Gavin Wood Net Worth (Wiki, Polkadot, Bio, More)

Gavin Wood.
Courtesy of Polkadot.network.

 

Who Is Gavin Wood?

Gavin James Wood is a British computer scientist and software engineer who is most known as the co-founder of Ethereum and the creator of Polkadot. Wood has also invented Solidity – a programming language for writing smart contracts – and founded Parity Technologies and Web3 Foundation.

 

Gavin Wood Bio And Background

Gavin Wood’s LinkedIn profile states that he graduated from the University of York in 2002 with a Master of Engineering (Computer Systems/Software engineering). In 2005, he graduated from the University of York with a PhD in “Music Visualisation for Human Computer Interfacing.”

Prior to becoming interested in cryptocurrency technology and co-founding Ethereum, Wood worked as a Programmer at InTechnology Plc (2000 – 2001), Engine Sublead Programmer (Audio) at Frontier Developments (December 2005 – February 2007), Research and Software Consultant at Microsoft Research Cambridge (August 2007 – November 2011), Technical Director at Lancaster Logic Response (December 2011 – September 2013), and Director of Technology at OxLegal (July 2013 – January 2014).

According to Wood’s website, Wood has been interested in game theory and economics since childhood:

Since my childhood economics and game theory have always interested me, even to the point of co-publishing a strategy board game of my own design.

He summarizes his activity and achievements prior to Ethereum as follows:

I consulted for Microsoft Research on technical aspects of embedded domain-specific languages, designed and implemented the first truly smart lighting controller for one of London’s top nightclubs, designed and implemented most of the world’s first C++ language workbench, and built the software systems of OxLegal, a smart text contract-editor.

 

Wood’s entry to the cryptocurrency industry

The homepage of Ethereum.
Wood co-founded Ethereum in 2013-2014. Courtesy of Ethereum.org.

 

On his website, Wood writes that he first heard about Bitcoin in 2011, but he wouldn’t realize its potential until early 2013.

When I first read about Bitcoin in 2011, I was largely uninterested, focusing too much on the currency aspect rather than the technology. However, when I revisited it in early 2013, I began to realise new possibilities opening up between the fields of ITC and game theory, and the inevitable social change to which this would lead.

Wood continues that he was introduced to his future Ethereum co-founder Vitalik Buterin by a mutual friend.

Wood’s profile on the Polkadot website further specifies that he became involved in cryptocurrency after meeting Buterin and Jonny Bitcoin.

Jonny hoped Wood’s coding experience would help Buterin transform Ethereum from a white paper to a fully functional blockchain. His hope bore fruit and within weeks Wood joined Buterin in Miami to write the PoC-1 of Ethereum and present it in the North American Bitcoin Conference in January 2014.

Six months after the North American Bitcoin Conference, the founders met in Zug, Switzerland to officially found Ethereum. Wood’s profile on the Polkadot website adds:

During that time, Dr. Wood was busy ideating and putting down the groundwork of the smart contract language Solidity, writing down the first formal specification of any blockchain protocol, the Yellow Paper, and shaping other similar blockchain-based infrastructures.

On his website, Wood writes that the Ethereum Yellow Paper is the first formal specification of any blockchain protocol. The Yellow Paper is also one of the key features that distinguishes Ethereum from other blockchain-based systems.

Wood left Ethereum foundation in December 2015.

 

Gavin Wood’s Polkadot Protocol

Homepage of Parity technologies.
Courtesy of Parity.io.

 

Wood’s profile on the Polkadot website states that shortly before his departure from Ethereum, he founded Parity Technologies in October 2015 together with Ethereum alumna Dr. Jutta Steiner. Parity Technologies was established to develop core blockchain infrastructure for Ethereum and subsequently other Web 3.0 networks.

Initially named EthCore, Parity Technologies was originally intended to address performance, privacy, and usability issues with Ethereum. Parity additionally developed Parity Ethereum – a free and open-source software package that allows developers to run a node on the public Ethereum network and mine Ether (ETH).

Polkadot roles and components.
Courtesy of Polkadot.network.

 

Wood started working on the Polkadot protocol while developing Parity Ethereum and awaiting the new Ethereum specification that would include sharding. The potential challenges that sharding would introduce to blockchain prompted him to launch Polkadot development, his Polkadot profile states.

From mild musing to a white paper, it took him about four months to come up with a vision for a heterogeneous multi-chain framework, the Polkadot Protocol.

Polkadot was introduced in 2017 thanks to the efforts of Parity Technologies and the Web3 Foundation. Wood’s website states that Polkadot is the first ever heterogenous scalable multi-chain framework.

In October 2017, Polkadot raised the equivalent of $140 million in Ethereum (over 429,000 ETH at the time) in a public funding round.

Wood’s profile on the Polkadot website states that Polkadot is set to support the decentralization of the web – “a thoughtfully radical ideology pioneered by Dr. Wood and aptly coined ‘Web 3.0’.”

Polkadot, Parity, Web 3.0, and the intricately complex world of blockchain – Dr. Wood aims to sew all these together and pioneer his vision of a world with a ‘consensual Internet.’ Considering Facebook and Google’s dominating control of our private data, such an internet evolution seems to be a reasonable pursuit.

Polkadot is described as follows on its website:

Polkadot is a network protocol that allows arbitrary data—not just tokens—to be transferred across blockchains.

This means Polkadot is a true multi-chain application environment where things like cross-chain registries and cross-chain computation are possible.

Among the main highlighted strengths of Polkadot is its ability to process transactions in parallel, improving transaction performance. Additionally, unlike Proof-of-Work and Proof-of-Stake systems where blockchains compete with each other over resources to secure their networks, Polkadot allows blockchains to pool their security. This means that the blockchains’ security is “aggregated and applied to all.”

The native token of Polkadot is DOT. DOT serves three functions in Polkadot – it provides governance for the network, operates the network, and creates parachains via bonding.

DOT is the native token of Wood's Polkadot framework.
Courtesy of Polkadot.network.

 

DOT allows its holders to stake its tokens and earn rewards. The staking system pays out rewards equally to all validators regardless of their stake. When staking, DOT holders may serve as either nominators or validators. Nominators secure the Relay Chain by selecting good validators, while validators validate proofs from collators and participate in consensus with other validators.

 

Gavin Wood Net Worth

There is no confirmed information about Gavin Wood’s net worth online, and it likely shifts up and down greatly with the up and down movements of the crypto markets.

On a related note, however, the total market cap of Ethereum has consistently been in the hundreds of billions of dollars range as of the time of this writing, and the total market cap of Polkadot has been in the tens of billions of range.

 

Online Presence And Publicity

Gavin Wood is present on Twitter and LinkedIn. He also has a GitHub profile. His Polkadot project has its own YouTube channel as well.

In March 2021, Gavin Wood was featured in a Real Vision episode (Real Vision was founded by Raoul Pal).

Cointelegraph included Gavin Wood in its list of the top 100 notable people in blockchain in 2021, alongside Jesse Powell, the Winklevoss twinsAndre CronjeHayden AdamsRaoul PalSergey NazarovAnthony PomplianoScott Melker, and Changpeng Zhao.

 

 

 

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