What is Polkadot?

There are some projects that can hold the attention of the Crypto World. One of these projects is Polkadot. It is working on creating a protocol that can be used to combine various decentralized databases and third-party blockchains. The successful functioning of the project and its ecosystem will depend directly on its participants.
The Polkadot coin, indicated by the DOT ticker, is an asset of the Polkadot platform. It performs three main functions: management, bid placement, and linking.
It should be noted that the Web3 Foundation (a Swiss Foundation created to make a fully functional decentralized network) cooperates with the best organizations to generate Polkadot and contributes to the development of services and applications that will work on it. The Polkadot management model is embedded in the network and clearly defined. It is intended to include all stakeholders in the governing body. Users can participate in the system's decision-making by simply holding their DOT coins. Currently, there is a Polkadot Council and Technical Committee, so the project and its direction are entirely in the hands of DOT holders.

The Polkadot project was created in 2016. The idea belongs to Gavin Wood, who was the co-founder of Ethereum and the founder of Parity Technologies. Further, in October 2017, Polkadot conducted a successful ICO on the Ethereum blockchain. The ICO gathered $144,630,000. However, 2/3 of this money was frozen after the hack attack. The project continued to exist despite huge losses, remained afloat, and did not lose confidence continuing to develop.