Polkadot’s initial development and Proof of Concept (PoC) design first appeared over 4 years ago, when the project was still relatively unknown to crypto enthusiasts and institutional investors, but it has since proven to be one to keep a watch on. Polkadot, in fact, has constructed an extremely reputable ecosystem of top-tier engineers, architects, and project leaders since 2016, has created a complex future roadmap, and has witnessed exponential growth, allowing it to claim a seat among the Top 10 most valuable cryptocurrencies in 2021.
Polkadot has certainly taken over the cryptocurrency markets and shows no signs of slowing down anytime soon. Polkadot’s momentum is anticipated to continue as it nears the end of its plan, which includes the rollout of parachains, the Rococo Testnet, and upcoming updates to its native Cross-Chain Message Passing (XCMP) technology.
Polkadot has been labelled with a variety of terms and phrases, including the tired moniker of an “Ethereum killer” coin. While Polkadot’s founder claims that it is not a competitor to Ethereum, a closer examination reveals that it is not only a genuine challenger to Ethereum, but also a cryptocurrency that has the potential to change the cryptocurrency world forever.
Polkadot’s origins can be traced back to Ethereum, specifically one of its co-founders, Dr. Gavin Wood (PhD in Software Engineering). Dr. Wood has worked as a software developer for over 20 years, both inside and outside of the crypto world.
He created the first working version of Ethereum and even wrote the Yellow Paper for it. Dr. Wood is best known for designing Solidity, the computer language that is used to create smart contracts on Ethereum.
In January of 2016, Dr. Wood left his position as Ethereum’s CTO and core developer. The exact reasons for his departure vary (even from Dr. Wood himself) but can be summed up as being due to his frustration about the slow development to Ethereum 2.0
The initial coin offering (ICO) of Polkadot’s DOT cryptocurrency is still fresh in the minds of many cryptocurrency veterans, and certainly in the minds of the Polkadot team. In October 2017, the DOT ICO raised approximately 145 million dollars in Ethereum.
Due to an attack of a vulnerability in Polkadot’s multisig wallet code, nearly 90 million USD of the assets raised during the ICO were permanently frozen less than two weeks later. Despite the lost finances, the Polkadot team confirmed that they still had enough funding to develop Polkadot a week after the attack. Despite efforts to recover the assets, more than 500 000 ETH are still frozen.