CRYPTO NEWS AGREGATOR
Wed, Sep 29, 2021 8:21 PM by Dennis Y.

Polkadot News: Crypto Phenomena Is Arising?

Polkadot news

Studying cryptocurrencies and blockchain and never hearing the name Polkadot is almost impossible. But the project is actually much deeper than it may seem at first glance. Let's take a look at the Polkadot News, its unique features and differences, its development history, business position, and forecasts for the coming months.

Polkadot Crypto News: What is the project based on?

It's a platform within which new blockchains can be built and to which existing blockchains can be connected. This system can run cross-registries and cross-computing. It will also allow blockchain systems to process and transfer data quickly and securely while avoiding system-wide updates or hard forks.

Polkadot ecosystem

In doing so, the Polkadot coin is not distributed by a regular blockchain system, but by a multiplatform whose main purpose is to combine a variety of blockchains within a common Web3 network.

Polkadot platform

Polkadot Crypto News: Why it is Called Ethereum's Killer

Just as Ethereum is declared the killer of Bitcoin, the Polkadot is described as the killer of Ethereum itself (among all other killers). Unlike the Bitcoin system, which only transmits transactional information and the quantity of coins, the Ethereum net can be used to create arbitrary smart programmable contracts and make tokens in the ERC-20 standard.

Polkadot has gone even further and implemented the toolset for generating and deploying networks of other projects based on the Polkadot tech basis. Such derivative networks are called parachains.

A parachain is an independent blockchain with its own token designed to improve functionality for specific tasks and project needs. Parachains not only have all the benefits of Polkadot but also can interact with other systems. The quantity of Polkadot parachain spots is limited and will be allocated by auctions.

Speaking of Polkadot News: Gavin Wood (co-creator) has repeatedly stated that Polkadot is not a direct competitor to ETH and will take its own, new niche in the crypto industry.

Polkadot Crypto News: What Is the Difference Between Cardano and Polkadot?

To put it simply, what they have in common. Both systems have a serious scientific basis and many people believe in them. Especially since the Cardano token (ADA) has already shown good growth. To some extent, DOT has also shown it.

Nevertheless, the difference is significant. If Cardano is a multi-layered blockchain system based on the Proof of Stake consensus algorithm, written in Haskell and designed to build decentralized applications.

Then Polkadot, as you have understood from everything described above, is, figuratively speaking, a whole universe of different external third-party blockchains (see the title image), and a system of hi-tech bridges and "portals" that will connect and produce internal and external blockchains. And among those blockchains could be Cardano, why not?

Polkadot Crypto News: Polkadot as a Cryptocurrency

Polkadot token was implemented in 2017 with a ticker symbol DOT. It serves three different purposes.

In addition to the value transmission function, Polkadot native tokens can be used for:

  • Voting in parachain related auctions
  • Validators nomination
  • Voting on project development

Also, we can group DOT's tasks as follows:

  • Control by all the DOT holders (they called Relay Chain members).
  • Functionality: the Math and Game Theory encourages token holders to act fairly.
  • Connectivity: adding, connecting, or even deleting chains and tokens.

Polkadot Crypto News: Funding of the Project

One of the most exciting Polkadot News mentioned that it allocated $145 million in its 2017 1st token sale. But there weren't enough funds for expansion. So the founders conducted a couple of new token sales, boosting the global cap.

Polkadot Crypto News: News of its Business Position

At the time of writing, DOT coin occupies a ninth place on CoinMarketCap, with an overall market capitalization of $27 billion and its price is around $28. The maximum Polkadot price (ATH) was almost $48, May 14th, 2021.

Polkadot historical data

Project evolution: Key Events and 2018-2021 Polkadot News

Fortunately, Polkadot founders are not at war with the SEC like Ripple, so the news about this project is exceptionally calm and related to its workflow and development. But this is no less exciting.

  • November 2018 was the start of Substrate, a blockchain system, built to accelerate Polkadot's growth and provide business users with the chance to speedily drive distributed registries.
  • In August 2019, the Polkadot started a test version of the Kusama (which is pretty similar to the Polkadot protocols and rules). The Kusama has its own KSM token, which performs the same role as the DOT token.

  • Late February 2020, Chainlink finalized its first level of combining its decentralized oracle chain into Polkadot/Substate main ecosystem.

  • On March 5, 2020, new awards were granted for evolving an Interlay-based interconnecting system between Bitcoin and Polkadot.

  • After 3+ years of development., on May 26, 2020, the initial key phase of the Polkadot core net was successfully started.

  • June 2020, — Polkadot migrated to the sophisticated NPoS consensus. Not only that, Interlay introduced again a new kind of bridge between Bitcoin and Polkadot, still in the PoC consensus.

  • July 2020, Polkadot announced a collaboration with other interesting startups: Terra and Cosmos. The subject was the Anchor DeFi protocol. It's meant to be fully declared by Q3/2020.

  • August 2020 - Analyst service CoinGecko added a cap metric for the DOT token. Its cap value at that moment was noted as $3.75 billion, and DOT was immediately ranked 10th.

  • August 2020 - Polkadot-based Acala DeFi-Protocol raised $7 million through the sale of SAFT contracts in a Series A funding round.

  • September - October 2020 - According to PolkaProject, there are already 267 projects deployed on the Polkadot network, ranging from stabelcoins to social networks.

  • October 2020 - Great Polkadot news comes from Bloomberg. It writes about the project. It mentions a report by Outlier Ventures, which reflected a 44% boost in the DApps devs quantity, who was supporting Polkadot in theQ2/2020. This is the best result among 11 competitors. Bitcoin and Ethereum saw a decline in their numbers.

  • November 2020 - China Blockchain Infrastructure Platform (BSN) integrated Polkadot crosschain protocol into its network, along with cloud computing service Oasis Network and project Bityuan.

  • The DOT price rose from a price point of $4.77 as of December 24 to a high of $7.65 on December, 30. The asset's growth was stimulated by financial and informational support for Polkadot from cryptocurrency exchange Binance.

  • Next, the project attracts the attention of asset management company Grayscale Investments. On January 27, 2021, Grayscale Investments applied for the registration of six new trusts: based on Polkadot, Polkadot, Aave, Monero, EOS, and so on.

  • February 2021 - The venture capital firm Digital Finance Group (DFG) announced a new financial support pool. It's a special $20 million fund to support projects on the Polkadot network.

  • April 2021 - The list of Polkadot-based products proceeds to evolve with newfangled projects. Blockchain company Enjin has raised $18.9 million to create a Polkadot-based NFT platform.

  • April 2021 - Tether is going to power its USDT stabelcoin with Polkadot and Kusama base.

  • May 2021 - Another crucial Polkadot news: the project entered the last and the most important phase of the mainnet Polkadot and Kusama deploying and starting. This was announced by Gavin Wood himself.

  • June 2021 - The Polkadot platform team announced another key Polkadot news that it is ready to begin auctioning parachain launch Kusama-based slots.

  • June 14, 2021 - Cryptocurrency exchange Coinbase Pro announced the listing of the Polkadot project token (DOT). On this background, its price has increased by 16% within a day.

  • August 2021 - Polkadot-powered DeFi project Parallel Finance, closed a $22 million Series A round, reached finally $150 million.

  • September 2, 2021 - It is announced that the Cream DeFi Protocol will integrate with the Moonbeam smart contract system on a Polkadot basis.

  • And the freshest Polkadot news at the time of writing is dated September 14. The Polkadot-powered DEX dTrade raised almost $23 million.

Polkadot Crypto News: Price Prediction

Will Polkadot rise? Many believe it will.

Although at the time of writing, their system combining various projects and blockchains is still in active development (pretty successful, as we described above). Moreover, the benefit and credibility of the project are quite high. As you can see from the plethora of activities described and the increasing expansion of the project's scope of influence, its prospects are more than solid.

You do remember that in less than a year (since August 2020), through May, the Polkadot token rose in value by more than 1,200%, reaching ATH on May 14 at nearly $48.

It's obvious that the technological success of any project doesn't always correlate strongly with the coin exchange valued price. It's often more influenced by the news than by the invisible but serious work of developers. Still, the financial and crypto markets are so unpredictable.

Polkadot Crypto News: Bottom line

Every day in the crypto industry new projects are created, but only a few of them deserve attention, and Polkadot, as well as Cardano, Solana, NEAR, and some others are such solid projects, which will show themselves in the future.

But remember the main thing: neither this article nor any other articles, can be considered by you as a financial or investment recommendation. You make all investment decisions on your own and must understand all the risks of crypto projects.

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