Overview of Polkadot
- Polkadot’s combination of an active community, plenty of excitement being generated on social media and YouTube, a growing number of projects in its ecosystem, the involvement of a developer of Wood’s caliber, and the fact that it is one of the projects riding the decentralized finance (DeFi) wave may provide the impetus for Ethereum-like price action at the top of the next cycle.
- Polkadot is a sharded multichain network, coordinated by its layer 0 relay chain, that can process transactions on several chains in parallel, known as “parachains.” Parachains derive their security from that of the entire network, significantly improving scalability and interoperability, eliminating the bottlenecks of legacy networks.
- Polkadot allows arbitrary data to be transferred across blockchains; Polkadot can transfer this data across public, open, permissionless blockchains as well as private, permissioned blockchains.This enables developers to build applications that get authorized data from a private blockchain and use it on a public blockchain.
- Polkadot aims to create a blockchain architecture that is scalable (can grow with demand), where different blockchains with varying functions can co-exist and communicate with each other in a strong shared security system, laying the foundations for the next generation of the internet.
- Polkadot is definitely one of the most exciting parts of Web3 and being a part of the ambassador program lets you work with some of the most notable figures in the Web3 space while forging ties with others who are equally as passionate about architecting a better future for everyone.
- Polkadot is a multi-chain framework that supports interoperability between wildly different chains with different properties including encrypted proof-of-authority chains suitable for internal enterprise networks ( – as long as they confirm to certain specifications).
- Polkadot’s dot token has climbed a staggering 450% since August, soaring amid a surge of interest in decentralized finance (DeFi)—using bitcoin and cryptocurrency technology to recreate traditional financial products such as loans and insurance.
- Polkadot price today is $34.91 USD with a 24-hour trading volume of $3,436,578,983 USD. Polkadot is up 12.77% in the last 24 hours.
- Polkadot, which has climbed to the no.4 position among the top 50 widely traded digital assets, is seen extending the upside after the price confirmed a symmetrical triangle breakout on the four-hour chart early Saturday.
- Polkadot is funded through the sale of DOTs, $145 million worth in 2017 and $43 million worth in 2020 plus another 500,000 DOTs at an undisclosed price per token during 2019.
Unlike other blockchains, polkadot is not trying to craft a niche that will rival or compete with the other cryptocurrency networks, rather it is trying to produce a safe, trusted easily deployable, and upgradeable environment, where different blockchains can link up and benefit from cooperation with each other.
At the moment, Polkadot’s unique features make it a crucial and eye-grabbing project for the advancement of the Blockchain and crypto space. Granted, critics argue that Polkadot’s Sharding process can lead to vulnerabilities; however, Polkadot has so far highlighted the benefits of its Sharding model by partnering with other prominent projects like Chainlink to realize its vision.
Utopia Genesis Foundation, an organisation formed to support the development of an open platform for the music industry, will be moving from Ethereum to a Polkadot parathread this year, providing interoperability, consensus, scalability and security to Utopia users.
History of Polkadot
- In 2009, Bitcoin and blockchain appeared.
- In 2017, CZ noticed the sudden rise in coin offerings and decided to make a coin of his own.
- In 2017, Polkadot’s ICO (Initial Coin Offering) raised over 145 million USD
- In 2018, Polkadot came back strong with the launch of the BBQ Birch testnet.
- In 2018, the company launched two proofs-of-concept and deployed Polkadot’s first Parachain in July 2018.
- In 2019, company announced Binance Jersey, an independent entity from its parent Binance.com exchange, with the aim to expand its European influence.
- In 2020, Polkadot has pushed its development even further.
- In 2021, altcoins posted strong gains amid growing retail demand.
- In 2021, Edgeware has seen to be a breakthrough, and since it’s already getting attention, the future is bright.
- In 2023 the price of 1 Polkadot (dot) is expected to reach $36.78.