Jump to content

Polkadot (blockchain platform): Difference between revisions

From Wikipedia, the free encyclopedia
Browse history interactively
← Previous editNext edit →
Content deleted Content added
VisualWikitext
No edit summary
(46 intermediate revisions by 23 users not shown)
Line 1: Line 1:
'''Polkadot''' is a [[blockchain]] platform. The native [[cryptocurrency]] for the Polkadot blockchain is the '''DOT'''.<ref>{{Cite web |date=October 17, 2020 |title=Ethereum Blockchain Killer Goes By Unassuming Name of Polkadot |url=https://www.bloomberg.com/news/articles/2020-10-17/ethereum-blockchain-killer-goes-by-unassuming-name-of-polkadot |url-access=subscription |access-date=July 14, 2021 |website=Bloomberg}}</ref>{{Infobox cryptocurrency
{{Primary sources|date=January 2023}}
{{Infobox cryptocurrency
| currency_name = Polkadot Network
| currency_name = Polkadot Network
| image_1 = Polkadot Logo.png
| image_1 = Polkadot Logo.png
| image_size = 250px
| image_size = 250px
| code = DOT
| code = DOT
| white_paper = https://polkadot.network/PolkaDotPaper.pdf
| white_paper = https://github.com/polkadot-io/polkadot-white-paper/blob/5a3f902bda34fe309251edeb9b6382154fc26680/PolkaDotPaper.pdf
| initial_release_date = May 26th, 2020
| initial_release_date = May 26th, 2020
| author = [[Gavin Wood]]
| author = [[Gavin Wood]]
| implementations = {{URL|https://github.com/paritytech/polkadot|polkadot}}, {{URL|https://github.com/chainsafe/gossamer|gossamer}}
| implementations = {{URL|https://github.com/paritytech/polkadot-sdk|polkadot}}, {{URL|https://github.com/chainsafe/gossamer|gossamer}}
| code_repository = {{URL|https://github.com/paritytech/polkadot}}
| code_repository = {{URL|https://github.com/paritytech/polkadot-sdk}}
| status = Active
| status = Active
| website = {{URL|https://polkadot.network}}
| website = {{URL|https://polkadot.network}}
| timestamping = [[Proof of stake]]
| timestamping = [[Proof of stake]]
| subunit_ratio_1 = 10{{sup|0}} Planck
| subunit_name_1 = Planck
| subunit_ratio_2 = 10{{sup|4}} Planck
| subunit_name_2 = Microdot (uDOT)
| subunit_ratio_3 = 10{{sup|7}} Planck
| subunit_name_3 = Millidot (mDOT)
| subunit_ratio_4 = 10{{sup|10}} Planck
| subunit_name_4 = Dot (DOT)
| subunit_ratio_5 = 10{{sup|16}} Planck
| subunit_name_5 = Million (MDOT)<ref name= dot>{{Cite web |last=Ferran|first=Taylor|title=Pokadot(DOT) |url=
https://wiki.polkadot.network/docs/learn-DOT |access-date=28 Jan 2023 |website=polkadot}}</ref>

}}
}}


'''Polkadot''' is a [[blockchain]] platform and [[cryptocurrency]]. The native cryptocurrency for the Polkadot blockchain is the '''DOT'''.<ref>{{Cite web |date=October 17, 2020 |title=Ethereum Blockchain Killer Goes By Unassuming Name of Polkadot |url=https://www.bloomberg.com/news/articles/2020-10-17/ethereum-blockchain-killer-goes-by-unassuming-name-of-polkadot |url-access=subscription |url-status=live |access-date=July 14, 2021 |website=Bloomberg}}</ref> It is designed to allow blockchains to exchange messages and perform transactions with each other without a trusted third-party. This allows for cross-chain transfers of data or assets, between different blockchains, and for [[decentralized application]]s (DApps) to be built using the Polkadot Network.<ref>{{Cite web |title=True interoperability |url=https://polkadot.network/ |access-date=13 Feb 2022 |website=Polkadot}}</ref><ref name= inv>{{Cite web |last=Nambiampurath|first=Rahul|title=Pokadot(DOT) |url=https://www.investopedia.com/polkadot-definition-6362436 |access-date=28 Jan 2023 |website=Investopedia}}</ref>
It is designed to allow blockchains to exchange messages and perform transactions with each other without a trusted third-party. This allows for cross-chain transfers of data or assets, between different blockchains, and for [[decentralized application]]s (DApps) to be built using the Polkadot Network.<ref>{{Cite web |title=True interoperability |url=https://polkadot.network/ |access-date=13 Feb 2022 |website=Polkadot}}</ref>


[[File:Several Polkadot relays.png|370px|right|thumb| Polkadot relays.]]
[[File:Several Polkadot relays.png|370px|right|thumb| Polkadot relays.]]
Line 34: Line 21:


== History==
== History==
The protocol was created by the [[Ethereum]] co-founder [[Gavin Wood]],<ref>{{Cite news |last=Vigna |first=Paul |date=March 3, 2022 |title=How Bitcoin and a Crypto Exchange Became Part of Ukraine's War Effort |url=https://www.wsj.com/articles/how-bitcoin-and-a-crypto-exchange-became-part-of-ukraines-war-effort-11646320697|work=Wall Street Journal}}</ref> Robert Habermeier and Peter Czaban,<ref name=about>{{Cite web |date=October 17, 2017 |title=About Polkadot, a platform for Web3 |url=https://polkadot.network/about/|work=PolkadotAbout}}</ref> raising over $144.3 million in its [[Initial coin offering]] in October 2017.<ref>{{Cite web |last=Butcher |first=Mike |date=October 17, 2017 |title=Polkadot passes the $140M mark for its fund-raise to link private and public blockchains |url=https://techcrunch.com/2017/10/17/polkadot-passes-the-140m-mark-for-its-fund-raise-to-link-private-and-public-blockchains/|work=Techcrunch}}</ref> Another private sale in 2019 raised an additional $43 million.<ref name=about></ref> [[Gavin Wood]] is attributed in coining the term "[[Web3]]" in 2014.<ref name=about></ref> The white paper for Polkadot was published by Wood in 2016. The Web3 foundation was subsequently launched in 2017.<ref name=about></ref>
The protocol was created by the [[Ethereum]] co-founder [[Gavin Wood]],<ref>{{Cite news |last=Vigna |first=Paul |date=March 3, 2022 |title=How Bitcoin and a Crypto Exchange Became Part of Ukraine's War Effort |url=https://www.wsj.com/articles/how-bitcoin-and-a-crypto-exchange-became-part-of-ukraines-war-effort-11646320697|work=Wall Street Journal}}</ref> Robert Habermeier and Peter Czaban.<ref name=about>{{Cite web |date=October 17, 2017 |title=About Polkadot, a platform for Web3 |url=https://polkadot.network/about/|work=PolkadotAbout}}</ref> The white paper for Polkadot was published by Wood in 2016.<ref name="about" /> The Polkadot SDK and other core technology components are being developed by Parity Technologies. The project raised over $144.3 million in its [[Initial coin offering]] in October 2017.<ref>{{Cite web |last=Butcher |first=Mike |date=October 17, 2017 |title=Polkadot passes the $140M mark for its fund-raise to link private and public blockchains |url=https://techcrunch.com/2017/10/17/polkadot-passes-the-140m-mark-for-its-fund-raise-to-link-private-and-public-blockchains/|work=Techcrunch}}</ref> Another private sale in 2019 raised an additional $43 million.<ref name="about" />


Polkadot's initial [[Blockchain#Blocks|block]] (the "genesis block") was released in May 2020.<ref>{{Cite web |title=Polkadot Network |url=https://polkadot.network/faq/ |access-date=2022-08-08 |website=Polkadot Network |language=en}}</ref> The DOT is its native token, and DOTs were released with the launch of the genesis block.<ref name=about></ref>
Parity Technologies launched a "canary" network based on Polkadot's code under the name Kusama in September 2019. Kusama is used to test new features early before they enter production on the Polkadot main network.<ref name=":0">{{Cite web |title=What is Polkadot? {{!}} Messari |url=https://messari.io/project/polkadot/profile |access-date=2024-09-10 |website=messari.io |language=en}}</ref>


Polkadot's network launched in May 2020. The first blockchains, or "parachains", building on top of Polkadot launched in December 2021.<ref name=":0" />
⚫
== Technical details==
The Polkadot network has a primary blockchain named "relay chain" and many user-created parallel chains called "parachains".<ref name= forbes2>{{Cite web |last=Adams|first=Michael|title=What is Polkadot? |url=https://www.forbes.com/advisor/investing/cryptocurrency/polkadot/ |access-date=28 Jan 2023 |website=Forbes}}</ref> The relay chain acts as the governance layer of the network, while parachains are auctioned, enabling independent projects to create and operate their own blockchains that live within the Polkadot infrastructure.<ref>{{Cite web |last=Waters |first=Richard |date=31 December 2020 |title=What did Silicon Valley's crypto bubble create? |url=https://www.ft.com/content/e846c8f6-6ff0-4e2f-a95f-f32043558315 |website=Financial Times}}</ref> A relay chain is responsible for validating data, achieving consensus and ensuring transactions are executed.<ref name=about></ref> It is estimated that 1000 [[Transactions per second]] can be processed by the network.<ref name=about></ref>


===Proof of stake===
== Concepts ==
⚫
The network uses a [[proof of stake]] consensus algorithm.<ref>{{Cite web |last=Piven |first=Ben |date=13 May 2021 |title=After Musk Bitcoin U-turn, which coins are more climate friendly? |url=https://www.aljazeera.com/economy/2021/5/13/after-musk-bitcoin-u-turn-which-coins-are-more-climate-friendly |url-status=live |access-date=5 July 2021 |website=www.aljazeera.com |language=en}}</ref> The protocol used, Blind Assignment for Blockchain Extension (BABE), is derived from [[Ouroboros (protocol)|Ouroboros]], a protocol created by [[Aggelos Kiayias]].<ref>{{Cite web |last=Alper |first=Handan net |title=BABE |url=https://research.web3.foundation/en/latest/polkadot/block-production/Babe.html |access-date=2021-12-06 |website=W3F |language=en}}</ref> <ref>[https://www.inf.ed.ac.uk/people/staff/Aggelos_Kiayias.html] Kiayias home page at University of Edinburgh</ref>


=== Multi-chain ecosystem ===
===Bridges and Parathreads===
Polkadot is founded on the premise that there will be a multitude of blockchains in the future. It provides an open-source [[software development kit]] called Polkadot SDK that can be used by development teams to build their own blockchains.
The Polkadot network contains bridges, connecting blockchains and allowing for data transfer. Bridges allow for interoperability with external networks such as [[Bitcoin]] or [[Cardano (blockchain platform)]]. Parathreads operate in a similar manner to parachains but follow a "pay as you go" model, not requiring continuous connectivity to the Polkadot network.<ref name=about></ref>


These blockchains can run by themselves, referred to as "solochains", or can join the Polkadot ecosystem as "parachains".
===Consensus & DOT token===
There are three forms of stakeholders within the Polkadot [[proof of stake]] consensus model namely:
* Nominators: securing relay chains and determining trusted validators.
* Validators: used for staking DOT, validating proofs from collators and participating in consensus
* Collators: keep valid records of parachain transactions and send them to validators on relay chain.<ref name=about></ref>


=== Sovereignty, shared security and interoperability ===
DOT token is used for both staking and governance and has two purposes:
Polkadot offers three properties to parachains: sovereignty, shared security and interoperability.
* Staking: ensures network security such as in other [[proof of stake]] networks by incentivizing network participants to act honestly by holding DOT as collateral for "good" behavior (see [[Sybil attack]]). Staking generates rewards for those staking DOT.
* Governance: DOT users have rights to vote based on weighted stake. <ref name=about></ref>


Sovereignty refers to the idea that individual blockchains are sovereign in the way they conduct themselves. Blockchains define their own rules for how users can interact on them.
⚫
== External links ==
⚫
* {{Official website}}
* [https://kusama.network/ Kusama, Polkadot's Canary Network]
* [https://web3.foundation/ Web3 Foundation]


Shared security means that one chain provides [[Cryptoeconomics|cryptoeconomic]] security to other chains. The Polkadot network has a primary blockchain named the "relay chain", which provides security for parachains. This way, parachains enjoy high cryptoeconomic security, relieving them from the burden to source their own security through means that compromise their sovereignty.
⚫
== See Also ==

Interoperability is created through a common standard of data exchange, called XCM.<ref>{{Cite web |title=Understanding XCM on Polkadot and How It Enables Cross-Chain Use Cases |url=https://moonbeam.network/news/understanding-xcm-on-polkadot-and-how-it-enables-cross-chain-use-cases |access-date=2024-09-11 |website=Moonbeam |language=en}}</ref> Since parachains have shared security, bridging times between parachains are typically under a minute.

=== Coretime ===
Polkadot introduces the concept of cores, leaning on the idea of [[Multi-core processor]]s in computing. Polkadot provides a few hundred cores. Parachains can rent one or more cores to acquire compute resources to process their workload.<ref>{{Cite news |date=2024-09-10 |title=What Is Polkadot (DOT) Agile Coretime? |url=https://cryptodaily.co.uk/2024/07/what-is-polkadot-dot-agile-coretime |work=cryptodaily.co.uk}}</ref>

== Upcoming Developments ==

=== Polkadot 2.0 ===
Polkadot 2.0 is a series of technical upgrades intended to improve flexibility of acquiring coretime for parachains. It allows parachains to scale up coretime consumption with their demand.<ref name=":1">{{Cite news |date=July 6, 2024 |title=Polkadot 2.0: The Next Evolution in Multi-Chain Technology? |url=https://dailycoin.com/polkadot2-0-next-level-in-multchain-technology/ |access-date=2024-09-12 |work=dailycoin.com}}</ref> The upgrade consists of async backing, agile coretime, and elastic scaling.

Async Backing allows parachains to submit blocks to Polkadot without having to wait for inclusion of previous blocks. It enables parachains to divert from the previous 12 second block times and choose their own block production speed. Agile Coretime allows parachains to either acquire coretime in 4-week bulk or acquire it on-demand. Elastic Scaling allows parachains to use multiple cores in parallel.<ref name=":1" />

=== JAM ===
JAM is an upcoming upgrade proposed in the "Graypaper" by Gavin Wood that focuses on supporting any kind of application, not just parachains, to run on Polkadot.<ref>https://graypaper.com/graypaper.pdf</ref> It would allow simple smart contracts, ZK-Rollups and other kinds of chains to run on Polkadot.<ref>{{Cite web |last=McCurdy |first=Decrypt / Will |date=2024-06-08 |title=What is JAM? Polkadot's Biggest Ever Upgrade Explained |url=https://decrypt.co/resources/what-is-jam-polkadots-biggest-ever-upgrade-explained |access-date=2024-09-12 |website=Decrypt |language=en-US}}</ref>

⚫
== Technical details==
===Proof of stake===
⚫
The network uses a nominated [[proof of stake|proof-of-stake]] consensus algorithm.<ref>{{Cite web |last=Piven |first=Ben |date=13 May 2021 |title=After Musk Bitcoin U-turn, which coins are more climate friendly? |url=https://www.aljazeera.com/economy/2021/5/13/after-musk-bitcoin-u-turn-which-coins-are-more-climate-friendly |access-date=5 July 2021 |website=www.aljazeera.com |language=en}}</ref> The protocol used, Blind Assignment for Blockchain Extension (BABE), is derived from [[Ouroboros (protocol)|Ouroboros]].<ref>{{Cite web |title=BABE {{!}} Research at Web3 Foundation |url=https://research.web3.foundation/Polkadot/protocols/block-production/Babe |access-date=2024-09-10 |website=research.web3.foundation |language=en}}</ref>

⚫
== See also ==
* [[Sybil attack]]
* [[Sybil attack]]
* [[Proof of stake]]
* [[Proof of stake]]
* [[List of cryptocurrencies]]
* [[Bitcoin]], [[Ethereum]], [[Cardano (blockchain platform)]]
* [[List of blockchains]]


== References ==
== References ==
{{reflist}}
{{reflist}}

⚫
== External links ==
⚫
* {{Official website}}


{{Cryptocurrencies|state=expanded}}
{{Cryptocurrencies|state=expanded}}
{{Portal bar|Internet|Economics|Money|Free and open-source software|Numismatics}}
{{Authority control}}


[[Category:Blockchains]]
[[Category:Blockchains]]

Revision as of 22:22, 4 October 2024

Polkadot is a blockchain platform. The native cryptocurrency for the Polkadot blockchain is the DOT.[1]

Polkadot Network
Denominations
CodeDOT
Development
Original author(s)Gavin Wood
White paperhttps://github.com/polkadot-io/polkadot-white-paper/blob/5a3f902bda34fe309251edeb9b6382154fc26680/PolkaDotPaper.pdf
Implementation(s)polkadot, gossamer
Initial releaseMay 26th, 2020
Code repositorygithub.com/paritytech/polkadot-sdk
Development statusActive
Ledger
Timestamping schemeProof of stake
Website
Websitepolkadot.network

It is designed to allow blockchains to exchange messages and perform transactions with each other without a trusted third-party. This allows for cross-chain transfers of data or assets, between different blockchains, and for decentralized applications (DApps) to be built using the Polkadot Network.[2]

Polkadot relays.
Gavin Wood, founder of Polkadot.

History

The protocol was created by the Ethereum co-founder Gavin Wood,[3] Robert Habermeier and Peter Czaban.[4] The white paper for Polkadot was published by Wood in 2016.[4] The Polkadot SDK and other core technology components are being developed by Parity Technologies. The project raised over $144.3 million in its Initial coin offering in October 2017.[5] Another private sale in 2019 raised an additional $43 million.[4]

Parity Technologies launched a "canary" network based on Polkadot's code under the name Kusama in September 2019. Kusama is used to test new features early before they enter production on the Polkadot main network.[6]

Polkadot's network launched in May 2020. The first blockchains, or "parachains", building on top of Polkadot launched in December 2021.[6]

Concepts

Multi-chain ecosystem

Polkadot is founded on the premise that there will be a multitude of blockchains in the future. It provides an open-source software development kit called Polkadot SDK that can be used by development teams to build their own blockchains.

These blockchains can run by themselves, referred to as "solochains", or can join the Polkadot ecosystem as "parachains".

Sovereignty, shared security and interoperability

Polkadot offers three properties to parachains: sovereignty, shared security and interoperability.

Sovereignty refers to the idea that individual blockchains are sovereign in the way they conduct themselves. Blockchains define their own rules for how users can interact on them.

Shared security means that one chain provides cryptoeconomic security to other chains. The Polkadot network has a primary blockchain named the "relay chain", which provides security for parachains. This way, parachains enjoy high cryptoeconomic security, relieving them from the burden to source their own security through means that compromise their sovereignty.

Interoperability is created through a common standard of data exchange, called XCM.[7] Since parachains have shared security, bridging times between parachains are typically under a minute.

Coretime

Polkadot introduces the concept of cores, leaning on the idea of Multi-core processors in computing. Polkadot provides a few hundred cores. Parachains can rent one or more cores to acquire compute resources to process their workload.[8]

Upcoming Developments

Polkadot 2.0

Polkadot 2.0 is a series of technical upgrades intended to improve flexibility of acquiring coretime for parachains. It allows parachains to scale up coretime consumption with their demand.[9] The upgrade consists of async backing, agile coretime, and elastic scaling.

Async Backing allows parachains to submit blocks to Polkadot without having to wait for inclusion of previous blocks. It enables parachains to divert from the previous 12 second block times and choose their own block production speed. Agile Coretime allows parachains to either acquire coretime in 4-week bulk or acquire it on-demand. Elastic Scaling allows parachains to use multiple cores in parallel.[9]

JAM

JAM is an upcoming upgrade proposed in the "Graypaper" by Gavin Wood that focuses on supporting any kind of application, not just parachains, to run on Polkadot.[10] It would allow simple smart contracts, ZK-Rollups and other kinds of chains to run on Polkadot.[11]

Technical details

Proof of stake

The network uses a nominated proof-of-stake consensus algorithm.[12] The protocol used, Blind Assignment for Blockchain Extension (BABE), is derived from Ouroboros.[13]

See also

References

  1. ^ "Ethereum Blockchain Killer Goes By Unassuming Name of Polkadot". Bloomberg. October 17, 2020. Retrieved July 14, 2021.
  2. ^ "True interoperability". Polkadot. Retrieved 13 Feb 2022.
  3. ^ Vigna, Paul (March 3, 2022). "How Bitcoin and a Crypto Exchange Became Part of Ukraine's War Effort". Wall Street Journal.
  4. ^ a b c "About Polkadot, a platform for Web3". PolkadotAbout. October 17, 2017.
  5. ^ Butcher, Mike (October 17, 2017). "Polkadot passes the $140M mark for its fund-raise to link private and public blockchains". Techcrunch.
  6. ^ a b "What is Polkadot? | Messari". messari.io. Retrieved 2024-09-10.
  7. ^ "Understanding XCM on Polkadot and How It Enables Cross-Chain Use Cases". Moonbeam. Retrieved 2024-09-11.
  8. ^ "What Is Polkadot (DOT) Agile Coretime?". cryptodaily.co.uk. 2024-09-10.
  9. ^ a b "Polkadot 2.0: The Next Evolution in Multi-Chain Technology?". dailycoin.com. July 6, 2024. Retrieved 2024-09-12.
  10. ^ https://graypaper.com/graypaper.pdf
  11. ^ McCurdy, Decrypt / Will (2024-06-08). "What is JAM? Polkadot's Biggest Ever Upgrade Explained". Decrypt. Retrieved 2024-09-12.
  12. ^ Piven, Ben (13 May 2021). "After Musk Bitcoin U-turn, which coins are more climate friendly?". www.aljazeera.com. Retrieved 5 July 2021.
  13. ^ "BABE | Research at Web3 Foundation". research.web3.foundation. Retrieved 2024-09-10.
Retrieved from "https://en.wikipedia.org/w/index.php?title=Polkadot_(blockchain_platform)&oldid=1249437176"