About Polkadot | Polkadot Founders | Polkadot (2024)

FAQs

About Polkadot | Polkadot Founders | Polkadot? ›

Polkadot is the brainchild of Gavin Wood, the co-founder of Ethereum, who invented the solidity smart contract language. Dr. Wood released the first draft of Polkadot in Oct 2016. He was aimed at introducing a sharded version of Ethereum.

Their latest funding was raised on Jan 1, 2021 from a Venture - Series Unknown round. Polkadot is funded by 37 investors. Kosmos Ventures and JaMes Sowers are the most recent investors.

Kusama was founded in 2019 by Gavin Wood, founder of Polkadot and co-founder and former CTO of Ethereum.

History. Gavin Wood (Co-Founder of Ethereum) conceived the idea of Polkadot, publishing the first draft of the Polkadot whitepaper in October 2016. The project was founded to provide a base layer for a decentralized internet, where independent blockchains could securely communicate with one another.

Gavin Woods's ventures in crypto have helped him build an estimated net worth of $450 million.

Polkadot is the flagship project by Web3 Foundation↗, a Swiss Foundation founded to facilitate a fully functional and user-friendly decentralized web.

The reasons behind the big dip. The brutal price cut in 2022 reflected a handful of loosely related events: Like most cryptocurrencies, Polkadot was caught up in the massive crypto market decline in 2022 as investors pulled back from riskier assets amid economic uncertainty.

Kusama's Operational Mechanism

Polkadot is much more enterprise-focused than Kusama, but developers can launch projects faster and experiment to a greater degree on the latter. Kusama makes it easy for developers to alter parachains even after they have been deployed.

Although they are like cousins and share many parts of their code, Polkadot and Kusama are independent, standalone networks with different priorities. Kusama is wild and fast, and great for bold experimentation and early-stage deployment. Polkadot is more conservative, prioritizing stability and dependability.

Yayoi Kusama is a Japanese artist who is famous for her use of polka dots. Kusama creates paintings, sculptures and even entire rooms filled with dots.

Who owns the most Polkadot? ›

As of 21 October, an anonymous wallet held 4.74 billion DOT tokens, equating to 4.3% of the total supply, making it the biggest Polkadot holder. Among other Polkadot holders, another anonymous wallet held 4.51 billion DOT tokens or 4.09% of the circulating supply, making it the second biggest Polkadot whale.

Long-Term Price Prediction

This suggests Polkadot could gain 118.49% by 2025 if DOT reaches the upper price target. Some analysts believe the the price will not drop at all in 2024 and that DOT could end the year at over $20, which would represent a year-on-year increase of 151%.

Polkadot has one of crypto's biggest and best ecosystems, Also, it has great technology that's easy to use for users and super easy for developers to create blockchain projects. Then, it's token with a ton of network and ecosystem utility.

For the third year running, Changpeng Zhao, founder and former CEO of crypto exchange Binance, is crypto's wealthiest person. Despite pleading guilty to U.S. money laundering charges in November, CZ, as he's known, is now worth an estimated $33 billion, up from $10.5 billion last year.

Is Polkadot a Buy? While Polkadot is a powerful project with excellent fundamentals, it remains to be seen if it is one of the cryptos with the highest upside potential. Having already generated a significant market cap of over $6 billion, even a 10X for Polkadot would mean a $60 billion market cap.

Open Governance

Kusama is owned and governed by a community of network participants who vote on and control the evolution of the network. Have a voice and make your mark in the evolution of the network.

The Polkadot Treasury is a pot of on-chain funds collected through transaction fees, slashing, staking inefficiencies, etc. The funds held in the treasury can be spent on spending proposals. Both Polkadot and Kusama offer everyone the opportunity to apply for funding via the treasury.

Polkadot is based on groundbreaking Nominated Proof of Stake (NPoS) technology. A decentralized network of validators is selected by nominators to secure Polkadot's entire multichain ecosystem. Validators and nominators get a share of DOT in return.

What is Polkadot (DOT)? Polkadot is a protocol that connects blockchains — allowing value and data to be sent across previously incompatible networks (Bitcoin and Ethereum, for example). It's also designed to be fast and scalable.

Architectural Differences: Polkadot and Ethereum​ As previously mentioned, Ethereum is a general-purpose virtual machine that can run sandboxed programs are written in Solidity, whereas Polkadot is a meta-protocol for other parachains to connect and interact with each other.