Polkadot

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Polkadot
Polkadot logo.jpg
Key People Gavin Wood, Creator
Twitter @polkadotnetwork
Website Polkadot Homepage

Polkadaot is a protocol for interoperating blockchains.[1] Polkadot was founded by the Web3 Foundation.[2]

Gavin Wood, creator of Polkadot, wrote in a blog post on July 16, 2019, that an experimental, early version of Polkadot called Kusama would be launched in Summer 2019 to provide a test environment. Kusama has its own native token, the KSM, which is distributed along with the issuance of DOTs, Polkadot's native tokens.[3]

DOTs are the first tokens to be offered in an initial futures opening (IFO)by CoinFLEX. An IFO is a presale of tokens before they are issued where CoinFLEX organizes and publicizes both the primary and secondary trading of the tokens before they are issued on the blockchain.[4] The DOT IFO was scheduled for July 17, the day after Wood's blog about Kusama.[5]

The first candidate, "CC1," for becoming the Polkadot mainnet launched in May 2020. “There could be more than one chain candidate before it officially transitions to mainnet,” said Peter Mauric, head of public affairs at Parity Technologies, a consortium of blockchain engineers led by Wood.[6]

Project funding

Polkadot is funded through the sale of DOTs, $145 million worth in 2017 and $43 million worth in 2020 plus another 500,000 DOTs at an undisclosed price per token during 2019.[7]

References