x
Polkadot has become the fifth-largest cryptocurrency by market cap, today. And it's hot under the collar of XRP.
By Jeff Benson - Decrypt
The price of Polkadot protocol’s DOT token has increased by over 38% in the last 24 hours, pushing it to $11.36. It went as high as $11.60 in earlier trading, a new all-time high for DOT.
As a result, the market cap of the token has passed the $10 billion threshold for the first time, according to data from CoinMarketCap.
Polkadot is now the fifth-largest cryptocurrency by market cap, nestled between XRP ($13.3 billion) and Litecoin ($9.6 billion).
Polkadot is a relative newcomer among blockchain networks. It was built under the leadership of Gavin Wood and Jutta Steiner of Parity Technologies, which up until last year split time between Ethereum-based projects and creating its own blockchain.
In December 2019, Parity said it would no longer maintain the Parity Ethereum client, which was then the second-most popular way of accessing the Ethereum blockchain. The goal was to spend more time on Polkadot.
Still, according to Polkadot’s product positioning, the protocol isn’t as much a competitor to Ethereum as an enhancer of it. It’s designed to connect multiple blockchains together so they can be interoperable. The DOT is equal parts governance token for voting on operations and utility token for creating so-called “parachains.”
Since launching its mainnet in May, Polkadot has attracted development from projects such as Moonbeam, which works on scalable smart contracts, and KILT, which is working on digital identity.
Article produced by Jeff Benson - Read the full article:
By Bhushan Akolkar - CoinGape
In a massive rally, Polkadot (DOT) has entered the ranks of top-ten cryptocurrencies by market cap leaving behind long-time giants like Litecoin (LTC) and Bitcoin Cash (BCH). At press time, the DOT price is up 40% above $11.50 with its market cap surging past $10.2 billion.
Over the last month, the Polkadot bulls have really taken up the rally on a charge with the DOT price doubling in just 30 days. The major part of the Polkadot price rally comes just during the Christmas season of December 2020. The DOT price has been closely following the BTC rally over the last two weeks since December 28.
Over the last year, Polkadot has gained much popularity as an Ethereum-competitor although it is currently miles apart. The platform gained popularity by attracting development projects like Moonbeam that supports scalable smart contracts. It also hosts other diverse projects like KILT that offer digital identity.
The Polkadot blockchain network scales by spreading its transactions on multiple parallel blockchain shards dubbed Parachains. It looks like the platform is soon to get its first-ever Parachain. On Wednesday, January 13, the Plasm Network announced that it has managed to successfully connect with Polkadot testnet Rococo V1.
Polkadot’s Rococo-V1 testnet carries the latest version of the Parachain consensus. During the latest announcement, the Plasm Network mentioned:
“2021 is an exciting year for our community. Our highest priority in 2021 is to become a Polkadot parachain and build a dApps hub on Polkadot”.
Soon later, cross-chain DEX protocol Zenlink also announced its partnership with Plasm Network.
What a great news! We have entered into a strategic partnership with @Plasm_Network and plan to prioritize the integration of Zenlink DEX Module into Plasm Network for cross-chain tradings testing between parachains in the Rococo V1 environment.#Polkadot https://t.co/ijiZPhMUTL
— Zenlink (@ZenlinkPro) January 13, 2021
Article produced by Bhushan Akolkar - Read the full article:
