Polkadot is a cryptocurrency project that was started in 2020 with the goal of providing a variety of financial solutions. This protocol allows data to be transferred between chains while also providing Defi and parachain solutions.
Dot was selling at $8.3 at the start of 2022, a massive gain from its value when it first appeared on Coinmarketcap. The upward trend continued, with DOT price reaching a high of $47.9 in May. DOT price was on another bull run a few months later, reaching its all-time high of $53.88 on November 4th. The altcoin was trading at $29 at the time of writing.
Breakout for Polkadot?
A blockchain pioneer predicts that an altcoin with a breakthrough year in terms of price and project milestones will have a breakout year in 2022.
Gavin Wood, co-founder of Ethereum, explains the future of Polkadot (DOT), a cross-chain interoperability protocol he founded in 2016.
He claims that more than any other year, 2022 marks the start of Polkadot’s next chapter. As more parachain teams win bids and join the Polkadot party, the potential of scaled hyper-connectivity under a single security umbrella, which Polkadot provides, will become a reality.
There’s a lot to look forward to with more than 150 chains under development for a variety of reasons, several of which already have test-nets. We may also anticipate the launch of decentralised bridges, first by Parity, which will connect Polkadot to Kusama, and then by Snowfork, which will connect Polkadot to Ethereum.
Polkadot plans to optimize its core code, as well as strive to reduce network costs and latency issues, according to Wood.
“Our goal with this is to allow each one of Polkadot’s parachains to push upwards towards our 1,000 sTPS [standard transactions per second] per-shard target.
Beyond that, the Polkadot team’s efforts will be focused on the parathread feature, allowing teams who do not win an auction to still ensure they have the security guaranteed by Polkadot and get all the benefits of XCMP [cross-chain message passing].”
An End to Scammers?
In 2021, members of the Web3 Foundation and Parity Technologies teamed up to form the Anti-Scam team, with the goal of putting an end to scammers’ free reign and making Polkadot a safe ecosystem for all stakeholders. Scams were combated with an additional $130,000 from the Polkadot Treasury and the Web3 Foundation.
Over the course of the year, nearly a thousand sites and other scams have been taken down, with the community identifying more than 460 scam sites. More than 2,300 entries have been added to the phishing repository, which is a comprehensive list of sites and addresses involved in frauds.
The Anti-Scam Community Initiative will expand beyond scam sites in 2022, becoming more community-driven, collaborating with other ecosystem initiatives and teams, and laying the groundwork for the first on-chain and decentralised scam fighting campaign.
Wood wraps up by outlining Polkadot’s successful fundraising efforts from the previous year.
“Our ecosystem also continues to grow rapidly from an investment perspective – we estimate that it comprises around 350 teams now (that’s about an extra 250 on last year’s estimate).
During 2021 alone, about 50 of them together raised over $670m in early-stage funding (seed rounds and Series A).”