“Polkadot is built to connect private and consortium chains, public and permissionless networks, oracles, and future technologies that are yet to be created.” A taste of what this future could look like was hinted at when DENA, Germany’s energy innovation organization, revealed it is building a decentralized database in conjunction with Energy Web. As stated in the Polkadot lightpaper, the project aims to gather all manner of blockchain services under one roof: For this reason, Polkadot is attempting to become the blockchain which can connect with all other blockchains, effectively making it a one-stop-shop for cryptocurrency users. Official documentation from the Polkadot team states clearly that they do not believe the crypto space will distill down to one single blockchain project. Polkadot’s reputation as a possible “ Ethereum Killer ” stems from its aim to create a heterogeneous blockchain network, enabled by sharding, which allows creators to tailor their own chain for their own specific needs. In fact, Wrapped Bitcoin (WBTC) now holds the 13th largest market cap, such is the desire of bitcoiners to interact with defi. According to WBTC.Network, the combined value of all BTC wrapped up on Ethereum now exceeds $3 billion – a figure which has more than doubled since October alone. The need for a defi-compatible version of Bitcoin is exemplified by the number of Bitcoin which is already wrapped up on other blockchains, such as Ethereum. On December 3, Polkadot held its first ever live event in Polkadot Decoded, where leading figures in the blockchain space gathered to discuss Polkadot’s long-term mission statement and its range of upcoming features.Īmong those features are a Polkadot-based wrapped version of Bitcoin, dubbed PolkaBTC, which will allow Polkadot users to engage with the burgeoning decentralized finance (defi) movement without leaving the familiarity of the Polkadot network. Polkadot surges into 2021Ģ020 has been a busy year for the Polkadot community, one in which it cemented a partnership with leading blockchain oracle project, Chainlink. On December 30, Polkadot founder Gavin Wood published his retrospective on the year, and it crammed in an impressive reel of highlights.
The surge builds upon Polkadot’s impressive growth since the DOT token officially commenced trading in August 2020.
Polkadot (DOT) surged 62% during December, as the highly touted “Ethereum Killer” moved into 6th spot in the cryptocurrency market cap rankings, ahead of BCH. Polkadot had a very productive year in 2020.Moving into 2021, Polkadot is one of the few new cryptocurrency projects which appears to be on an upward trajectory.
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