Why is Polkadot the most severely affected cryptocurrency? (What is the prospect of Polkadot?)
Why is Polkadot the most severely affected cryptocurrency? According to coinmark
Why is Polkadot the most severely affected cryptocurrency? According to coinmarketcap data, why is Polkadot the most severely affected cryptocurrency?
As of the time of writing, the market value of Bitcoin is $836 billion (10% of the global cryptocurrency market), while Ethereum has reached $91.7 million.
Although the market is still in a bearish state, the value of Polkadot is much higher than most projects: from June 2018 to February 2019, the price of Bitcoin has increased fivefold; since the beginning of 2020, with the decline of DeFi and the crypto asset boom, the delay of Ethereum 2.0, and the downturn in the development of the Polkadot ecosystem, some alternative coins have skyrocketed. For example, BNB even temporarily surpassed ETH and became one of the best-performing altcoins this year, leaving Polkadot far behind.
So the question is, which altcoins have declined in value in a short period of time? Which ones are worth paying attention to? Let’s analyze it below.
1. The substantial decline in the value of Ethereum. Due to its high usage, many people call it a “Ponzi scheme.” DApps on Ethereum can be used to purchase tokens in smart contracts. However, since smart contracts need to execute certain code to interact, users must perform transactions through third-party applications. The Ethereum development team recently announced integration with the Ropsten blockchain, so that they can create their own chain and issue their tokens, making them work on a decentralized network, which may cause the Ethereum network to crash. 2. The rise in the value of Polkadot. Although the platform itself is not affected, it also plays a role in the entire ecosystem. In addition, Polkadot also provides a cross-blockchain interoperability protocol that allows developers to access Ethereum’s dApps without any central authority or trust.
3. The growth in the value of EOS/TRX. Due to the increased demand for EOS, the total supply of EOS has increased to 100 million. However, there are differences between EOS and Tron – EOS has different functionalities, governance mechanisms, community management models, and so on.
4. The rise in the value of Polkadot. In the past two years, Polkadot has undergone many changes. First, EOS performed well in the early period, and then there was a price decline after the bull market in 2017. At that time, because EOS encountered some resistance in the early stage, EOS’s market value once surpassed Ethereum, and then the market value of Polkadot, the follower, soared. However, as Polkadot’s development became more mature, EOS’s market value continued to expand. So when Polkadot enters the next stage, its valuation will be higher because people believe that it may achieve a completely disruptive technological breakthrough.
What is the prospect of Polkadot?
Editor’s note: This article is from the Fēnghuǒlún community (ID: FHBT18), author: Péipéi, authorized republished by Odaily Star News.
Hello everyone, I’m Péipéi. The price of Polkadot has risen to around $50,000 in the past few days! I personally think that Polkadot will be the best-performing token in the near future. If it falls again, we have to look at next year’s market situation. But don’t be too pessimistic～
The recent development of Polkadot coins is very different from before. Firstly, from the name of this project, it is relatively early. It was launched in June 2018 and was founded by Gavin Wood, the co-founder of Ethereum. At that time, Gavin Wood also called himself “Brother Light” when the mainnet was launched. Later, because he is also a software engineer, many people have made comments to him. He thought he should divide the code into two halves and add some open-source features. So, just like the previous period, we can see that the price of Polkadot fluctuates greatly. For example, the price has reached around $100,000 this year. But after Polkadot’s market value surpassed Ethereum, is there still a long way to go? Currently, the market enthusiasm for Polkadot is not high. The main reason may be the immaturity of its ecosystem development and the lack of trust from investors in the project. According to the information mentioned in an article released by Polkadot, since July this year, DOT has risen by more than 20%, and its locked-in amount has exceeded $100 million. On the other hand, the characteristics of Polkadot itself result in a strong network effect and support from many national governments, international organizations, and other institutions. At the same time, since Polkadot has not yet received recognition and approval from global regulatory authorities, it may not be beneficial for domestic investors to invest in Polkadot coins because currently, most of the funds have not participated in the investment of Polkadot coins and have no actual business income. On the other hand, as the market gradually transitions to a stable direction, the ecological construction within the Polkadot ecosystem is also accelerating. (Note: According to information released by Polkadot, the official operation will begin on December 22, 2020), users will be able to query through the Polkadot.js browser. Of course, if you hold a certain amount of Polkadot coins, it is normal for your assets to change.)
In addition, the on-chain governance system of Polkadot will be launched on the mainnet soon. According to the current situation, except for the foundation, all other node operators will become candidates for parallel chain slot auctions. Although these bidders will not choose to directly access any new chains, functional modules, or protocols on Polkadot, they need to ensure their own interests and obtain corresponding rewards to make their votes available to users who want to join Polkadot.
All in all, the prospect of Polkadot coins should not be underestimated.
About whether there will be more high-quality coins in the future within the Polkadot ecosystem, there have been related reports as early as February this year, and the Polkadot official website has also publicly released related progress.
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