Today is an important day. Because an absolutely new and, of course, useful project has come to the crypto industry. The Polkadot startup developed on the Blockchain and for the Blockchain has finally started working. If you have not heard about Polkadot, be sure to read this material to get a complete picture of a modern, productive platform. But even for those who already know about this project, the article will be useful. Because we will further recall why Polkadot is a new round of evolution in the crypto industry. So let’s get started.
A little about the essence of the project
First of all, for those who have not studied Polkadot on their own, it is necessary to discuss the essence of the project. If you work in the crypto industry, then you probably know that each well-known coin has its own Blockchain. This is a record of all transfers, on which the appearance of new monetary units depends and, in principle, the operation of the system. Yes, sometimes Blockchains are very similar, because some coins are developed on the basis of others. But the fact remains that cryptocurrencies have independent Blockchains.
And this is the main problem of the modern crypto industry. At this stage, we cannot work by combining the Blockchains of several coins. That is, the Ethereum framework and the Bitcoin framework are incompatible, you cannot transfer ETH to a wallet designed to store, use BTC. The inability to combine coin systems is the main problem that limits the scope for using coins.
And the first steps in solving this problem are taken by the Polkadot project. This startup was developed over a long three years, and today the long-awaited launch took place. The project offers its own functionality in order to convert information from one Blockchain and transfer it to another. This is something like a ladder that connects distant systems. Also, based on the platform, you will be able to independently develop technologies that will improve existing functionality. This is a large ecosystem, with its own characteristics and nuances, which you can start exploring today.
Who is behind the development of Polkadot?
The role of the creators of the project is extremely important. Because the commercial and practical success of Polkadot directly depends on the reliability of the developers. One of the founders of Ethereum, Gavin Wood, as well as other reputable experts, was responsible for creating the platform. The names of the developers, as well as plans for the future of the project, you can see on the official website of the company. It is important to note that the decentralized platform is still supported by its creators. Before releasing the project into independent existence, it needs to be strengthened. That is why the Polkadot team so far leaves the right to change and modify the platform. Then these responsibilities will fall on the users themselves.
Note that only the first part of the platform is launched. Developers evaluate the work in test mode. And only then, if the results of the tests suit the experts, the team will proceed to the full launch of the system. This is a necessary measure if we are talking about working with such serious functionality as Polkadot.
How to start a collaboration with a project?
If we intrigued you and you want to join in the commercial success of the platform, then we will disappoint you. Tokens sold back in 2017. Some of them went to users from the developers themselves, and a certain percentage was sold in the secondary market. It is quite possible that the second wave of coins will be waiting for us soon. Stay tuned for all the news of the crypto industry with us. We publish only high-quality and interesting material. Thank you for the attention. Good luck!