What does Polkadot mean (The value of Polkadot)?
What does Polkadot mean? Polkadot is a distributed ledger technology based on b
What does Polkadot mean? Polkadot is a distributed ledger technology based on blockchain. Unlike Bitcoin and Ethereum, Polkadot’s codebase is created by an open-source project, which allows anyone to develop decentralized networks.
For relevant information on Polkadot, visit PolkaWorld: https://polkadot.network/docs/en-us?utm_source=Substrate&subgraph;http://www.web3protocol.com/posts/b2cd9f7ea4ba5d8be1e6c0a20bd71dcf
Polkadot v0.9.0.0 is currently under development and will launch the Kusama testnet next week. Over 500 validators have participated in the testnet launch process.
Polkadot is an important part of the Web3.0 ecosystem, with main features including interoperability and cross-chain support. The Polkadot token, DOT, allows holders to earn interest by staking DOT and enables them to extend their applications or DeFi protocols using Polkadot’s parachains.
The value of Polkadot
Editor’s note: This article is from Blockchain in Plain Language (ID: hellobtc), authored by JackyLHH, and authorized for reprint by Odaily Planet Daily.
Hello everyone! I am one of the believers in Polkadot, the CEO of OKCoin, the largest exchange in China, and Sun Yuchen, the founder of BitTorrent. We all know that there has been an increasing attention on Polkadot in the market these days, but there have also been some uncertainties in the market trends. First, the recent drop in Bitcoin prices, followed by other mainstream cryptocurrencies, especially Ethereum, experiencing a more than 30% drop. Since the beginning of the year, the lowest price of Ethereum has approached around $4000, and some altcoins have remained stagnant with over 10% price fluctuations. The overall market sentiment is still pessimistic, believing that Bitcoin may continue to decline, but it is very likely to reach new highs later.
So, what about Polkadot? I think there are two reasons:
First, it is very similar to other public chains – Ethereum and Polkadot are both leading networks of Layer 2, which can achieve faster transaction confirmations and higher TPS, making Polkadot valuable.
Second, its ecological development is relatively new, so many teams are working on Polkadot-related projects, including the development of Polkadot’s parallel chain testnet in the past year… Of course, at the moment, most Polkadot projects are still in the early stage, and some project teams lack motivation to participate. If the liquidity mining boom driven by the popularity of DeFi due to Ethereum’s explosion a few years ago led to the growth of Polkadot’s market value, then Polkadot will undoubtedly surpass Bitcoin and Ethereum and become a star project. So, this timing is beneficial for many people.
Third, Polkadot itself is an emerging project, and its future prospects are highly anticipated amid the current market downturn and various issues being highlighted. Therefore, Polkadot community members generally have high expectations for the future potential and development direction of this field.
Fourth, in terms of ecology, as the infrastructure of the Web3.0 era, Polkadot has a complete and scalable foundation. At the same time, it is also the most representative decentralized application that promotes the security and performance of the entire network by providing powerful functionality. Polkadot’s vision is to establish a bridge that connects all internet users, allowing everyone to freely use their digital assets or token economies.
Fifth, the competition between Ethereum and other public chains will become increasingly urgent, intertwining and ultimately bringing significant changes to the open financial system that will serve billions of people worldwide.
About this point, many friends have actually asked why Ethereum, as a underlying technology, is used to promote the development of blockchain instead of treating Ethereum as a company and using it as a reference. For example, ETH2.0 is such a project. After the launch of ETH2.0,… [additional content not provided]
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