Content corrected by an authorized editor Karol Kiełtyka - 10/5/20, 9:11 AM
Anyone here like Polkadot and investing in it? Can you share your thoughts? Is it really worth looking at it? What makes it so special?
Polkadot is a blockchain protocol designed to handle multiple chains within one network. Its purpose is to eliminate the problem of current blockchain that operates in isolation and has little communication capability.
This approach has several advantages:
Scalability: Polkadot supports multiple blockchain through a mechanism called "sharding" or parachains. This ensures that transactions are processed efficiently and simultaneously.
Interoperability: Various parachains and applications can share information and functionality through interoperable design and chain compatibility.
Specialization: Each parachain can be customized to a specific application.
Upgrade without forks: The project can be upgraded without time-consuming hard forks. New features can be added without having to completely rebuild the network.
In my opinion this is a very unique project. I invested a little bit of money and I don't regret it.
Polkadot (DOT) is a project which has recently been making a real difference due to the popularity of DeFi. The key to the popularity of Polkadot is undoubtedly the functionality of the project itself (use in practice) - it is because of this that DOT has unexpectedly found its way to the top of the Coinmarketcap cryptocurrencies ranking.
In my opinion it's worth to invest if you have some free money.
In my opinion Polkadot is not worth investing in for the long term. I found a lot of articles published from 2017 where the information doesn’t put a bright light on the project.(coindesk). According to the article the founder Dr Gavin Wood “accidently” deleted a code library for the Parity wallet which caused investors a big loss worth $152 milions dollar in ether. Several startups and open source projects that launched their ICO’s were impacted by the software failure. Polkadot on the main website stated that they are developing a most robust platform for security, scalability and innovation blockchain. That is exactly what almost every single project is trying to do since the bitcoin came out so nothing revolutionary here. Dr Gavin Wood was a co-founder of ethereum, the one who helped out writing a solidity and he also described himself as the one who coined Web 3.0. However on the real website for developers W3C already mentioned about bitcoin and other cryptocurrency a long time before him. All the stories about Dr Gavin look amazing but once he stepped back from ethereum he didn't achieve a lot and lost most of investors money.
This project makes me a bit uncomfortable and nervous. The main description on Coinmarketcap says that “communities on Polkadot can customize their blockchain’s governance to their needs. Polkadot enables forkless upgrades, allowing blockchains to evolve and adapt as new technology becomes available.” So everything can be changed at any moment without you knowing. Recently 10th of August 2020 they invented a hundred times as much Dot tokens which drained the price drastically. Developers and founders made 2000%+ of this event. That is why for me this is not a long time investment however do not let my opinion to put you off this project do your own research because you may find something positive and interesting about this project.