Polkadot is a next-generation blockchain protocol that enables the secure and efficient transfer of data and value across different networks and systems. It is designed to connect a range of different networks, allowing them to exchange information, share resources, and work together securely. Polkadot was created by Gavin Wood, the co-founder of Ethereum, and is maintained by the Web3 Foundation.
Polkadot is based on a novel consensus mechanism called “Proof of Stake” (PoS). In PoS, validators take turns proposing and voting on blocks of transactions. To become a validator, users must put up a stake of DOT tokens. This stake is used to ensure that validators are acting in the best interests of the network, as validators with a higher stake have more power and are more likely to be chosen to validate new blocks.
Founder: Gavin Wood
Launched On: 2020-05-25
Proof Of Stake
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