A bug hidden inside the library connected to the multi-signature contract used to conduct the Token Sale lead to the freeze of most of the funds collected during the ICO phase excluding the money raised during the private round. <ref>{{Cite web|url=https://medium.com/@ParityTech/security-alert-1fe9d015f1ba|title=Security Alert
A bug hidden inside the library connected to the multi-signature contract used to conduct the Token Sale lead to the freeze of most of the funds collected during the ICO phase excluding the money raised during the private round. <ref>{{Cite web|url=https://medium.com/@ParityTech/security-alert-1fe9d015f1ba|title=Security Alert
|access-date=2018-01-17}}</ref>. On November 6th, 2017 the user devops199 was able to initiate himself as the owner of the smart contract deployed to the Ethereum address 0x863DF6BFa4469f3ead0bE8f9F2AAE51c91A907b4 and could kill the contract afterwards. <ref>{{Cite web|url=https://etherscan.io/tx/0x47f7cff7a5e671884629c93b368cb18f58a993f4b19c2a53a8662e3f1482f690|title=Etherscan kill command|access-date=2018-01-17</ref> On December 11th, 2017 Parity Technologies proposed potential solutions to the problem. <ref>{{Cite web|url=https://medium.com/@ParityTech/on-classes-of-stuck-ether-and-potential-solutions-249e27eb8af5|title=On Classes of Stuck Ether and Potential Solutions|access-date=2018-01-17}}</ref>
|access-date=2018-01-17}}</ref>. On November 6th, 2017 the user devops199 was able to initiate himself as the owner of the smart contract deployed to the Ethereum address 0x863DF6BFa4469f3ead0bE8f9F2AAE51c91A907b4 and could kill the contract afterwards. <ref>{{Cite web|url=https://etherscan.io/tx/0x47f7cff7a5e671884629c93b368cb18f58a993f4b19c2a53a8662e3f1482f690|title=Etherscan kill command|access-date=2018-01-17}}</ref> On December 11th, 2017 Parity Technologies proposed potential solutions to the problem. <ref>{{Cite web|url=https://medium.com/@ParityTech/on-classes-of-stuck-ether-and-potential-solutions-249e27eb8af5|title=On Classes of Stuck Ether and Potential Solutions|access-date=2018-01-17}}</ref>
Article doesn't assert notability. The coverage I could find (like medium.com and techcrunch) doesn't seem to take the subject to GNG.
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Expired [[WP:PROD|prod]], concern was: Article doesn't assert notability. The coverage I could find (like medium.com and techcrunch) doesn't seem to take the subject to GNG.
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Polkadot is a proposed heterogeneous multi-chain interchange and translation architecture which enables customised side-chains to connect with public blockchains. Blockchains can exchange messages in a secure and trust-free manner with Polkadot.[1]
Polkadot is a project stewarded by the Web3 Foundation.[4][5]
Protocol
General description
The Polkadot protocol is intended to be a scalable heterogeneous multi-chain technology. Unlike previous blockchain implementations that have focused on providing a single chain of varying degrees of generality over potential applications, Polkadot will provide the bedrock relay-chain upon which a large number of validatable, globally-coherent dynamic data-structures may be hosted.
Polkadot may be considered equivalent to a set of independent chains (e.g. the set containing Ethereum, Ethereum Classic, Namecoin and Bitcoin) except for two very important points: pooled security and trust-free interchain transactability.
Polkadot is considered to be “scalable” in its design. In principle, a problem to be deployed on Polkadot may be substantially parallelised - scaled out - over a large number of parachains. Since all aspects of each parachain may be conducted in parallel by a different segment of the network, the system has some ability to scale.
Polkadot is intended to provide a bare-bones piece of infrastructure leaving much of the complexity to be addressed at the middleware level. [6]
Polkadot is built to connect private/consortium chains, public/permissionless networks, oracles and future technological developments yet to be created in the Web3 ecosystem. It enables an internet where independent blockchains can exchange information and trust-free transactions via the Polkadot relay chain, with the key tenets of scalability, governance and interoperability[7].
At a high level, Polkadot attempts to solve the following problems[8]:
Interoperability: Polkadot is designed to enable applications and smart contracts on one blockchain to seamlessly transact with data and assets on other chains[8].
Scalability: Polkadot gives the ability to run several parachains*, each processing multiple transactions in parallel, which allows networks to obtain infinite scalability[8].
Gavin Wood is the co-founder and current director of Parity Technologies[9]. Previously, he was the Chief Technology Officer and is co-founder of the Ethereum Project, co-designer of the Ethereum Protocol, author of its formal specification, and created and wrote the first functional Ethereum implementation. He stewarded the Solidity language, was the project chief of the IDE, and designed and implemented the Whisper protocol. Gavin holds a PhD in Computer Science from the University of York[10].
Dr. Wood released the Polkadot white paper[11] on November 14th, 2016. The protocol was later decided to be stewarded by the Web3 Foundation, founded on June 2017.
Polkadot launched its token sale on October 15th, 2017. The token sale format was a Second Price Dutch Auction. The ICO closed on October 27th, 2017 raising a total of 485,331 ETH (Ether, the currency of the Ethereum blockchain)[1][12].
Freeze of funds
A bug hidden inside the library connected to the multi-signature contract used to conduct the Token Sale lead to the freeze of most of the funds collected during the ICO phase excluding the money raised during the private round. [13]. On November 6th, 2017 the user devops199 was able to initiate himself as the owner of the smart contract deployed to the Ethereum address 0x863DF6BFa4469f3ead0bE8f9F2AAE51c91A907b4 and could kill the contract afterwards. [14] On December 11th, 2017 Parity Technologies proposed potential solutions to the problem. [15]
Token (DOT)
Functions
The DOT token serves 3 distinct purposes: governance over the network, operation, and bonding[16].
Game theory incentivizes token holders to behave in honest ways. Good actors are rewarded by this mechanism whilst bad actors will lose their stake in the network. This ensures the network stays secure[18].
New parachains are added by bonding tokens. Outdated or non-useful parachains are removed by removing bonded tokens. This is a form of Proof of Stake[19].
The DOT is a native token, and DOTs will be released upon the launch of the Polkadot genesis block [20].
The Genesis block launch of Polkadot is anticipated to happen in Q3 2019[22]. Several high profile blockchain protocols have already expressed interest to build a Polkadot Parachain, such as Melonport[23].
