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Can Polkadot become the top 5 tokens before Cardano?
- The battle to become the next big coin is still ongoing And firmly ranks the top two by market value.
- Polkadot, one from Web3 Foundation, Is an advanced decentralized multi-chain protocol that seems to consolidate its position at the top of cryptocurrency.
- Due to its Goguen stage and Alonzo’s development, this is the main obstacle Polkadot needs to overcome.
- Polkadot enters TOP 5? Since it has registered more dApps, this is a very realistic possibility in the coming months.
Since its launch in 2009, Bitcoin has been the largest cryptocurrency in market capitalization and many other indicators, while the growth and success of Ethereum has led to a surge in other altcoins.
Ethereum has set up rolling balls for dApps by creating smart contract blockchains. Cardano is another scalable blockchain and has a clear roadmap to reach the top.
According to CoinMarketCap rankings, Cardano is currently ranked fifth among cryptocurrencies, and its Alonzo mainnet is described as an “ETH killer”. Due to its Substrate framework and Canary network Kusama, Polkadot’s fairly new technology is expected to occupy Cardano’s fifth position.
What is Polkadot?
Polkadot, developed by the Web3 Foundation, is a scalable secure network protocol that guarantees seamless interoperability. It is described as the “protocol of the next network.”
Its technology allows seamless transfer of data, not just tokens, between blockchains connected to the Polkadot network. Polkadot can transfer data between permissioned and unpermitted blockchains.
Polkadot is an open source multi-chain solution with four main components: relay chains, parachains, parallel threads, and bridges that allow parachains and parallel threads to communicate seamlessly with each other’s blockchains.
Can Polkadot get rid of Cardano from #5?
The technology and team behind Polkadot provide tools to elevate Polkadot to a position behind Ethereum on the Altcoins list.
First, Polkadot’s Canary network Kusama is built using Substrate and Polkadot-like code. It is an innovative platform where developers are willing to take the risk to expand their solutions and prepare to deploy on Polkadot.
Kusama is Polkadot’s experimental environment, which attracts more developers to Polkadot.
The platform has gained incredible traction, and the solution only launched its mainnet in mid-2020. Its market value exceeds 14 billion U.S. dollars and has swept the crypto space.
Polkadot is built on Substrate and has obvious advantages over competitors because developers can easily build it even with limited budgets. Its speed, scalability, and interoperability are some of the main factors that help Polkadot stand out from the crowd.
The platform has a blocking time of 6 seconds, making it one of the fastest networks. Unlike Ethereum, which faces severe congestion problems, Polkadot can process 1,000 transactions per second, so it has high scalability.
on the other hand
- Although Polkadot is scalable and interoperable, if the overall downward trend of the market cannot be reversed soon, then Polkadot’s growth will be suppressed.
- Cardano Alonzo mainnet Is the main threat to Polkadot because it incorporates smart contracts into Cardano’s blockchain.
- Cardano has been on fire recently, reaching 50,000 New pledge address within three weeks
Polkadot’s growth and future
With the launch and implementation of parachains, the price of Polkadot and its market value are expected to soar.
The usefulness of Polkadot is beyond doubt, because it connects a series of blockchains and provides solutions to a large number of problems faced by developers.
Polkadot currently has more than 350 decentralized applications on its blockchain, including Clover, Seascape, and Acala.
Polkadot is entering the top 5, and its price may double to more than $30 in the next few months. Polkadot’s current circulating supply is 956,469,129 DOT coins.
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