Polkadot, created by Gavin Wood in 2016, is a blockchain-based platform designed to solve the problems of interoperability and scalability in the blockchain industry. Wood, a co-founder of Ethereum, recognized the limitations of existing blockchain technologies while he was still the CTO of Ethereum, leading him to develop Polkadot. To focus on Polkadot, Wood left Ethereum and announced his vision for the platform in 2016. Polkadot aimed to establish a new blockchain platform that could overcome the shortcomings of current technologies, including interoperability between different blockchain networks. In 2017, Polkadot conducted an ICO to raise funds for the platform's development. The funds generated were then utilized to enhance the platform and expand the team. However, the launch of Polkadot faced some obstacles and challenges. Therefore, Polkadot was founded as a solution for interoperability and scalability issues within the blockchain ecosystem. It was initiated by Gavin Wood, a co-founder of Ethereum, in 2016. Wood recognized the limitations of existing blockchain technologies while working as the CTO of Ethereum and decided to focus on Polkadot. The platform aimed to enable seamless interoperability between different blockchain networks. To raise funds for development, Polkadot conducted an ICO in 2016
