This allows for cross-chain transfers of data or assets, between different blockchains, and for decentralized applications (DApps) to be built using the Polkadot Network.

[3] In 2017, Gavin Wood, Aeron Buchanan, Peter Czaban, Reto Trinkler, and Mathias Bucher, established the Web3 Foundation, a non-profit organization based in Zug, Switzerland,[4] to promote and provide funding for blockchain-based decentralized web technologies.

[7] Shortly after the ICO, a vulnerability in the multi-signature wallets developed by Parity Technologies led to the freezing of approximately $150 million worth of Ethereum, including a significant portion of the funds raised.

[12] In December 2021, Polkadot introduced parachain functionality, allowing multiple blockchains to run simultaneously and connect to the network's Relay Chain.

These blockchains can function independently, known as "solochains," or integrate into the Polkadot network as "parachains," thereby benefiting from shared security and cross-chain communication capabilities.

[17] Polkadot implements an on-chain governance system, allowing stakeholders to influence the network's development and decision-making processes.