While using different DeFi platforms for crypto services, you may feel frustrated at some point. The reason behind such an issue is the limitation. First of all, most websites only offer some particular services like exchanging, buying, selling, or lending. Some other websites may offer facilities like yield farming and liquidity pool.
Even so, all these services are limited within the platform’s distribution style and acceptance. This is where Polkadot comes to the play. Unlike other platforms, it offers pretty much all the services you need. Not to mention, the polkadot ecosystem is like a blockchain ecosystem where you can connect multiple blockchains and run them simultaneously.
You need to know a lot more to understand this newly added platform. Don’t worry at all. We are going to talk about Polkadot and everything else regarding it. After the review, you will get proper knowledge of the platform and its working procedures. Let’s dive into the review.
Who Created Polkadot?
Polkadot projects were founded by a 3-men team. As for the founding team, Gavin Wood is the founder alongside Peter Czaban and Robert Habermeier as the co-founder. For the record, Gavin Wood is a blockchain specialist and co-founder of Ethereum.
When Was Polkadot Founded?
Even though Polkadot crypto is getting recognized more and more recently, their journey started a little while ago. Gavin Wood founded Polkadot on 14th November 2016 along with his team. Although, it was first published as the Polkadot White Paper.
After the official release, Polkadot has significantly invested in many brands and individuals. From a starting 15 investors, it has now reached the milestone of 27 investors. Let’s have a look at some of them.
- Adam Morley
- Kenzi Wang
- IOSG Ventures
- Fundamental Labs
- AU21 Capital
- HashKey Capital
- LongHash Ventures
- Fabric Ventures
- IOSG Ventures
Is Polkadot A Blockchain?
Do you know anything about blockchain? Well, it is a technology to track and keep a record of digital assets. This amazing mechanism has given permanency to any digital goods so they will never be deleted or destroyed. As Polkadot provides crypto services regarding the assets, it is a blockchain for sure.
Is Polkadot A DeFi?
As you already know, blockchain is highly used in the crypto world to complete decentralized deals. Moreover, Polkadot is a platform that is meant to deal with blockchains and other decentralized services. So, it is a DeFi protocol along with more application and customization.
Is Polkadot Anonymous?
Conveniently, Polkadot provides both non-anonymous and anonymous services. You can create different types of proxy accounts to get multiple services. One of them is an anonymous proxy. There, you can create a proxy account to do the deal anonymously. Later, the account will be removed automatically.
Does polkadot replace ethereum?
Theoretically, there is a pretty clear possibility of this happening in the future. While Ethereum and Polkadot are identical, there are many differences between them. In short terms, it is an updated version of Ethereum 2.0.
The first major difference would be customization. A distinct blockchain has its own rules and policies. But, users can create and customize their own blockchain in Polkadot.
It introduces a whole new world to the polkadot ecosystem. Even though the platform is still under development, a successful development can lead to the Ethereum replacement.
What Is Polkadot Used For? Who uses polkadot?
As we have mentioned earlier, Polkadot is used for the same reason as Ethereum but there are some major advantages. Here, a user can create their own blockchain and even customize it with any preferable setting.
This simple feature creates a whole new polkadot ecosystem in the blockchain.
Users can easily create many blockchains with multiple required services. It is just an all-in-one DeFi protocol. As for the users, anyone who is interested in developing their own blockchain and creating custom financial rules along with strategies.
Rather than just regular users, Polkadot targets intelligent developers who can use open source code and develop different blockchains. In a blockchain, a user is allowed to do all sorts of crypto financial deals. So, any user is welcome to enjoy the platform.
How Does Polkadot Make Money?
Earning profit is the pretty same as any other Ethereum based blockchain platform. Polkadot offers any type of services that a blockchain platform should have. Exchanging, transferring, investing, yield farming, and more.
So, you should get a proper idea about their earnings. Every crypto-financial deal requires a transaction fee. The platform earns from those fees. Even though those fees look small on their market value, they are quite good enough to run the business.
Is Polkadot A Good Investment?
Thinking about investment? Then do it fast. Nowadays, Polkadot is one of the most promising platforms. There are several reasons behind such market progress. The most important part would be Parachains.
Parachains mean a custom blockchain. Its multiple blockchain management and all-in-one services have already caught vast interest.
As a result, it is rising in the market more than any other platform. Not to mention, it is the most possible platform to replace Ethereum soon.
Considering the huge usage of Ethereum, it is highly expected that Polkadot will be worthy of investment. Currently, it is going on at $20 and can reach up to $50 by the end of 2021.
How Does Polkadot Work?
Polkadot is a platform that manages everything through a multiple-chain system. Every step of it has a different chain mechanism that has the function to complete a process.
There is a parallel chain system that increases transaction capability more than any other platform. The relay chain checks the address and maintains standards.
The platform’s base blockchain automatically does regular maintenance. For better performance, scaling, optimization, governance, and anything else is done through a WEB 3.0 mechanism.
As for the basic feature, you can trade different crypto deals with the blockchain system. We will talk more later in our review.
What Is DOT Coin? How Many DOT Coins Are There?
As you have already known, Polkadot has multiple blockchain acceptance. For exchanging, lending, buying and other services, you need a different type of polkadot coin.
In simple terms, coins mean accepted tokens. Polkadot has many of them. Let’s have a look at some of them in the list below.
- Polkadot: DOT
- Chainlink: LINK
- Polkastarter: POLS
- Reef: REEF
- Kusama: KSM
- Litentry: LIT
- Edgeware: EDG
- ChainX: PCX
- Bounce Token: BOT
- Razor Network: RAZOR
- Polkacover: CVR
- Stafi: FIS
- Phala.Network: PHA
Is Polkadot On Coinbase?
Coinbase supports 50 different coins and often it is determined by the recent market cap. But, the platform still does not accept polkadot coin as their available coin.
Although, it may be available pretty soon. Recent market progress indicates the same way. Some of the available coins are in the list below.
Can I Buy Polkadot On Kraken?
Yes, you can. Polkadot coin is available in the Kraken platform where you can trade different types of deals to get the coin. You can buy, sell or exchange Polkadot in Kraken. Follow their official instructions to get by easily.
Is Polkadot On Bittrex?
Bittrex is one of the largest crypto markets in the business. Currently, it supports around 400 different coins. Polkadot coin is one of them. It is available on the platform. There are many other coins also available on their list. Have a look at some popular ones.
- Bitcoin: BTC
- Ethereum: ETH
- Tether: USDT/USD
- Cardano: ADA/USD
- Crypto.com coin: CRO/BTC
- Dogecoin: DOGE
Do you know what governance is? Governance is a system where a user has to put their opinion or comment for the platform and its token’s development and improvement.
When users get the Polkadot token, they must have to give their feedback. So, governance is available on the platform.
Polkadot Vs Ethereum
You have already learned about Polkadot along with a basic idea about Ethereum. Let’s have a quick look at their differences in the table below.
|Structure||Parachain & Parathread||Shard|
|Coding System||Rust & Substrate Framework||Solidity & Viper|
|Environment||Multiple heterogeneous parachains||Multiple homogenous shards|
|Financial Management||Smart Contracts||Smart Contracts|
|Governance System||On Chain||Off-Chain|
|Proof of Stake||BABE/GRANDPA||Casper|
|Transaction Fee||Parachain & Parathread Fee||Gas Fee|
|Usage||Expected to replace Ethereum||Highly used blockchain|
Does ledger support polkadot?
As the information says, the Ledger wallet supports Polkadot. Both Ledger Nano S and Ledger Nano X support platform. But, Ledger live does not support Polkadot, it is yet to be available.
Does MetaMask support polkadot?
Yes, it is. As the official information says, Metamask wallet supports Polkadot without any issue. As we all know, Metamask is one of the most popular and efficient digital wallets in the market. Its support makes Polkadot usage much easier. Check out our Metamask Review to learn more about it.
Polkadot Price Prediction
While investing in a platform, there is an equal chance of gain and loss. For a crypto platform, you have to learn their price prediction for a better understanding of the market and future profit possibility. Let’s follow our review to get the polkadot price prediction for the present and future.
Does Polkadot Have A Future?
According to the polkadot review 2021, the answer is Yes. Not only the platform is promising but also it is highly favorable because of multi-purpose usage. Besides, their market price is growing every day. With some promising parachains, the rise is getting even higher. As for the possibility of replacing Ethereum, it has a promising future for sure.
Can Polkadot Reach 1000?
From the professional experts’ preview, Polkadot price has a high chance of hitting 1000 faster than anyone would expect. Its surge is eye-catching and everyone expects to reach the 1000 milestone faster.
What will polkadot be worth in 2023?
According to the recent market progress and considering the sudden surge, Polkadot is expected to start the year at around $19. With a little up and down, the year may end with a constant value of around $25.
What will polkadot be worth in 2025?
Polkadot may start 2025 with a value of around $35. It is possible that the year will end with a price of around $45 with a constant rise.
What will polkadot be worth in 2030?
If the progress remains constant then Polkadot may start the year around $80 and end the year near $100 worth.
What Are Polkadot Gas Fees?
Before going for the Polkadot gas fee, you have to know about the gas fee. So, what is the gas fee? In the crypto world, a gas fee means the transaction charge. For every successful transaction, you have to pay a little amount to the service-providing user. This cost is defined by the service provider. The platform does not force a user to set this up.
Because of that, the gas fee is highly variable and changes every hour. Although, the estimation and overall change are calculated every 24 hours. Polkadot has some mechanism to control the gas fee with several features. There is a block limit, transaction priority, and more.
As for the fee calculation, it is an 80-20% ratio by default. Besides, there are 3 parameters to calculate the fee manually.
- Length Fee
- Weight Fee
- Optional Tip Fee
Go to the official Polkadot official Wiki page to learn in more detail. Let’s talk about more of its features below.
Does polkadot have smart contracts?
As we have already said, Polkadot is pretty similar to the Ethereum blockchain. Not only similar but also an improved version. It also uses smart contracts to deal with the services.
Although there are different chain systems and every chain does not rely on smart contracts. The relay chain does not depend on smart contracts but the parachains support it. So, Polkadot has smart contracts for sure.
Is polkadot a security SEC?
First, you have to know about the SEC before learning about Polkadot security facilities. SEC means Securities and Exchange Commission. It is responsible for any kind of security enforcement to make sure that all the financial deals are going in the user’s favor.
As for Polkadot, it wasn’t that good at the beginning. It got a rating of 3.75 out of 5 from the analysis. Later, their development has improved pretty high and the platform becomes more stable.
They have multi-layer security enforcements and troubleshooting capabilities. Although it is still under development. So, it is not the highest level of the SEC but a moderate one for now.
How Secure Is Polkadot?
In simple terms, Polkadot security is pretty unique and strong. It has multi-layer security management. Although, security is provided by the relay chain. So, all the parachains connect to the single relay chain and share the same security. This shared security mechanism passively increases the security strength and makes it harder to get through.
Although, this feature also has a great security risk. Lower parachain connections are more vulnerable and easier to get through. Following that, the platform has faced many security attacks and lost value. The platform is working on solving the security and is expected to provide a sufficient result soon.
What Is Polkadot Parachain?
The most promising feature is multidimensional blockchain usage. Users can use the basic blockchain and even create a custom blockchain for parallel usage. As everything in Polkadot is identified as a certain chain, this custom blockchain is known as parachain.
Parallel usage of this parachain makes the platform versatile. Not to mention, all the parachains are distributed by a mechanism called the collator. Besides, each parachain shares security from the relay chain. So, Polkadot Parachain is simply a customizable blockchain.
Top 5 Polkadot Ecosystem Projects
So, how are you feeling about the Polkadot protocol? It is really amazing, isn’t it? As you already know about the Polkadot ecosystem, it is time to learn about some of the best polkadot projects. Custom blockchain is the most eye-catching feature and people are developing constantly by diving into it.
Because of that, there are many ecosystems in the platform and some of them are top of the performance chart. Let’s get to know the popular polkadot ecosystem below.
Moonbean is a blockchain protocol that is made of WEB 3.0 and EVM mechanisms. In simple terms, it is a bridge between Ethereum and Polkadot. Using smart contracts is the protocol’s deployment policy. It has a distinct token named Glimmer (GLMR). The token can be used to pay the fee and complete transactions.
As a reminder, the protocol is still under development and it will be updated with the DApps support feature. There is no distinct release date of full services but 2021 is said to be the initial release year with complete features.
Another top favorite polkadot ecosystem. It has a significant usage just like the platform itself. Basically, it is a training or trial ground. Here, a user can test different types of implementations. Because of the usage, it is popular as a testnet.
Users must test their projects here before releasing them. Regarding that, the protocol is versatile and identical to the original Polkadot. Moreover, it has an individual token named KSM. That makes it one of the most successful polkadot projects.
Polkastarter is rather effective and practical in usage. It can be used for auction, pool, and more earning business. Surprisingly, the token named POLS is not only pretty popular but also became a great success. With proper development, it is one of the most promising polkadot projects from the platform.
While talking about the Polkadot projects, we have to discuss Exeedme. This unique project is one of the most successful ones and probably going to be the most effective one practically.
Exeedme is a gaming platform where players can join and get different types of digital assets as a reward. Most amazingly, all the rewards are NFT or XED tokens. Follow our review on Nifty Gateway Review to learn more about them.
As all the polkadot ecosystem has a different meaning to exist, Akropolis is specialized for lending and borrowing features. It is simply an earning platform by investing or borrowing with collateral. It can complete the DeFi protocols for the highest yield farming.
It also charges pretty low and suitable for high-yielding practice. Investing is the highest profitable usage of cryptocurrency and Akropolis just offers the facilities you can ask for. Although, it needs some adaptability updates and is expected to come pretty soon.
How To Trade Polkadot?
So, where to buy polkadot coin? As we have discussed already, there are many available platforms to do so. Trading means taking regular services like buying, selling, or exchanging crypto coins.
If you want to trade Polkadot then it means you are dealing with their native token DOT. While buying, you may have to go through different platforms. Let’s have a look at the procedures.
- If you want to buy directly then you can use any parachain service from the Polkadot server.
- If you want to buy from other platforms then find out the available platforms. As a reminder, the DOT token is not available on all platforms.
- You can use websites like Kraken, Bittrex, and so on to get.
- Go to their official website and create an account with proper information.
- Connect a valid fiat currency credit card with the account.
- Use fiat currency to buy or exchange any amount you want.
- Complete the transaction with the required value.
- You need a digital wallet like metamask to store the token.
- If you want to perform polkadot crypto exchange then use an exchange platform and suitable exchanging token from the digital wallet.
- Then, fund into the platform’s account with the crypto wallet.
- Complete the transaction.
- Later, complete the exchange with the proper value.
- Keep an eye on the confirmation and contact the support team for any issue.
How To Stake Polkadot?
Stake means investing. While dealing with crypto values, investing them is the most popular way of earning. This passive income provides you higher profit with the lowest effort. Regarding that, there are some concerns and procedures. Let’s follow them below.
- First, go to the official website and create an account.
- Use any exchanging platform to exchange suitable tokens and store them into the digital wallet.
- Create an account in Polkadot and connect the wallet.
- If you want to invest in the Polkadot platform then select any of their available blockchains. It can be a main or parachain.
- Fund into the account and invest in their yield farming protocols with the lending option.
- It will automatically generate passive earning for you.
As promising as Polkadot should be, there are many competitors to hold the market against them. They may not be as versatile as it is but their distinct services are worth the praise. Let’s have a quick look at some of them.
- Coinbase: While talking about alternative choices, Coinbase stands in the top place to consider. It offers all types of crypto services along with a secured reputation.
- Wanchain: Wanchain is pretty similar to the Polkadot platform as it also offers an internal blockchain mechanism and other crypto services.
- Cosmos Network: This amazing platform allows you to build a custom blockchain and perform all the other cryptocurrency actions.
- Ethereum Blockchain: As we already know that Polkadot’s ambition is to replace Ethereum blockchain, it is still the major competitor of the platform. Polkadot is under development. On the other hand, Ethereum is established and improving more day by day.
Polkadot Social Media Handles
Polkadot is highly active on different social media platforms like Twitter, Youtube, Discord, Reddit, and more. Let’s have a quick look at their direct links to track easily and get any polkadot news.
- Twitter: @Polkadot
- Polkadot Reddit: r/dot
- Github: paritytech/polkadot
- Youtube: Polkadot
- Discord: Polkadot
Takeaway – Polkadot Review
So, what have you learned from our review? Do you like Polkadot already? Isn’t it amazing in a pretty unique design? Where most crypto platforms are limited with a single blockchain, Polkadot introduces a multi-dimensional blockchain mechanism. It also has a shared security system to strengthen a connection to the highest level.
Not to mention how versatile it is. You can introduce basic crypto features along with all the other functions without any problem and offer so much more than regular offerings. You can offer yield farming, NFT, liquidity pool, exchange, lending, borrowing, buying, selling, and so on in a single platform.
Polkadot is the solution to achieve such an amazing goal. The platform is still under development to satisfy the user’s demand and adapt to many issues. Certainly, it has a satisfactory market rise and is expected to rise even more.
I am a data analyst by profession who loves to crunch numbers at daytime and come home wondering how my passive income numbers for the day look like. I believe in being rich rather than looking rich. Follow me for Cryptocurrency, FIRE, Personal Finance, Credit Cards and Digital Nomad updates