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In our last article we explored the Binance Smart Chain ecosystem to identify crypto moonshots. In this article we turn our attention to Polkadot, another blockchain which is home to a number of exciting and undervalued projects.
Polkadot is described as the mother of all blockchains. It was founded by the co-founder of Ethereum and went live in May 2020. Its potential has been quickly recognized by the market and is now the sixth most valuable blockchain.
A little about Polkadot before we get into some of the many exciting projects that have been built on it.
At the heart of Polkadot is a concept called “parachains”, these are blockchains that can run higher transaction throughput than Ethereum because they utilize parallel chains to process transactions.
Polkadot is designed to join the dots with other networks. It’s commonly referred to as a multi-chain network because it can join networks together, in contrast to networks like Bitcoin for example.
Its ultimate aim is to act as a framework for all blockchains that opt-in. The idea is to take care of costly and time consuming cryptocurrency mining processes and enable developers to focus on creating Dapps and smart contract functionality.
Polkadot’s native token is DOT. DOT is currently valued at $25 billion, around half that of Binance’s native currency BNB and a tenth of the value of Ethereum.
Quality rather than Quantity
Whilst Polkadot was a little earlier to the blockchain party than Binance Smart Chain (which went live in September 2020) it hasn’t seen the same level of explosive growth and has far fewer projects built on its chain. However there is a noticeable difference which is not obvious to the average crypto observer.
Whilst the number of projects may be fewer the quality is far higher. For example the memecoin phenomena has largely been confined to Binance Smart…