What Is Polkadot (DOT)?
Polkadot is an open-source sharded multichain protocol that connects and secures a network of specialized blockchains, facilitating cross-chain transfer of any data or asset types, not just tokens, thereby allowing blockchains to be interoperable with each other. Polkadot was designed to provide a foundation for a decentralized internet of blockchains, also known as Web3.
Polkadot is known as a layer-0 metaprotocol because it underlies and describes a format for a network of layer 1 blockchains known as parachains (parallel chains). As a metaprotocol, Polkadot is also capable of autonomously and forklessly updating its own codebase via on-chain governance according to the will of its token holder community.
Polkadot provides a foundation to support a decentralized web, controlled by its users, and to simplify the creation of new applications, institutions and services.
The Polkadot protocol can connect public and private chains, permissionless networks, oracles and future technologies, allowing these independent blockchains to trustlessly share information and transactions through the Polkadot Relay Chain (explained further down).
Polkadot’s native DOT token serves three clear purposes: staking for operations and security, facilitating network governance, and bonding tokens to connect parachains .
Polkadot has four core components:
Relay Chain: Polkadot’s “heart,” helping to create consensus, interoperability and shared security across the network of different chains;
Parachains: independent chains that can have their own tokens and be optimized for specific use cases;
Parathreads: similar to parachains but with flexible connectivity based on an economical pay-as-you-go model;
Bridges: allow parachains and parathreads to connect and communicate with external blockchains like Ethereum.
Who Are the Founders of Polkadot?
Polkadot is the flagship protocol of Web3 Foundation, a Swiss Foundation with a mission to facilitate an open-source, fully functional and user-friendly decentralized web.
Polkadot’s founders are Dr. Gavin Wood, Robert Habermeier and Peter Czaban.
Wood, Web3 Foundation’s president, is the most well-known of the trio thanks to his industry influence as Ethereum co-founder, Parity Technologies founder and the creator of the smart contract coding language Solidity. Wood is also credited with coining the term Web3.
Habermeier is a Thiel Fellow and accomplished blockchain and cryptography researcher and developer. Czaban is the former Technology Director at Web3 Foundation, with a wealth of experience across highly specialized fintech industries.
What Makes Polkadot Unique?
Polkadot is a sharded multichain network, meaning it can process many transactions on several chains in parallel (“parachains”). This parallel processing power improves scalability.
Custom blockchains are quick and easy to develop using the Substrate framework and Substrate blockchains are designed to be easy to connect to Polkadot's network. The network is also highly flexible and adaptive, allowing the sharing of information and functionality between participants. Polkadot can be automatically upgraded without the need for a fork in order to implement new features or remove bugs.
The network has a highly sophisticated user-driven governance system where all token holders have a vote in how the network is run. Teams can customize their own blockchain’s governance on Polkadot based on their needs and evolving conditions. Nominators, validators, and collators all fulfil various duties to help secure and maintain the network and eradicate bad behavior.
At the end of 2021, Polkadot successfully concluded its first Parachain auctions. The Parachain auctions followed an un-permissioned candle auction system. The winning bid is the highest bid at the random moment the auction ends.
Polkadot assigned the first five slots to the following auction winners: Acala, Moonbeam, Astar, Parallel and Clover. These projects will have their parachain slots locked in for 96 weeks, guaranteed by the DOT bidders committed as collateral. As customary on Polkadot, all projects had previously been battle-tested on its de-facto testnet Kusama.
Polkadot pice prediction 2022-2031
Polkadot Price Prediction 2022
According to the technical analysis of Polkadot prices expected in 2022, the minimum cost of Polkadot will be $10.55. The maximum level that the GTN price can reach is $12.34. The average trading price is expected around $10.98.
GTN Price Forecast for May 2022
Based on the price fluctuations of Polkadot at the beginning of 2022, crypto experts expect the average GTN rate of $9.11 in March. Its minimum and maximum prices can be expected at $8.33 and at $9.37, respectively.
June 2022: Polkadot Price Forecast
Cryptocurrency experts are ready to announce their forecast for the GTN price in April 2022. The minimum trading cost might be $9.03, while the maximum might reach $9.73 during this month. On average, it is expected that the value of Polkadot might be around $9.38.
GTN Price Forecast for July 2022
Crypto analysts have checked the price fluctuations of Polkadot in 2022 and in previous years, so the average GTN rate they predict might be around $9.57 in May. It can drop to $9.13 as a minimum. The maximum value might be $10.11.
August 2022: Polkadot Price Forecast
In the middle of the year 2022, the GTN price will be traded at $9.76 on average. June might also witness an increase in the Polkadot value to $10.58. It is assumed that the price will not drop lower than $9.32 in June 2022.
GTN Price Forecast for September 2022
Crypto experts have analyzed Polkadot prices in 2022, so they are ready to provide their estimated trading average for July — $10.15. The lowest and peak GTN rates might be $9.71 and $10.97.
October 2022: Polkadot Price Forecast
Crypto analysts expect that at the end of summer 2022, the GTN price will be around $10.55. In August, the Polkadot cost may drop to a minimum of $10.21. The expected peak value might be $11.38 in August 2022.
GTN Price Forecast for November 2022
Having analyzed Polkadot prices, cryptocurrency experts expect that the GTN rate might reach a maximum of $11.91 in September 2022. It might, however, drop to $10.42. For September, the forecasted average of Polkadot is nearly $10.77.
December 2022: Polkadot Price Forecast
In the middle of autumn 2022, the Polkadot cost will be traded at the average level of $10.98. Crypto analysts expect that in October 2022, the GTN price might fluctuate between $10.55 and $12.34.
Polkadot Price Prediction 2023
After the analysis of the prices of Polkadot in previous years, it is assumed that in 2023, the minimum price of Polkadot will be around $15.83. The maximum expected GTN price may be around $18.45. On average, the trading price might be $16.27 in 2023.
Polkadot Price Prediction 2024
Based on the technical analysis by cryptocurrency experts regarding the prices of Polkadot, in 2024, GTN is expected to have the following minimum and maximum prices: about $22.98 and $27.39, respectively. The average expected trading cost is $23.64.
Polkadot Price Prediction 2025
The experts in the field of cryptocurrency have analyzed the prices of Polkadot and their fluctuations during the previous years. It is assumed that in 2025, the minimum GTN price might drop to $31.45, while its maximum can reach $39.85. On average, the trading cost will be around $32.40.
Polkadot Price Prediction 2026
Based on the analysis of the costs of Polkadot by crypto experts, the following maximum and minimum GTN prices are expected in 2026: $54.61 and $46.84. On average, it will be traded at $48.46.
Polkadot Price Prediction 2027
Crypto experts are constantly analyzing the fluctuations of Polkadot. Based on their predictions, the estimated average GTN price will be around $71.78. It might drop to a minimum of $69.36, but it still might reach $82.28 throughout 2027.
Polkadot Price Prediction 2028
Every year, cryptocurrency experts prepare forecasts for the price of Polkadot. It is estimated that GTN will be traded between $100.41 and $120.39 in 2028. Its average cost is expected at around $103.28 during the year.
Polkadot Price Prediction 2029
Cryptocurrency analysts are ready to announce their estimations of the Polkadot’s price. The year 2029 will be determined by the maximum GTN price of $177.44. However, its rate might drop to around $147.39. So, the expected average trading price is $151.52.
Polkadot Price Prediction 2030
After years of analysis of the Polkadot price, crypto experts are ready to provide their GTN cost estimation for 2030. It will be traded for at least $210.45, with the possible maximum peaks at $247.46. Therefore, on average, you can expect the GTN price to be around $218.02 in 2030.
Polkadot Price Prediction 2031
Cryptocurrency analysts are ready to announce their estimations of the Polkadot’s price. The year 2031 will be determined by the maximum GTN price of $370.18. However, its rate might drop to around $295.98. So, the expected average trading price is $304.70
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