Nothing excites me more than seeing a brand new blockchain suddenly appearing in the top 10 of cryptocurrencies virtually overnight. Polka Dot after experiencing a few delays launched itself into the crypto universe and immediately found its place in the coveted top ten of all cryptos. Launching around the end of August it hit an all time high of $7 a coin before settling down to now currently trade around $5 a coin with a market cap around $4.7 Billion. So what exactly is the new coin and should we be paying attention to it?
Polka Dot was conceived and brought into existence by former Ethereum co-founder Gavin Wood. It is a blockchain designed to have interoperability which means it can connect and transfer data with other blockchains. Many current blockchains are essentially walled off and cannot communicate with other blockchains giving Polka Dot a competing edge. Polka Dot has an active community with already over 100 projects being built on it in the form of Dapps and smart contracts. Another very contentious area in blockchains is scalability and Polka Dot hopes to overcome this by using sharding and running multiple parallel blockchains to handle large volumes during rush hour periods. polka Dot is also embracing Defi which the hot trendy subject in crypto currently. Judging by its impressive market cap Polka Dot has a lot of support behind it and it remains to be seen if this is just another hot crypto that will fade out or will continue its impressive upwards trajectory.
Polka Dot uses nominated proof of stake and offers an impressive ROI of 7% on staked coins which is a huge selling point to me when investing in new crypto’s. In my opinion this coin has tremendous future potential and I’m adding it to my portfolio. The fact that it has an impressive staking return, is designed to coexist with other blockchains and already has a high market cap is enough to get my investment.
For US customers you can purchase Polka Dot at Kraken, Bittrex, Binance and Crypto.com