Last Update: July 21st, 2021

The Polkadot project is gaining more attention day by day. The reason could be associated with the multiple delays in the release date. Polkadot is a multi-chain blockchain-based ecosystem that allows cross-chain operations and high-level interoperability. The Polkadot network allows moving tokens across the blockchain, while also enabling communication between different blockchain environments.

Polkadot represents a 3rd-generation cryptocurrency, as it solves the problem with scalability by using multiple parallel blockchains for transactions across multiple chains. Polkadot also hosts a Substrate network, which allows users and network participants to create unique blockchain environments.

From a historical point of view, the Polkadot was established by Parity Technologies, which is currently controlled by Gavin Wood and Jutta Steiner, two former Ethereum executives. The Polkadot is also supported by the Web3 Foundation, a closely related organization that provides the project with funding, advocacy, research and collaborations.

Parity Technologies was established in 2015. In the beginning, it began by working on node software for Ethereum, which was called the Parity Ethereum client. However, they began in November 2017, when developers published the first code on Github. 

Afterward, the company launched two proofs-of-concept in mid-2018 and deployed Polkadot’s first para chain in July 2018. As a result, Polkadot launched in an “initial” state in May 2020, and token transfers were enabled in August 2020.

Advantages of Polkadot:

Polkadot’s design is meant to support various chains. It is not only a single blockchain that exists in isolation. There are several advantages to its approach:

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Polkadot (DOT) Historical Price Data

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