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Polkadot is a decentralized, nominated proof-of-stake blockchain platform designed to enable interoperability between various blockchains. Its native cryptocurrency is DOT. Key Features: Interoperability: Polkadot facilitates cross-chain transfers of data and assets, allowing different blockchains to communicate and operate together seamlessly. Scalability: Through its sharded multi-chain network, Polkadot can process multiple transactions in parallel, enhancing scalability compared to traditional blockchains. Shared Security: Parachains connected to Polkadot's central Relay Chain benefit from shared security, eliminating the need for individual chains to establish their own validator networks. Historical Background: Polkadot was conceived by Ethereum co-founder Gavin Wood, along with Robert Habermeier and Peter Czaban. The project's white paper was published in 2016, and it raised over $144 million in its initial coin offering in October 2017. The main network launched in May 2020, with the first parachains going live in December 2021. Recent Developments: Polkadot is undergoing significant upgrades under the banner of "Polkadot 2.0," aiming to enhance flexibility and scalability. These upgrades include async backing, agile coretime, and elastic scaling, which allow parachains to adjust their computational resource usage based on demand. For a visual explanation of Polkadot, you might find the following video helpful:
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