput necessary to reaching the transaction processing capacity of today’s credit card companies. Last, Polkadot is introducing an open governance system, ensuring that Polkadot’s development reflects the values of the community and avoids stagnation.
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