Altcoins Talks - Cryptocurrency Forum
Crypto Discussion Forum => Cryptocurrency discussions => Topic started by: rick666 on May 26, 2022, 11:50:05 AM
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Polkadot is a sharded multichain network, which means it can process many transactions on multiple chains at the same time ("parachains"). Scalability is improved by the parallel processing power.
The Substrate framework makes it quick and easy to create custom blockchains, and Substrate blockchains are designed to be easily connected to Polkadot's network. The network is also highly adaptable and flexible, allowing participants to share information and functionality. Polkadot can be automatically upgraded without the need for a fork to add new features or fix bugs.
The network has a sophisticated user-driven governance system in place, with all token holders having a say in how the network is run. Polkadot allows teams to customize their own blockchain governance based on their needs and changing conditions. Nominators, validators, and collators all have different responsibilities in order to help secure and maintain the network and eliminate bad behavior.
Polkadot successfully completed its first parachain auctions at the end of 2021. The Parachain auctions used an unlicensed candle auction system. The winning bid is the highest bid at the time the auction ends at random.
Polkadot gave the first five slots to auction winners Acala, Moonbeam, Astar, Parallel, and Clover. These projects will have their parachain slots locked in for 96 weeks, as collateralized by the DOT bidders. All projects had previously been battle-tested on Polkadot's de facto testnet Kusama, as is customary.
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I am a big fan of Polkadot having made some money with it since I bought some years ago when it was just $5 and by the time it reached maybe around $15 I sold my DOT. Now, it's dollar value is affected by the red tides currently enveloping the whole crypto industry but I know for sure that when the market is getting green it would accelerate its value without batting an eyelash, so to speak. This has already become one of the top 5 blockchain and crypto-based platforms in the industry and I know that its leadership in innovations will not falter.
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There are really a lot of people who believe in the future of Polkadot, I'm just one of them. Polkadot has really great potential and no exaggeration to say that this project is really preferred by most investors more than other projects. If we compared the ETH transaction fee, we can see that so easily. That is right, ETH is one of the best altcoins for me, and mostly l prefer investing in top altcoins like ETH, BNB, and some other projects which have really great potential to be among the best currencies in the future. Polkadot is one of these projects which can be a good choice.
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Thank You the thread has been Informative. As a beginner who is learning about crypto was always fascinated by Polkadot and its use cases.
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DOT or polkadot is very special, because it's alternate smart contract platform beside Ethereum ,BNB and others.
I think polkadot will have great future and has been used by many new projects.