Best Projects on Polkadot – Top dApps on Polkadot To Invest In

News and chats have been going around Polkadot for quite some time now, and today I will be glad to tell you about this cryptocurrency 

At first, what is Polkadot exactly? 


Having your own blockchain is great, but most projects will only be able to use it if they can connect with the greater blockchain community. A blockchain project would need to build significant infrastructure on its own to do this safely and effectively, and many initiatives have failed because they were unable to provide the necessary seamless connectivity. 

Also, Polkadot’s native token, DOT, can be used to stake, or validate, transactions on the network or connect new transaction chains, in a similar way to Ethereum’s ether token.

You can buy Polkadot on Binance, Kucoin, Cex.io or Coinbase. You can store it on Ledger Nano X, Polkawallet, Guarda.

Top projects built on Polkadot


Except for Polkadot’s own token, there are some other projects, built with Polkadot and Substrate.

Kusama


Developers can profit from a less rigid management structure as well as lower-wage requirements on Kusama than they would on Polkadot due to Kusama’s usage of trial and error artificial intelligence. 

They also feature such a thing, called Crowdloaning – it is a mechanism designed to promote decentralization through parachain by distributing tokens to users in exchange for their delivered assets, a method similar to Ethereum liquidity mining. In a Crowdloan, supporters’ DOT or KSM is managed using an automated procedure embedded into the network’s programming. In technical words, the chain’s runtime logic uses the “crowdloan.contribute” extrinsic to allocate the DOT or KSM to the auction for the parachain. This is a unique transaction that allows token holders to contribute to a Crowdloan without transferring or relinquishing possession of their tokens to a third party

Acala


Moonbeam


Moonbeam is a developer-focused blockchain that aims to be compatible with Ethereum’s existing development tools and network. It accomplishes this by offering a complete EVM implementation, a Web3-compatible API, and bridges to existing Ethereum networks. On the Polkadot network, Moonbeam will also be a parachain. That implies it will benefit from the Polkadot relay chain’s shared security and will be able to merge with other Polkadot-connected chains (once that functionality is available on Polkadot). Moonbeam has two available utility tokens: 

Glimmer (GLMR) is the Moonbeam Network’s utility token, which is based on the Polkadot network and acts as a developer-friendly parachain. Moonbeam, often known as “Canarynet,” will debut after Moonriver.

Moonriver (MOVR) is the utility token for Moonbeam’s Kusama deployment, which acts as a “CanaryNet” for the Moonbeam Network. As a result, Moonriver’s token utility characteristics will be similar to Moonbeam’s. 

PolkaFoundry


According to PolkaFundry, the most significant barrier to blockchain adoption is the complexity of the user experience on most platforms and dApps. The average person has difficulties engaging with many crypto initiatives since their user interfaces were not built for mainstream customers. Many dApps have a small active user base because wallets, private keys, currencies, exchanges, and other concepts require understanding and might be difficult for new users. Polkafoundry has spent years researching DApp UXs and incorporating that expertise into the PolkaFoundry UX to make the platform simple to use for both novice and experienced users.

Homa Protocol


The Homa protocol‘s primary objective is to address the issue of staked asset illiquidity. The Homa protocol is introduced establishing a staking pool, that tokenizes users’ staked assets as L-Assets (e.g., L-DOT as locked DOT), which users may invest in or use in other apps. Staked DOT becomes L-DOT in the Homa Protocol. On the Polkadot network, L-DOT is liquid and transferable across all chains. L-DOT can be redeemed for underlying DOTs at any moment, with the option to redeem immediately or sooner.

While staking through the Homa Protocol, L-DOT holders will still be able to pick whose validators they nominate their DOTs to. L-DOT holders should also be able to participate in Polkadot’s on-chain governance, according to the Acala team, however, the present voting system does not enable multiple vote records from a single address. To tackle this challenge, the Acala team is collaborating with the Polkadot team. On Polkadot, L-DOT holders are still susceptible to slashing. Validators, on the other hand, are chosen on a daily basis by L-DOT holders, which means they may vote out poor validators rapidly.

In conclusion


“Polkadot development is on track to deliver the most robust platform for security, scalability, and innovation” – as developers say on their own website. And after hours of researching and digging into this project, I must agree with that. Polkadot and projects, based on it are truly offering an amazing, unique experience for users and developers. 

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CaptainAltcoin's writers and guest post authors may or may not have a vested interest in any of the mentioned projects and businesses. None of the content on CaptainAltcoin is investment advice nor is it a replacement for advice from a certified financial planner. The views expressed in this article are those of the author and do not necessarily reflect the official policy or position of CaptainAltcoin.com

Damian Booker

Damian Booker

First thing to know about Damian is - he HATES shitcoins and has declared a war on them! Damian is a bitcoin hodler since early 2013. He used to mine Ethereum back in the day as well. Nowadays he likes to discuss bitcoin and its potential influence on the society organisation and governance. Damian hates fraudulent projects and his mission is to shed light on the maggoty scammers that have invaded the crypto space with their zero-value projects.

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