Let’s talk about Polkadot. The number 8 cryptocurrency in the world.
First of all, Polkadot is a project that helps find a solution to the scalability problem. It does so by allowing for interoperability between various blockchains and creating a system of parallel chains with a pooled security model. Polkadot was created by Gavin Wood, one of the co-founders of Ethereum.
The project is designed to create a decentralized web, where users are in control. It will be able to connect private and consortium chains, public and permission-less networks, oracles, and future technologies that are yet to be created.
It will enable an internet where independent blockchains can exchange information and transactions in a trust-less way via the Polkadots relay chain.
Polkadot was referred to as an “Ethereum Killer” by Forbes magazine; it shows promise for consistent growth over time. Some experts believe it will reach $100 before the year’s end.
DOT’s price prediction 2021 is based on statistics, price patterns, RSI, and much other information about DOT to analyze the future movement of the cryptocurrency. Bullish DOT price prediction ranges from $28.74 to $86.92, but bearish market price prediction for 2021 is $19.47. DOT has a circulating supply of 1,030,043,634 DOT.
The price of DOT has been on the rise for most of the second half of the year and is currently at a 132% uptrend. There was a corrective phase at the beginning of 2021, but things are looking up for this coin in the long-term future.
The price is finally returning to levels not seen since the general market sell-off at the end of May. The next phase of the Parachain auction in Kusama is underway this month. The auction, which is open to any operator, is another opportunity for any operator to gain a stronger foundation.
DOT, plays a key role in maintaining and operating the network. The idea is to take care of messy and costly cryptocurrency mining processes (including validation of transactions and security protocols) and enable developers to focus on creating apps.