Polkadot (DOT) Facts

• Polkadot was developed by a former Ethereum administrator, Gavin Wood, Web3 Foundation’s Technology Director Peter Czaban, and software developer Robert Habermeir
• It was released with an ICO in 2017
• For the project, 10 million DOTs were originally produced on the Ethereum platform
• Approximately 5 million DOTs were sold for 144 million dollars
• In November 2017, millions of dollars of Ethereum became unusable due to a vulnerability in the Parity wallet. Polkadot, one of the most affected by this vulnerability, lost nearly 60% of the funds it collected from the ICO
• The Polkadot blockchain went live on May 26 2020
• With an update that took place on 21 August 2020, the number of DOTs in circulation was increased 100 times and the amount of DOTs in circulation exceeded 1 billion
• Polkadot provides high scalability thanks to other chains running parallel to the main chain
• The lowest recorded price was $2.69 (20 August 2020), the highest price was $ 6.84 (September 1 2020)
• The Polkadot project is developed by Parity Technology and supported by the Web3 Foundation
• It uses a NPoS (nominated proof-of-stake) mechanism to select nominators and validators and protect the security of the chain
• The network consists of four basic components: The Relay Chain, The Parachain (blockchains running in parallel), Parathread (more flexible and economical transaction model than parallel chain),The Bridge Chain (mediates the connection of other blockchains)
• There are four different consensus roles in the Polkadot network: Nominators, Validators, Collators and Fishermen. There are two different governance roles: Council Membership and Technical Committee
• The blockchain has been developed to be able to integrate new enhancements and updates without the need to create a new hardfork

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