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Launched in 2016, Polkadot is the brainchild of Gavin Wood, an Ethereum co-founder and creator of solidity. Polkadot is now run by WF3 Foundation and Developed by Parity Technologies, both of which Gavin is a co-founder. Polkadot is what Gavin Wood envisioned as the next version of Ethereum.
The current blockchain landscape is at best fragmented, with multiple independent blockchains all operating in isolation. Yet, there is no efficient way for these separate chains to use and communicate to share data, transact and exchange value. Polkadot is working to correct this by providing cross-chain interoperability. Polkadot will allow any blockchain it being private, public, permission, or permissionless, and oracles and decentralized apps to be connected in a trustless way.
Polkadot aims to achieve this through the Polkadot relay chain, parachains and connectors abled bridges. Polkadot’s relay chain acts like a bookkeeper overlooking all network transactions. At the same time, parachains are made up of individual blockchains, all connected in parallel, and the para chain system allows multiple chains to run simultaneously to enable scalability and increase transaction speed. Bridges will connect difficult or established blockchains by writing an intelligent break-in and break-out smart contract that will allow these chains to communicate with the Polkadot network.
Dot is the native token of the Polkadot network used for governance staking and bonding. Polkadot aspires to build a multi-chain universe where multiple blockchains can co-exist and operate together, creating a mega system of blockchains.