Bitcoin (BTC) and its rising price has caused traders to look elsewhere, often discovering new and upcoming cryptocurrencies based on their potential. In the first few months of 2021, BTC’s price reached an all-time high and that means it is now more expensive if you want to own even 1 token.
Enter the new players
There are thousands of cryptocurrencies operating in the market today. New ones are coming up every other day and one of the recently launched names is the Polkadot which goes with the DOT token. Providing a different infrastructure and technology as compared to the other existing cryptos, DOT has been steadily making inroads among investors worldwide.
Technology behind Polkadot
With Polkadot, users enjoy better control since it runs on a completely decentralized platform. It is designed as a connecting system that brings together current and upcoming technologies. This includes bridging public and permissionless networks or among private and consortium chains. With Polkadot, blockchains that are independent can trade through its relay chain that includes transactions and data.
This is where decentralized applications and services can be created and connected easier. The idea behind this is to minimize the reliance on the current web which is less than perfect.
People behind this crypto
3 main people were responsible for the creation of Polkadot who have played significant roles in the cryptocurrency market. They are:
- Robert Habermeier – The co-founder of Polkadot, he is a Thiel fellow and a member of the Rust community. Habermeier has been involved through his research and development efforts in platforms such as cryptography, distributed systems and most notably in blockchains.
- Dr. Gavin Wood – He is a co-founder of Ethereum, one of the biggest cryptos in the world today. Gavin started out on this platform where he was the CTO there as well. Serving as the president of the Web3 Foundation (who also founded the term Web 3.0), he is the man who came up with the likes of Whisper, Proof-of-Authority and Solidarity, among the fundamental components of the blockchain platform.
- Peter Czaban – An experienced practitioner in defense, distributed knowledge bases and machine learning, he serves in the Web3 Foundation as the Technology Director. Czaban holds a postgraduate degree from Oxford in Engineering Science.
The organization behind Polkadot is the Web3 Foundation based in Switzerland. The main concept behind this is to have a user-friendly and fully functional web that is decentralized.
Security in Polkadot
What makes Polkadot the preferred platform in terms of security is that blockchains could pool their security where everyone can aggregate together. This means that blockchain developers would be able to secure their blockchain from the start when they connect to Polkadot. 2021 is the year that Polkadot is expected to make it to the mainstream. Market observers have already looked at DOT as a long-term investment and the assets are expected to increase, breaching the US$50 mark by the end of 2021 which is widely considered to be highly impressive for a newcomer into this game.