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Polkadot: What Ethereum cannot (yet) do, the new star of the crypto world should be able to do
Those who regularly examine the charts of the world's largest cryptocurrencies have already seen some climbers this year - Chainlink, Crypto.com or Tezos have all made it into the top 10 cryptocurrencies with the largest market capitalizations this year (at times). Now there is a new star in the world of coins, tokens and blockchains: Polkadot around Ethereum co-founder Gavin Wood.
The Polkadot project, which raised a whopping $ 144 million in an ICO in the middle of the first big Bitcoin hype in October 2017, is really getting underway in 2020. Recently, those who paid in at the Ethereum token sale received their DOT tokens, and large exchanges such as Binance, Huobi, OKEx or Kraken have started to trade the new crypto assets.
Then CoinMarketCap also started listing the new DOT tokens - with the miraculous effect that Polkadot really shook up the charts. DOT is currently trading at around $ 4.70 - with around 850 million tokens in circulation, market capitalization has been calculated at around four billion dollars - which makes Polkadot one of the most weighty blockchain projects in the blink of an eye.
Ethereum co-founder as head of the project
Behind Polkadot there is, on the one hand, the Web3 Foundation, which was set up in Switzerland, and, on the other hand, three rather interesting founders. The head of the project is none other than Gavin Wood, who was previously CTO and co-founder of Ethereum. At his side is Robert Habermeier, who received the Thiel Fellowship (a grant of 100,000 dollars) from star investor and Trump supporter Peter Thiel, which is much sought-after by young founders. The third in the league: blockchain professional Peter Czaban.
What is the goal of Polkadot now? As usual with blockchain projects, the big internet revolution is promised. "Polkadot will enable a completely decentralized web in which the user is in control," promise the founders, who work a lot between Berlin and the Crypto-Valley Zug in Switzerland. The main purpose is that different blockchains (private as well as public or those of companies) can be connected to each other via a multi-chain. And clear anyway: The areas of application are all hyped trends from DeFi (Decentralized Finance) to IoT (Internet of Things) to Smart Contracts.
Wood, as became clear in an interview with Trending Topics, is not a big fan of middlemen. Banks, insurance companies, telcos, maybe even authorities - they can all be abolished and contracts between people can be written on the blockchain instead. "Less Trust, more Truth" is written on the caps and T-shirts of Polkadot fans. Trust, the basis of the economy, can be automated with blockchains.
Do it better than Ethereum
There's just one problem, says Wood. Bitcoin and Ethereum and other blockchains would stand in isolation, and that is why you would need another system that forms a bridge between them - Polkadot. As the name suggests: Polkadot means “polka dot pattern”, and this is how the Multichain is supposed to network the many different points in the blockchain world.
But what Polkadot is also: The project also arose out of the disappointment that Ethereum has not changed for many years. As before, the blockchain works according to a power-hungry “proof of work” consensus, and the few transactions per second that Ethereum creates has driven prices up for developers. After all: Ethereum 2.0 is supposed to solve these problems with the change to Proof of Stake (PoS) and sharding (the splitting of the main chain into many side chains).
In this respect, it is important for Polkadot to get going in 2020. After all, Wood complained in autumn 2016 that nothing was going on with Ethereum. Then came the ICO in 2017, shortly afterwards a major setback. In November 2017 it became known that ethers with a value equivalent to around 156 million euros from the MultiSig wallets from Parity (Woods company) were frozen. These were the ETH that users had paid into the ICO (Trending Topics reported). Since then, Wood's team has had to invest a lot of time and effort to regain the security of their software and the trust of the users.
But above all, the Polkadot project has to prove one thing: not let Ethereum overtake it.
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