When did Polkadot come out?
Polkadot is the native cryptocurrency of the Polkadot network and was issued through an Initial Coin Offering (ICO) on October 23, 2017. Polkadot Network is a cross-chain interoperability protocol designed to connect different blockchains and facilitate communication between them.
The origin and development of Polkadot
Polkadot (DOT) is the native token of the Polkadot network. Officially launched on May 26, 2020. Polkadot is a heterogeneous multi-chain architecture designed to achieve blockchain scalability and interoperability by connecting different blockchains.
Development History
The development history of Polkadot can be traced back to 2016, when Gavin Wood, founder of Parity Technologies, conceived the concept of Polkadot. The project raised over $140 million through an initial coin offering (ICO) in 2017.
2017
- October 2017: Polkadot ICO launched, raising $140 million.
2018
- April 2018: Polkadot releases testnet.
- July 2018: Polkadot launches pre-release network Kusama.
2019
- May 2019: Polkadot releases the mainnet, but only developers can access it.
2020
- May 2020: Polkadot’s public mainnet was launched and the token DOT was listed.
- July 2020: Polkadot launches token staking, allowing DOT holders to stake tokens to earn rewards.
2021
- June 2021: Polkadot launches parachain auction, allowing developers to bid to deploy their own chains on the Polkadot network.
2022
- May 2022: Polkadot releases the XCM messaging format, allowing different parachains to communicate with each other.
Background
Polkadot was created to solve scalability and interoperability issues that exist in the blockchain space. Traditional blockchains typically employ a single-chain architecture, which limits their ability to process transactions. Polkadot is designed as a multi-chain network where different blockchains (called parachains) can be connected together, share security and interact.
DOT tokens are used to pay transaction fees on the Polkadot network, to be staked to ensure network security, and to manage network governance. By supporting parachain interoperability, Polkadot aims to create a more scalable and diverse blockchain ecosystem.
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