Skip to main content

The future of Polkadot - Can the Web3 flagship project prevail in 2022?

 


Polkadot was considered one of the most exciting projects on the crypto market last year. With the goal of its own blockchain internet, the project in 2021 gave hope for the increasing connection of different blockchains with each other. Is this vision still alive in 2022 and can Polkadot take hold over the next few months?


What is the Polkadot (DOT) cryptocurrency and how does it work?

Polkadot is a blockchain project launched in 2017 by the Swiss non-profit organization Web3 Foundation. The inventor of the project is Dr. Gavin Wood, one of the co-founders of Ethereum and one of the developers of the Solidity programming language for smart contracts. The ICO in 2017 raised $145 million at the time. 


When the company was founded, 10 million DOTs were issued as network tokens. The number of DOT increased to a number of 1 billion in August 2020 for the sake of simplicity. The project is still in ongoing development. However, a large part of the desired functions of the network have now been implemented.


Polkadot

Polkadot is intended to form a blockchain network that connects other different blockchains with each other and thus creates a so-called "Internet of blockchains". In other contexts, there is also talk of Web 3.0 . The unique selling point are the so-called parachains, which connect and communicate with different blockchains. As a consensus mechanism, Polkadot uses NPoS (Nominated Proof of Stake) protocol.


Network Management:  Token holders can control changes to the platform, such as setting network fees, scheduling events, updates and fixes.

Staking :  The active token holders ensure the functionality of the platform by validating transactions through staking.

Adding Parachains: As new parachains are added, DOT tokens are bound. Should these parachains be useless and removed, the DOT tokens will become freely available again.

Features DOT tokens

Functions DOT token, source: https://polkadot.network/

How does Polkadot (DOT) fare in 2022?

As previously mentioned, the Polkadot Network is still evolving in 2022. The development of a coherent network of all blockchains is an extremely ambitious goal. After a lot of hype at the beginning of the fourth quarter of 2021, Polkadot has calmed down a bit. A major milestone were the parachain auctions of the Polkadot Blockchain and its "little brother" Kusama in November last year. You can find out more about this in this article.


Polkadot (DOT) course 12 month

Most recently, Polkadot made the news when the network raised millions of dollars in donations for Ukraine to aid in the war against Russia. This shows that Polkadot can have real-world uses beyond the potential formation of Web 3.0.

How much is Polkadot's DOT token worth in March 2022?

Polkadot's DOT token, like many other cryptocurrencies, experienced a steep rise in 2021. However, the DOT also lost significantly in the last 3 months as the market went through a severe correction. At the beginning of March 2022, Polkadot's DOT is priced at $16.91 (as of 03/08/2022), which is 12th place among all cryptocurrencies by market capitalization. This is 70% lower than the all-time high of $55 on November 04, 2021.


Can Polkadot continue to be successful in 2022?

The Polkadot project continues to be extremely ambitious and is pursuing its vision of the internet of blockchains. The successful parachain auctions in November 2021 were a first step in this direction. However, there are similarly exciting projects at the moment such as the growth of the Terra ecosystem and the upcoming basho stage of development at Cardano. 


In the current market correction, enthusiasm for the Polkadot project and the idea of ​​Web 3.0 has waned somewhat. If the developers of Polkadot can implement their visions of increasing connectivity of all major blockchains in the next few years, the DOT token could still increase in value massively in these years.

My Top Picks
Honeygain - Passive earner that pays in BTC or PayPal
MandalaExchange -The Best no KYC crypto Exchange! 
BetFury - Play And Earn BFG for daily Bitcoin and ETH dividends!
Pipeflare - Faucet that pays in ZCash and Matic, Games pay in DAI
Womplay - Mobile dApp gaming platform that rewards in EOS and Bitcoin
Cointiply - The #1 Crypto Earning Site
Torum - Join the latest Social Network and earn TRM for Free! 
LiteCoinPay - The #1 FaucetPay earner for Litecoin 
LBRY/Odysee - YouTube Alternative that lets you earn Money by viewing videos!
FaucetPay - The #1 Microwallet Platform
FREEBTC - The #1 FaucetPay earner for Satoshi's
FaucetCrypto - An earning/faucet site that pays out instantly
FireFaucet - An earning site that pays better for some than Cointiply
DogeFaucet - Dogecoin Faucet
xFaucet - BTC, ETH, LTC, Doge, Dash, Tron, DGB, BCH, BNB, ZEC, FEY - Claim every 5 minutes
Konstantinova - BTC, ETH, LTC, Doge, Dash, Tron, DGB, BNB, ZEC, USDT, FEY, 25 Claims Daily

Comments

Post a Comment

Popular posts from this blog

The 5 largest platforms for non-fungible token (NFT) collectibles

  Since the beginning of 2021, non-fungible tokens (NFT) have had no holding back and the sector is setting new records almost every day.  More and more artists, stars and brands are realizing the potential - NFT are well on their way to catapulting the crypto space into the mainstream.  But which collectibles are currently the most popular? What are NFT? NFT are unique tokens that cannot be exchanged one-for-one for an equivalent token.  Any asset that is tokenizable can be an NFT.  This includes, for example, (digital) works of art, trading cards, game items and crypto domains.  Theoretically, however, real estate or securities can also be mapped as NFT. NFTs can be used to transparently map ownership structures on a public blockchain.  This allows them to store value just like real objects, even if additional copies are easy to make.  For example, the original picture of the Mona Lisa is significantly more valuable than a photo, as everyone kno...
11 comments
Read more

CARDALONIA: THE CARDANO METAVERSE OPENS THE GATES!

  Have you ever been to Cardalonia? With these words, the Cardano Metaverse called Cardalonia starts the gates. In this 3D world, developers and users can interact with each other. First of all, users have to create an individual character with which they can move online. After that you can enter one of the worlds built by developers with this character. You can also purchase your own land in the Cardano Metaverse via the marketplaces in Cardalonia . This is secured by Cardano's blockchain technology and therefore offers a relatively secure transfer of ownership. Since these are only digital plots of land, it is not yet entirely clear when the plots of land are purchased whether they can also be sold again in the future. A possible profit cannot be estimated at the moment. In Cardalonia, the cryptocurrency Lonia is used. The maximum amount of tokens in circulation is 100,000,000. The team consists of Alice Sand (Co-Founder), Vasil Air (CTO) and Dustan Water (Fullstack Developer). T...
Post a Comment
Read more

Cardano: This is the vision that founder Charles Hoskinson has

  The Altcoin Cardano has tended to decline in recent weeks.  The Alonzo upgrade was supposed to bring improvements, but it soon turned out to be a disappointment.  Cardano founder Charles Hoskinson presented his vision for the cyber motto in a live Twitter video. • Cardano in the last few months under pressure • Charles Hoskinson explains his Cardano vision via Twitter • Security and privacy at the center The cryptocurrency  Cardano  has had a difficult few months.  While founder Charles Hoskinson's cyber motto has had a strong run in 2021, it has been steadily downhill in recent months.  Cardano is faced with some difficulties.  The so-called Alonzo upgrade went live in mid-September, for which crypto fans had high hopes, but which soon turned out to be a disappointment.  The upgrade should make it possible to use smart contracts on the cryptocurrency as well.  It soon turned out, however, that although these were entered into Cardano,...
Post a Comment
Read more