Polkadot (DOT) Live Price and charts Today

Core Functionality​

Polkadot launch is completed on December 18, 2021, with all auction-winning parachains producing blocks on the network.

Balance Transfers​

To enable balance transfers, the community made a public proposal for a runtime upgrade that lifted the restriction on balance transfers. Transfer functionality was subsequently enabled on Polkadot at block number 1_205_128 on August 18, 2020, at 16:39 UTC.

Redenomination

On August 21, 2020, redenomination of $DOT, the native token on Polkadot, occurred. From this date, one $DOT (old) equals 100 new $DOT.

Removal of Sudo​

The Sudo module was removed by a runtime upgrade on July 20, 2020, transitioning the governance of the chain into the hands of the token ($DOT) holders.

From this point, the network has been entirely in the hands of the token holders and is no longer under control of any centralized authority.

Nominated Proof of Stake​

Once Web3 Foundation was confident in the stability of the network and there was a sufficient number of validator intentions, Web3 Foundation used Sudo — a superuser account with access to governance functions — to initiate the first validator election. Following this election, the network transitioned from PoA into its second phase, Nominated Proof of Stake (NPoS), on June 18, 2020.

The PoA Launch​

The Genesis block of the Polkadot network was launched on May 26, 2020, as a Proof of Authority (PoA) network. Governance was restricted to the single Sudo (super-user) key, which was held by Web3 Foundation to issue the commands and upgrades necessary to complete the launch process. During this time, validators started joining the network and signaling their intention to participate in consensus.

The First Draft of Polkadot Whitepaper Released

Dr. Wood started working on his idea to “design a sharded version of Ethereum” in mid-2016 and released the first draft of the Polkadot white paper in Oct. 2016.