Introduction to the Polkadot Project:
The Polkadot White Paper was first published in October 2016, and a year later the project announced its Initial Coin Offering (ICO) in 2017.
This happened after Dr. Gavin Wood and Peter Zappan founded the Web3 Foundation, a non-profit organization that supports research and development for the Polkadot network.
The foundation successfully concluded its ICO process in October 2017 and raised more than $ 140 million by selling 50% of the offer.
Then the company made two private sales in 2019 and 2020.
What is the Polkadot project:
It is a network that creates a group of blockchain networks with the aim of organizing and arranging mining operations and reducing costs in addition to verifying and developing security protocols.
Polkadot focuses on solving two major blockchain problems (interoperability or what is known as governance and scalability of the network). Governance and expansion are the basic steps that projects always seek in order to provide an effective way for society to solve problems, advance technology and accomplish all tasks and thus Polkadot wants to become the cornerstone From which all these problems and obstacles will be launched by creating an equal playing field, unlike the current fragmented field, so that companies are free to innovate on strong foundations, and Polkadot's vision is to create a decentralized network where our identity and data are controlled by ourselves and without the interference of certain parties or organizations.
The Polkadot project is based on the “Substrate” blockchain framework, in which all Polkadot-based networks and applications can handle and transfer data with other networks.
In other words, the Polkadot network enables interoperability and scalability for all networks that use it.
How Polkadot works:
Blockchain networks can connect to Polkadot and work in parallel with so-called “parachains” to access network verification for transactions and security.
Another feature called "chain relay" in the network is through which addresses of transactions are examined and data unified so that every system can understand it, and this is where the Polkadot project works in which all security strings are gathered.
Chains connected to Polkadot can use their own PoS
It decides when and how to update their code and run the dapps or tokens they choose.
In the sense, there is a choice layer that allows networks to maintain their security and incorporate new protocols.
Polkadot's recent coin march:
The Polkadot project, which aims to achieve interoperability, has reached the advanced ranks of the 10 largest digital currencies in very record time, and is now ranked seventh, with a total market value of more than 3.7 billion dollars.
This is partly due to the recent updates to the project.
Note that on August 21 after the community vote, the DOT tokens were restructured as the circulating coin supply became inflated by 10 times.
Polkadot's restructuring saw the old DOT tokens split up and split into 100 new ones.
As a result, total supply increased from 10 million DOT to 1 billion DOT.
Fantastic