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What Is Polkadot : Way To Interoperable Blockchain ?
In 2020 we've seen some awesome things happening in crypto space like, the rise & boom of NFTs (Non-Fungible Tokens), Bitcoin halving, Bitcoin reaching its all time high and some innovative ideas & platforms like sandbox and many more. Among the names in the list of successful blockchain protocols of 2020 & an innovative idea bringing to the blockchain and crypto space we'll never miss one name i.e Polkadot
So in this article we'll see what is polkadot, why it's so innovative and ranked among the top cryptos in such a small period of time, who founded Polkadot and some other information around polkadot.
So basically Polkadot is an open source sharding multichain protocol that provides a cross chain transfer of any type of data or any asset type. Another important point here is that Polkadot not only facilities the transfer of token but also any other types of blockchains' data. Due to this feature, Polkadot makes a wide range of blockchains interoperable with each other.
According to the Polkadot, the purpose of this interoperability is to establish a fully decentralised and private web (decentralised & private ??) controlled by its users and simplify the process of new applications, services or institutions creation.
How It Works ?
The Polkadot protocol is a network of public & private chains, permission-less networks, oracles & future technologies and this Polkadot network allows these independent blockchains to share and transact trust-lessely through the Polkadot relay chain.
The main components that makes Polkadot network unique & innovative are :
Relay Chains - This helps to create consensus, interoperability and shared security across the various networks.
Para-chains - Independent chains that can have their own tokens and be optimised for specific use cases.
Parathred - Almost same to Para-chains but with flexible connectivity based on an economical pay-as-you-go model.
Bridges - They allow Para-chains and parathreads to connect & communicate with external blockchains like BitcoinCash.
Polkadot wasn't founded by any specific person or team. It was founded by a Web3 foundation, it is a Swiss foundation founded to facilitate the fully functional and user-friendly decentralised web as an open-source project.
It was founded by Dr. Gavin Wood (President of Web3 Foundation), Robert Habermeier (Theil fellow) & Peter Czaban (Technology Director at Web3 Foundation)
All of the three people listed above are the renowned personalities in the crypto space, for example the Dr. Wood is the co-founder of Ethereum, founder of Parity Technologies and a creator of the coding language Solidity, which is the smart contract coding language.