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LATOKEN team periodically reviews highly ranking tokens with the intention of keeping readers well-informed about current and upcoming trends in blockchain technology. This time, we are going to review Polkadot (DOT), currently number eight among the top tokens of Coingecko by market capitalization rank.
Polkadot thrives to be a “blockchain of blockchains’” or “protocol for protocols.” What does this really mean? Essentially, Polkadot claims to be like an Ethereum blockchain, but a lot better. For this particular reason, Polkadot is often described in reviews as an “Ethereum Killer.”
One of the key strengths that Polkadot has is Substrate. Substrate is a development framework for creating Polkadot-compatible blockchains, offering different levels of abstraction depending on developer needs. It takes a lot less time, energy, and money required to create a new blockchain compared to Ethereum. It allows for full control of the underlying storage, consensus, economics, and state transition rules of the blockchain, things which cannot be modified on a standard smart contract platform. In addition to Substrate, the shared security and shared community features of Polkadot are among its differentiating factors. Polkadot makes an innovation process easier and faster and eliminates the need to build everything from scratch.
There are many features that sets Polkadot apart, but experts such as Derek Yoo, CEO of PureStake and Founder of the Moonbeam Project, think that the feature that is going to make Polkadot the top blockchain for blockchains is its multi-chain feature. He believes that overall, blockchain technology is moving towards a multi-chain future and according to him: “A bet on Polkadot is a bet on a multi-chain future.”
Currently, while many developers are enthusiastic about where Polkadot is going, some even say that it is going to be the market mover in the future but at this current stage adoption of Polkadot is going to be the deciding factor for its future. Many speculations and different opinions about where Polkadot is headed, but one thing is for sure, it is among the leading tokens in the current crypto market. Interested individuals can obtain Polkadot (DOT) on LATOKEN.
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