- Polkadot blockchain network has thrived since its launch
- The network has been considered as the Ethereum killer
- Gavin Wood believes that the project is the upcoming Ethereum 2.0 upgrade
- DOT community has been observed being optimistic
- Other competitor chain’s developers are spying on the network
Polkadot was established last year and has been considered an Ethereum-killer. The current scenario is among the top ten most prominent cryptocurrencies in terms of market cap as per CoinMarketCap. Indeed, cryptocurrency has witnessed unrivaled growth in the ecosystem. Polkadot’s ultimate goal is to become the new internet of blockchain and build an interconnected blockchain. The creators of Polkadot believe that no single blockchain network can efficiently serve all the purposes in a fast and secure manner. Hence, the blockchain has brought all other blockchains under one roof.
Polkadot is upcoming Ethereum 2.0 upgrade
According to Gavin Wood, the founder of Polkadot, the blockchain solution in the upgrade to Ether 2.0 is still under development. Notably, Wood is also one of the co-founders of the ETH blockchain network.
DOT’s concept of being the new internet of blockchains will reduce the costly and messy mining processes. Moreover, it does so while overseeing the security protocols and validation of transactions.
What makes the DOT community optimistic?
Since the establishment of the Polkadot blockchain network, we have observed the DOT community being optimistic. The community advocates the new internet of blockchains and believes that it is one of the most accessible chains for the most manageable network to create a project.
In the current scenario, there are more than 450 projects based on the DOT network. Such projects integrated into the Polkadot ecosystem include Acala Network, Chainz, Edgeware, and Ocean Protocol. It is also noteworthy that recently Chainlink has been integrated directly into the network as a pallet.
Other developers spying on their technology
Polkadot has several competitor networks. It is noteworthy that the founders of these competitor blockchains have publicly claimed that they are spying on the DOT network. Hence, the aforementioned factor makes it easy to remain optimistic about the network. Thus, observing such functions and features of the DOT network that it can potentially be able to achieve in the future, hodlers are just holding their investment.
DOT became one of the hottest cryptos
Within only four months of establishment, the native cryptocurrency of the Polkadot network hit a market cap of $3.7 billion. Notably, the crypto token holds a market cap of more than $14 billion in the current scenario. Following the scenario, the Web3 Foundation considered that Polkadot is the next-generation blockchain.
Flipside of the blockchain network
Although DOT has thrived since its launch, it is yet to assert itself as the future of smart contracts. Indeed, the likes of Cardano, Ethereum, Solana, Binance Smart Chain blockchains already have occupied the majority of the market. Furthermore, the shared number of established smart contract platforms is also one of the significant challenges faced by the thriving blockchain network.
Still following the achievements, it is easy to measure why DOT has an active, fast-growing, and committed community.