Wood’s background is notable as he invented Solidity, the language used by developers to write decentralized applications (dapps) on Ethereum. Polkadot was founded by Gavin Wood (a co-founder of Ethereum) alongside co-founders Peter Czaban and Robert Habermeier in 2016. Users seeking to stay connected on the project’s current development status can follow the official Polkadot project roadmap for up-to-date details. To date, Polkadot has raised roughly $200 million from investors across two sales of its DOT cryptocurrency, making it one of the most well-funded blockchain projects in history. The Polkadot team believes this design will let its users perform transactions more privately and efficiently, creating blockchains that don’t disclose user data to the public network or that otherwise process a greater number of transactions. Users, though, gain the added benefit of being able to customize many parachains for many different uses. With this design, the Polkadot team contends transactions can be kept secure and accurate using only the computing resources required to run the main chain. ![]() Parachains can be customized for any number of uses and feed into the main blockchain, so that parachain transactions benefit from the same security of the main chain. ![]() A main network, called a relay chain, where transactions are permanent, and user-created networks, called parachains. To begin, Polkadot is designed to operate two types of blockchains. However, Polkadot, launched in 2020, is among the newest, and it introduces a number of novel technical features toward its ambitious goal. In this way, Polkadot is one of a number of competing blockchains aiming to grow an ecosystem of cryptocurrencies, other notable examples of which include Ethereum (ETH), Solana (SOL) and Polygon (MATIC). Polkadot is a software that seeks to incentivize a global network of computers to operate a blockchain on top of which users can launch and operate their own blockchains.
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