What is Polkadot ?
The Polkadot cryptocurrency is a futuristic blockchain covenant responsible for unifying several blockchains on a network. Similar to the Ethereum cryptocurrency, it too is a network that is backed by a blockchain. However, unlike Ether, it is more adaptable to the digital market. The mainstream blockchain keeps the network safe and secure, while the branching chains spread in different network regions to broaden its reach.
The sole purpose of developing the Polkadot Coin was to enhance the information exchange speed about all the private blockchains and public branches. It is a non-proprietary network that has several stakeholders and is managed by the Web3 Foundation.
Primary features of Polkadot
- It is a blockchain covenant that unifies a diverse network of blockchains together.
- Processes several network chains simultaneously, called Parachains.
- Special parachains connect isolated blockchains that create an internet of blockchains.
- Connects distinctive parachains to the subsequent blockchain to increase the speed of information exchange.
- Provides a shared security, which means that several validators can confirm the authenticity of any transaction.
- It provides on-chain authority, which is embedded into the blockchain system itself.
- Studies the analysis of any upgrade and then makes alterations in the meta-protocol.
- Provide multi-signature for accounts that increase the security and safety of the information on the blockchain.
- Functions as the basis of Proof-of-stake.
Is Polkadot a promising cryptocurrency?
As of 2021, the Polkadot crypto is the best digital currency and provides the best-secured blockchain that offers better control. The growth of Polkadot has been steady, and it’s predicted to pertain to a higher value by the end of 2021. The Polkadot coin price is expected to reach $70.46 by the end of 2022.
How to use Polkadot?
The Polkadot currency can be initiated as Dot coins that describe three different processes: better control, higher security, and staking. You can use the Polkadot coins in the following ways:
- International Transfer: It can be easily used to transfer money across the globe without using any currency handlers.
- Online Payments: Many e-commerce platforms accept Polkadot coins as a payment method.
- Investment: In recent days, the Polkadot crypto market is increasing steadily and is expected to cross $100 by 2025.
Pros & Cons of Polkadot
- The parachains can integrate with other blockchain networks of Ethereum and Bitcoin.
- Provides better control and flexibility.
- It is highly secured and provides better leverage.
- Reduces the risk of miners and unauthorized validators
- It is growing steadily over the years and could be profitable soon.
- It has several competitors.
- The parachains are limited and are not present in abundance.
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Polkadot ICO summary
In 2017, the Polkadot Coin was available to generate an amount of $140 million. The Investors own 55% of the stock. Founders and Project hold 30%, whereas the rest belongs to the airdrops. It leveraged about 5.50M for sale in the digital market, and the price was limited to $0.29.
FAQ's on Polkadot
- Is Polkadot (dot) an ERC20 token?
No, the Polkadot (dot) coin is not an ERC20 token integrated with the Polkadot platform.
- What is the market cap of the Polkadot coin?
Currently, the market cap is $24,057,083,041.
- Who started the Polkadot Coin?
Gavin Wood, the co-founder of Ethereum, started the Polkadot (dot) Coin.
Disclaimer : Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. The information provided in this post is not to be considered as investment/financial advice from CoinSwitch. Any action taken upon the information shall be at user's own risk.