Despite the fact that Polkadot’s Genesis block of its network was only launched last year, the project has since grown in strength. Polkadot’s native DOT token has recently risen in value, making it the fourth-largest cryptocurrency by market capitalization. Furthermore, the sheer quantity of Polkadot initiatives that have already become well-known is impressive. Polkadot projects, in fact, are stealing the hearts and minds of crypto fans by fostering blockchain interoperability and creativity.
Overview on Polkadot
Polkadot is a cross-chain communication platform that goes beyond tokens. Polkadot, in reality, allows for communication between public and private blockchains, as well as oracles and a protocol on building future innovations. Polkadot’s objective is to create a totally decentralized network in which people have complete control and ownership over their data and identities.
The DOT token
DOT, Polkadot’s native token, powers the platform. DOT began life as an ERC-20 token on Ethereum and has now evolved into a native token on the Polkadot platform. Within Polkadot’s ecosystem, DOT owns a number of utilities. These include governance, which allows DOT holders to vote on network pricing increases and new parachains.
Kusama Token
Kusama frequently proves ground for Polkadot’s ideas. It is critical in ensuring that projects are checked and new features are tested before they are deployed on Polkadot. Despite the fact that Kusama is an unaudited beta version of Polkadot, the Kusama blockchain is a great area for parachain developers to try out new concepts. Furthermore, Kusama is overseen by KSM token holders and will function as an independent community blockchain long after Polkadot’s mainnet debut.
Moonbeam
Moonbeam is a smart contract deployment tool that will allow customers to quickly connect Polkadot and Ethereum. When executing and interacting with smart contracts, the Moonbeam utility token Glimmer (GLMR) will pay transaction fees.
Moonbeam will provide an easy, developer-friendly framework for constructing cross-chain smart contracts, though it is currently in development. Moonbeam could also help existing decentralized applications (dApps) grow in the future.
The Moonbeam project
The Moonbeam project, which includes Ethereum Virtual Machine (EVM) integration and a web3-compatible API, promises to improve the speed and interoperability of decentralized banking (DeFi). Moonbeam will launch on the Polkadot Mainnet in the second quarter of 2021.
Centrifuge
Centrifuge facilitates borrowing and lending on the blockchain by collaborating with MakerDAO, Circle, and Celo Protocol. Users can also borrow money using real-world assets as collateral. A centrifuge is a Polkadot-compatible decentralized financial asset protocol that works as a conduit for real-world assets into DeFi. Centrifuge collaborates with MakerDAO, Circle, and Celo Protocol to make blockchain borrowing and lending easier. Users can also use real-world assets as collateral to borrow money.
Edgeware
Edgware could become the simplest way for deploying smart contracts on the Polkadot network if it has that approval as Polkadot’s first smart contract parachain. As a result, Edgware is on track to become one of the most popular Polkadot projects and an important part of the Polkadot ecosystem.
Polkastarter
Polkastarter is a cryptocurrency launchpad and crowdfunding platform that allows users to participate in cross-chain auctions and token pools. It is a decentralized, interoperable, Polkadot-based platform that makes it simple for projects to generate funds. The native POLS ERC-20 token has undergone extraordinary price movement as a result of the success of various Polkastarter projects.
Akropolis
Akropolis makes it easier to borrow and lend with little or no collateral. This might be a game-changer for DeFi, as most DeFi lending methods necessitate over-collateralization in order to obtain a loan. Utilizing the OpenZeppelin software development kit, developers may quickly establish decentralized autonomous organizations (DAOs) and scale projects using Akropolis (SDK). Furthermore, users are incentivized for taking risks by supplying liquidity to under-collateralized loans utilizing the Akropolis Sparta protocol.
Exeedme
Exeedme is a gaming platform that aims to provide new cash streams for its members. It uses non-fungible tokens (NFTs) and decentralized finance (DeFi) to encourage gamers to make money from their talents. The native XED token accomplishes this. Exeedme allows players to easily create challenges between friends and earn cryptocurrency incentives. It enables players to compete in high-level tournaments with large cash awards. Users can also stake XED tokens to gain access to rare NFTs that is useful in the game.
Summary
Polkadot is a robust ecosystem, with several Polkadot projects performing quite well in 2020 and 2021. It has proven to be a critical component of blockchain adoption due to its interoperable foundation. Polkadot projects can also serve as a basis for future advancements, allowing them to work with the whole blockchain ecosystem. The possibilities are limitless.
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