Polkadot is a decentralized exchange platform that was created in 2016 by the Web3 Foundation, a Swiss non-profit organization that is based in Switzerland’s Crypto Valley. The network was developed by the Parity Technologies project with Dr. Gavin Wood at its head. The Polkadot project is one of the most high-profile ICOs in history. It managed to raise almost 145 million USD in a fundraising round in October 2017 or about 500,000 ETH at the time of fundraising. It was necessary to pass through a strict verification procedure to invest in the project.

It’s worth noting the interoperability and scalability of the project making it so successful. The unlimited growth of the system becomes possible thanks to the use of parachains. The Polkadot network allows blockchains with different consensus models to interact with each other through dedicated intermediaries, without any action required from the developers or users of these blockchains.

The goals of the Polkadot project

The main goal of the project is to create a platform that allows different blockchains to interact with each other, but the project developers do not intend to stop there. The vision of the project is to create a fully decentralized Internet 3.0 based on Web3.