What is Polkadot
In 2021, Polkadot was one of the crypto market leaders in terms of capitalisation. Analysts tend to believe that it may soon replace Ethereum in terms of popularity among investors.
Ironically, it was created by Gavin Wood, one of the developers of Aether. Moreover, he is the former CTO of this famous platform. A few years ago, Gavin came up with a unique programming language called Solidity, in which most smart contracts are now being developed, and the Ethereum environment is written.
In 2016, he left Ethereum, not alone, but with the creator of the core code for this platform, Marek Kotevich. They were not satisfied with the low scalability of Ethereum, as well as the low throughput of the system: only 15 operations per second. If we compare, there are an average of 17,000 transactions in the Visa system at the same time. The low speed leads to payment delays, growing queues in the Ether system, as well as high fees, like $50 per transaction in May 2020.
All this prompted the partners to the idea of creating something more ideal. So, together they introduced Polka Dot to the market: a system in which more than 10,000 transactions are carried out every second, with a minimum commission.
pDOTn or DOT is used for transfers between users, along with payments for goods, services, and content on the Internet.