The recipients of the Web3 Foundation’s grant scheme covered for 100 projects 83 teams and 24 new chains. The projects cover for bridging, communication, finance, gaming, identity, interface, IoT, Privacy, Robotics, Scaling, Social Networking, Storage, Supply Chain, Tooling and Technical improvements, and Wallets.
The good thing is that as Polkadot enters 2021, there are growing numbers of ecosystem funds revolving around Polkadot to support great projects.
There are a total of 1.02 billion DOT in existence. Reportedly, 63% is locked into the staking system. It is important to recollect that within six months of existence the network has become the number one for staking.
About 10.4m DOT has been allocated for use for great proposals. This is expected to increase at nearly 1.6m DOT every year, which will be funded from the parts of Polkadot’s 10% annual token-base minting rate.
Commenting, Sydney Ifergan, the crypto expert opined: “Polkadot (DOT) in the year 2020 made a lot of launches and 2021 will probably be executions fulfilling the planned road map.
At present, Polkadot is the most decentralized high-value secure network in existence. The recognition for Polkadot got phenomenal and eye brow raising as it just looked like it got up high in the ranking ladder from nowhere.
The beginning of the year was not easy they had to do a lot of fixes. The good thing is that the community are taking a healthy interest in Polkadot’s future
For clarity, Polkadot is a heterogeneous “sharded” multichain. The main aim of Polkadot is to facilitate interoperability within their own parachain shards and also with chains and platforms that are not native to Polkadot.
While it cannot be denied that Ethereum is the best for smart contracts, Polkadot are evolving to be the best to facilitate better interoperability and compatibility.
In 2021, we might see Frontier evolve to be a full blown feature. For clarity, Frontier is the codename of Parity’s Ethereum-Substrate compatibility project and it recently got to an initial level of feature-completion.
The most expected are the two inter-chain bridges which have been under heavy development during 2020 with both getting launched in early 2021. One is for Bitcoin (BTC) mainnet developed by Interlay and the other for Ethereum mainnet is getting developed by Snow fork. Several other tools are also getting developed. Therefore, there is a lot of pleasant and useful news to come from Polkadot for year 2021.
A finance graduate, Maheen Hernandez has been drawn to cryptocurrencies ever since Bitcoin first emerged in 2009. Nearly a decade later, Maheen is actively working to spread awareness about cryptocurrencies as well as their impact on the traditional currencies. Appreciate the work? Send a tip to: 0x75395Ea9a42d2742E8d0C798068DeF3590C5Faa5
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