To say that the cryptocurrency ecosystem is complex would be an understatement. With thousands of coins operating over dozens of blockchains, there is little scope for a unified medium. As a result, communication and transfer of data is still a challenge. To beat these problems, Polkadot is emerging as an effective solution.
Polkadot brings together multiple blockchains into a singular network. By design, Polkadot does this work very effectively. While other blockchains let anyone create their own tokens, Polkadot lets you create your own blockchains. The custom blockchains work within the Polkadot ecosystem, and make transactions faster and easier.
Similar to Cardano, a former Ethereum founder is behind the development of Polkadot. Dr Gavin Wood is not just a co-founder of Ethereum and Polkadot, but also the creator of the Solidity programming language.
As of now, Polkadot is already facilitating a thriving ecosystem with tokens, decentralized exchanges, and decentralized autonomous organizations. DOT – the native token of Polkadot, is also gaining success in recent times. It is now one of the top ten cryptocurrencies in the world. 2021 has been a particularly good year for DOT, when it saw its first all-time high.
Polkadot is fairly new to the crypto sphere, but is already making a name for itself. After Bitcoin and Ethereum, many people now know about Polkadot. While DOT is doing well, the real magic of Polkadot lies in its ability to let users create their blockchains. It is worth waiting to see what the future holds for Polkadot.