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Why Polkadot is likely to rise : Know details

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HIGHLIGHTS :

  • Polkadot was conceptualized by Gavin Wood, co-founder of Ethereum
  • The native token of this network is DOT
  • The associated transactions are spread over multiple parallel blockchains.

One of the great features of this altcoin is that it has a set of validators to secure multiple blockchains in its network. The associated transactions are spread over multiple parallel blockchains.

Polkadot was conceptualized by Gavin Wood, co-founder of Ethereum

The market capitalization of the cryptocurrency segment crossed $2 trillion at the end of March. It has attracted increased interest from retail and institutional investors across the globe. Cryptocurrencies like Bitcoin and Ether continue to be more popular. However, some other cryptocurrencies are also expected to rally this year. One of these is Polkadot (DOT). It is an altcoin and the price of one token is around $20. Its market cap is a little over $20 billion. It is expected to accelerate this year.

Rohas Nagpal, author of the Future Money Playbook and Chief Blockchain Architect of the Wrapped Asset Project Polkadot, pointed out that there is no ordinary blockchain. It is an ecosystem of interconnected blockchain shards called parachains. Parachains are application specific and are secured by a single base platform called a relay chain. They can also connect to external networks such as bridges. Polkadot is an important part of the relay chain and is responsible for the security, consistency and cross-chain interoperability of the network. It also contains Polkadot’s consensus and voting logic.

The native token of this network is DOT

Polkadot was conceptualized by Ethereum co-founder Gavin Wood, who is also the inventor of the Solidity smart contract programming language. The native token of the Polkadot network is DOT and serves three purposes, governance, staking and bonding.

One of the great features of this altcoin is that it has a set of validators to secure multiple blockchains in its network. Transactions associated with this are spread over multiple parallel blockchains. Each para chain has a different function and uses case for the Polkadot ecosystem.

The associated transactions are spread over multiple parallel blockchains.

The first 11-part chains of Polkadot are live. These parachains have bonded 126 million DOTs for a two-year lease period, which is 11 percent of the total supply. In addition, it has the lowest carbon emissions compared to proof-of-stake blockchains such as Algorand, Avalanche, Cardano, Polkadot, Tezos, and Solana. Polkadot uses a hybrid consensus model that converts the finality gadget into a block production mechanism.

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