A week later, Web3 told investors they still had the funds to deliver Polkadot despite the attack, and the project continued its development. ![]() dollars - one of the biggest hacks in cryptocurrency history. Two weeks after the Polkadot ICO, a hack on Parity’s multi-signature wallet froze 513,774 ether (ETH), resulting in a loss of about 150 million U.S. In October 2017 Polkadot successfully completed an Initial Coin Offering (ICO) raising 145 million U.S. After Wood’s departure from Ethereum, he founded Parity Technologies in 2016, and soon after, Parity and the Web3 Foundation began developing the Polkadot blockchain. Polkadot is the crowning project supported by the Web3 Foundation - a non-profit organization based in Switzerland, and founded in mid-2017 by Peter Czaban, Robert Habermeier, and former Ethereum CTO and co-founder Gavin Wood. Polkadot’s History and Relationship with the Web3 FoundationĪlong with the thousands of blockchain networks currently in existence, Polkadot contributes to the new, transparency-focused, and decentralized version of the Internet: Web 3.0. In response, Web 3.0 seeks to leverage blockchain technology in a bid to flip the Web 2.0 model on its head and link programs directly with each other, turning centralized applications into decentralized protocols. Such phenomena have left many disenfranchised, questioning whether the system truly benefits its users. However, many criticize Web 2.0 for being overly centralized, asserting that this attribute has paved the way for excessive focus on profit, unreasonable types of advertising, frequent mass surveillance, increased security breaches, decreased privacy, and widespread data theft. ![]() Web 1.0 (the original World Wide Web) came to fruition in the early 1990s, while Web 2.0 began about 10 years later, with platforms such as Amazon, Facebook, Airbnb, LinkedIn, Alibaba, and Twitter - which offer dynamic and multi-functional application experiences across all our devices. Introduction to Polkadot: Web 1.0, Web 2.0, and Web 3.0įounded by Ethereum’s Gavin Wood and backed by Parity Technologies and the Web3 Foundation, Polkadot and its native cryptocurrency, DOT, are designed to tackle the Web 3.0 challenge.
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