CHAPTER 10

Polkadot

“Governance is Critical for Crypto Ecosystem. The world, in some

sense, belongs to coders.” – Gavin Wood, Co-founder Ethereum,

Creator of Polkadot and Kusama.

Launched: 2020

Native token: DOT

Market Capitalization: $27.69B

Smart Contract languages: Rust and JavaScript

In this chapter, we will learn about Polkadot, a May 2020 launched

multi-chain architecture that was co-founded by Gavin Wood who

had earlier co-founded Ethereum. Polkadot is a third generation

public Blockchain that handles many issues that the earlier public

Blockchains lacked. Developed by the Web3 foundation and

implemented by Parity technologies, Polkadot comes with some of

its own differentiators that very few other Blockchain protocols have

solved so far, i.e., Interoperability, Scalability, and Security.

As per Polkadot, Blockchain not communicating is like having

many different non-interacting Internets all over the world. Hence,

Interoperability is the core strength of Polkadot.

At the heart, Polkadot is not just another Blockchain, but a

framework for Blockchains where many other Blockchains can be

created.

10.1 Consensus Model – Nominated Proof of

Stake

Polkadot is an innovative solution that comes with many different

layers of Blockchain, as shown in Figure 10.1 as follows: