Polkadot is a very well known project in the crypto world, offering clear and compelling use cases for its product. But is it enough to compete with other crypto market leaders, whether they’re just riding the hype wave or innovating the technology? DOT price predictions reflect the expert opinions on the matter — so keep on reading!
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Polkadot Fundamental Analysis
Polkadot (DOT) is a native token of Polkadot protocol — a solution aimed to bring interoperability into the world of blockchain, providing the way to connect public and private chains, oracles, and other developments in the crypto space into a united web. The development of Polkadot started in 2016, and the network itself launched in May 2020. Gavin Wood, a former CTO of Ethereum, is among its founders.
Polkadot’s team started with a simple idea: with so many blockchains competing for dominance, what’s going to happen if there’s no clear winner? So, instead of joining the race, Polkadot created a solution to connect all the different blockchains which enables them to coexist. Three key features allow this:
- Polkadot relay chain, which is at the heart of the Polkadot ecosystem. It connects everything and provides security;
- Parachains, or parallel chains — independent (but connected to the relay) blockchains, which can be “rented” by other projects, for example, for their dApps;
- Bridges, which ensure connectivity with external blockchains.
The Polkadot network is secured using the Nominated Proof-of-Stake (NPoS) consensus protocol. This means that the trustworthy validators must be selected by the nominators first. Both validation and nomination require staking the DOT tokens. DOT is also used to bond new parachains and as a governance token.
Polkadot Live Price Chart
In December 2020 Polkadot launched its testnet, and together with the market going on an upswing, this pushed the price up. DOT’s price reached ~$18.5 in January, and then, after stalling there for a short while, shot further up. It stayed very high until May when it experienced a record high of $49.69. Later in May, probably due both to the market crash and some technical issues with the network after parachains launched the same month, the price fell sharply to under $18. DOT price has seen a recovery up to ~$28.6 in June, but since then it’s been mostly in decline. By late July, however, the price has started going up again — but it’s too early to tell whether this reversal is going to be long-lived.
Polkadot Technical Analysis
Polkadot Price Prediction
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