Blockchain applications have exploded in popularity. It has an inflow of users eager to take advantage of the benefits that decentralized programs may provide. Because the Ethereum network is currently unable to manage this influx at sustainable levels, other smart contract platforms have begun to attract greater user and development attention.
Polkadot, a low latency, high throughput blockchain uses sharding technologies to deliver faster and cheaper interactions. It is one of the most talked-about and anticipated alternatives. Polkadot, as a smart contract platform, may appear to compete with Ethereum, but it actually aspires to complement it. Polkadot’s ecosystem is teeming with new entrepreneurs and smart solutions. It has over 350 projects and counting adopting the framework for their dApps. Let’s take a look at five of the top Polkadot-based apps to keep an eye on in 2021.
Kusama
Kusama, a blockchain technology built by the same team as Polkadot, is the first project whose star is rising. It proves useful as a backup ‘practice’ network while Polkadot prepares for its slot auction, which will grant projects access to parachains on the platform. Kusama, which is powered by the KSM coin, provides the same architecture as Polkadot, allowing developers to test their applications on a suitable mainnet. Although Polkadot has a testnet called Rococo, Kusama gives a more practical and actual experience. Kusama is a live distributed ledger technology environment that allows organizations to experience a Polkadot-style parachain in a real-world situation, complete with governance, staking, and validation testing.
The e-commerce business has been under centralized supervision since its inception. Entities can collaborate within the existing infrastructure, but it is impossible for an outsider to participate in the production or sales process. Splyt is launching a one-of-a-kind solution that will allow everyone to participate in e-commerce sales via decentralized markets powered by NFT.
Anyone can become a sales affiliate and sell the goods to a consumer using this system. The customer will receive both the finished object and the NFT that represents it. Furthermore, it allows them to confirm its provenance and authenticity. This gives merchants and influencers more leverage, allowing them to reach a larger audience and increase profits.
RioChain
RioChain is a defi-focused blockchain created by RioDeFi that has platform-agnostic interoperability, quick transactions, high scalability, and low fees. It combines centralized, decentralized, and rival blockchains, allowing users to access the whole defi spectrum across networks. RioChain provides mobile and web wallets that allow users to access any digital asset in the ecosystem while also allowing them to interact with RioChain applications straight from the wallet. RioChain’s centralized and decentralized networks provide consumers with accessible and transparent savings platforms, stablecoin loan possibilities, and e-commerce options.
Polkastarter
Polkastarter is a Polkadot-based fundraising protocol that gives users fair and equal access to fresh investment possibilities. If you own the Polkastarter cryptocurrency, POLS, you can get first access to new blockchain investments before the rest of the world. Polkastarter promotes broader financial community involvement in a project without compromising fairness. This is important because many up-and-coming initiatives tend to skyrocket once they hit the general market. Polkastarter aids both development teams and investors by facilitating financing and building a more vibrant project community.
Bridge Mutual
With the increase in defi applications and users, more hackers are seeking ways to influence networks and steal money than ever before. Bridge Mutual, a decentralized risk coverage platform, comes into play here, allowing users to make insurance-like claims against potential hackers and vulnerabilities. Bridge Mutual covers all stablecoins, cryptocurrency exchanges, and smart contracts. The risk coverage for erroneous oracle information will add soon. Hundreds of millions of dollars have been stolen from exchanges over the years; today, users may trade on-chain with confidence. Bridge Mutual is peer-to-peer because it is DeFi, which means users can make interest by lending money.
Bridge Mutual outperforms typical risk coverage platforms due to a variety of unique features. It exploits assets in other defi platforms, such as lending and staking, to produce additional interest for BMI holders, the network’s currency, when funds are idly sitting in pools until no one is claiming their coverage, this will be theirs. Bridge Mutual intends to extend and offer coverage to many other blockchains and their applications because of Polkadot’s interoperability.
Polkaswap
Polkaswap, Polkadot’s answer to Uniswap, is the final project to look at. Uniswap has quickly established itself as the most popular DEX on the market, with billions of dollars in trade volume. Even still, as the Ethereum network becomes increasingly crowded with transactions, trading costs are becoming unnecessarily high. Polkaswap does everything Uniswap can. But on a much cheaper and faster blockchain, in order to provide a similar but rival service. It will have access to liquidity from projects and platforms outside of the Polkadot ecosystem as a cross-chain DEX.
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