Polkadot Wallet (DOT) EOS . Store Send & Receive app
The first draft of the Polkadot whitepaper
All manner of words and phrases have been used to describe Polkadot including the exhausted label of an “Ethereum killer” cryptocurrency. While its founder insists that Polkadot is not a competitor to Ethereum, a close-up look at Polkadot suggests that it is not only a serious competitor to Ethereum but a cryptocurrency which may just transform the cryptocurrency world forever.
Origins of Polkadot
The history of Polkadot begins with Ethereum, specifically one of Ethereum’s co-founders, Dr. Gavin Wood (PhD in Software Engineering). Dr. Wood has over 20 years of experience working as a software developer both inside and outside of the crypto space.
Dr Gavin Wood Polkadot
Polkadot and Ethereum co-founder, Dr. Gavin Wood. Image via Parity
He coded the first functional version of Ethereum and even authored Ethereum’s Yellow Paper. What Dr. Wood is perhaps most famous for however is creating Solidity, the coding language used to build 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.
Later in 2016, Dr. Wood began developing a new cryptocurrcency which would “deliver on the promises which Ethereum could not”. The first draft of the Polkadot whitepaper was finished by the end of 2016.
The DOT Cryptocurrency ICO
The initial coin offering of Polkadot’s DOT cryptocurrency is something which is still vividly in the memory of many veterans in the cryptocurrency space and certainly for the Polkadot team. The DOT ICO took place in October 2017 and raised over 145 million USD in Ethereum.
A snapshot from the Polkadot ICO. Image via Trustnodes
Half of DOT’s initial total supply of 10 million was sold in two rounds to public and private investors (2.25 million and 2.75 million, respectively). The price per DOT token for these funding rounds was 28.80$USD.
Less than 2 weeks later, over 90 million USD of the funds raised during the ICO were permanently frozen due an exploit of a vulnerability in Polkadot’s multisig wallet code. One week after the attack, the Polkadot team confirmed that they still had enough funding to develop Polkadot and pressed onwards despite the lost funds. Although there have been efforts to retrieve the funds, over 500 000 ETH are still locked.