a solid blockchain with a token of great potential?

Updated October 27, 2022 at 11:57 pm

According to data from the GitHub programming repository, Polkadot recorded more than 500 contributions per day in September, an all-time high for the multi-chain protocol. At the same time, data from Polkadot’s XCM interoperability standard shows that a record of 26,258 messages were sent between its chain guards. These figures confirm the strong activity that the blockchain is experiencing. Can the DOT token benefit from it?

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A new record of contributions for the Polkadot blockchain

A total of 14,930 developer contributions were registered on Polkadot’s GitHub in August.

As reported by the project developers, 66 blockchains are now active on Polkadot and its network of startups parachain Kusama. Since its inception, more than 140,000 messages have been exchanged between channels through 135 messaging channels.

Together, the Polkadot and Kusama Treasury paid DOT 9.6 million and KSM 346,700 ($ 72.8 million in total) to finance proposed spending in the ecosystem.

Polkadot tweets about his active developer community
Polkadot’s tweet about his active developer community.

Parachains are individual Level 1 blockchains that work in parallel on Polkadot and are first tested on Kusama.

Auctions for parachain slots are conducted in the form of collective loans, with the position going to the highest bidder project. The first of its kind took place last November.

In Polkadot there are parallel chains, which are connected chains. Thereby, Polkadot is a “multi-chain” that allows for fast transactions running blockchain side by side.

Transactions can be completed faster if multiple channels are available. Polkadot also allows interaction with other blockchains. The flexibility of its blockchain network allows it to provide more specialized services.

Polkadot’s first fully operational chain guard, Moonbeam, was launched in January. Polkadot supporters contributed $ 1.4 million to its DOT token to help the innovative contracting platform win a chain guard auction in October.

The Polkadot network confirms its dynamism

In September, Polkadot recorded stronger activity than any other network, including Ethereum, despite continuing difficult market conditions.

The launch of new parachutes continued regularly, bringing the number of active chain guards on the “Canary” experimental network to 40.Kusama and 26 on the main network itself.

Many take advantage of Polkadot’s XCM interop standard. Polkadot and Kusama cumulatively distributed large sums to finance proposals for spending on ecosystems.

Furthermore, Messari’s data suggests this Polkadot is the most decentralized network among its peers.

The blockchain intelligence platform claimed to have a high Nakamoto coefficient which indicates a large number of nodes that need to be compromised to affect the blockchain and prevent it from functioning properly.

It should be noted that Polkadot recorded consistent use of the network and developer activity also in the second quarter, despite a 66% decline in valuations.

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Can blockchain development increase the DOT token?

Polkadot founder Rob Habermeier recently published a roadmap for improving the scalability of Polkadot and Kusama.

Important points include asynchronous support or decoupling the parachain extension from the relay chain extension, for example potential mechanism to reduce block time by 50% chain guard increasing the blocking space by ten times.

The update, if implemented, will increase the speed of the network at an estimated rate of between 100,000 and 1 million transactions per second.

Additionally, a subsidiary of T-Systems Multimedia Solutions, which acquired DOT, it will provide the infrastructure for users to stake resources on Polkadot and verify transactions.

Thanks to its interactive nature, Polkadot is attracting the interest of investors. A developer can connect blockchain to Polkadot or even create a completely new blockchain from scratch. New technologies attract investors when developers flock to them.

Its current price represents a nearly 140% increase from last November’s high of $ 53.98. Such a yield is attractive to investors.

DOT quotation in USDT from 7 to 27 October 2022 in UT H4
DOT quotation in USDT from 7 to 27 October 2022 in UT H4.

Some investors believe that Polkadot constitutes an inevitable turnaround for cryptocurrencies. The technology represents a significant advance in the development of the blockchain. It is a business model that can grow excessively.

The developers have just presented a plan to improve scalability, para-chain development, cross-chain communication and other operations to drive growth.

A foundation also rewards token holders. With Polkadot’s DOT tokens, bad investors are eliminated. This leaves Polkadot open to serious investors who can improve their services.

With its technology and this solid, united and particularly collaborative community, the Polkadot blockchain could continue to advance, thus dragging the DOT token behind it.

However, it should be monitor the general trend of the market as well as the high volatility that characterizes cryptocurrencies.

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