This is a unique project of its kind, since for the first time in the history of cryptocurrencies, a blockchain connects different blocks, with different characteristics and functionalities, in the same great ecosystem, with a very well studied security. It is called a blockchain 3.0 project, and it aims to take power away from internet monopolies and provide greater participation to users.
Origin of Polkadot
With this in mind, Gavin Wood decided to start a project that would fill all the gaps that Ethereum leaves and that, as we mentioned, would solve the scalability and interoperability problems in the operations of different cryptocurrencies. In this way, it enabled new structures for cross-chain operation, or between chains.
By October 2016, Wood and Marek Kotewicz, another of the project’s developers, submitted the Polkadot whitepaper. Initially, Wood had the financial support of his company Parity and the Web3 Foundation , which he also helped found, with the participation of these two companies being vital for the launch of Polkadot.
After this havoc, Polkadot has grown as a unique and completely revolutionary network proposal that allows the transmission and processing of data between different blockchain networks, improving interoperability between them. Thanks to Polkadot, it is now possible to interrelate different chains in the same ecosystem, and also allows the creation of chains with their own capabilities and functionalities.