Polkadot is a sharded heterogeneous multi-chain architecture which enables external networks as well as customised layer one “parachains” to communicate, creating an interconnected internet of blockchains. The cryptocurrency uses proof of stake.
The protocol was created by the Ethereum co-founder Gavin Wood and is developed by the Web3 Foundation with the initial implementation by Parity Technologies.
In June 2021, Coinbase added Polkadot to its cryptocurrency trading platform.
Polkadot’s first token sale closed on October 27, 2017 raising a total of 485,331 ETH (Ether, the currency of the Ethereum blockchain).