Polkadot’s rollout is ‘real and accelerated,’ says Blockchange Ventures, $ DOT up 15% after Coinbase announcement
Recently, Ken Seiff, managing partner of the crypto-oriented venture capital firm Blockchange Ventures, shared his company’s reasons why he is “excited” about the Polkadot project.
Polkadot is a complex and nuanced project with many elements interacting in a powerful, virtuous cycle. For a long time I have wanted to share our reasons for enthusiasm for this project. After many years of sharing, here it is: https://t.co/Wrh3VQ4iOa @TerryDRossi
– ken seiiff (@seiff) June 9, 2021
Below are some highlights from Seiff’s comments on Polkadot in an essay (entitled, “Polkadot Analysis: June 2021”) published on June 9th:
- “It enables interoperability between blockchains by providing a common frame of reference for all chains to which it is connected. At the same time, it significantly alleviates the security concerns associated with emerging chains as they roll out and scale, removes a major barrier to new chain adoption, and addresses a fundamental drawback of blockchain proliferation. “
- “Polkadot enables companies and developers to use and build the blockchains that are most appropriate to their individual needs without the risk of ending up in an isolated and potentially irrelevant silo.”
- “The Polkadot Protocol also removes the challenge of scaling as security through an innovative approach to shared security that enables collective interoperability and security of chains without compromising performance or customization.”
- “By allowing applications to run on their own Layer 1 blockchains (and more generally by distributing application activity and transactions across multiple blockchains), Polkadot can enable more decentralized and scalable blockchain applications. By dividing things up this way – rather than forcing all applications and activities to reside on a single blockchain – Polkadot allows transactions to be carried out in parallel, rather than individually. This could increase the overall speed and scalability of blockchain applications compared to Ethereum by 1000 times. “
- “… Substrate greatly improves Polkadot’s chances of becoming the leading interoperability protocol as substrate chains are automatically compatible with Polkadot. In other words, every new blockchain built on substrates automatically increases the number of blockchains and the potential user base. This combination will create a third network effect for Polkadot. “
- “Polkadot’s adoption is real and is accelerating. Three years after handing over his first line of code, Polkadot surpassed the number of Ethereum developers at the same milestone, a recent analysis by Electric Capital showed. Staking milestones have followed a similar path. Polkadot token holders have come together to consistently make the network one of the largest in terms of the value of the assets deployed – which leads to more security and rewards an already active community. “
- “Polkadot’s ability to offer the benefits of specially designed chains (which can be created with substrates) coupled with the power of its interoperability and shared security is a trifecta that we believe will leverage its three network effects to become one To lead monopoly or oligopoly results. “
- “Polkadot’s success in completing its mission is made possible by one of the most impressive teams we have seen in space. Parity Technologies was founded in 2015 by Dr. Jutta Steiner and Dr. Gavin Wood founded together. Steiner was previously the original chief security officer of Ethereum while Wood was the co-founder and former CTO of Ethereum. Wood also invented the Ethereum Virtual Machine and Solidity programming language – two fundamental blockchain elements that, by value, power nearly half of the top 20 crypto networks and support a market cap of hundreds of billions for the entire industry. “
- “In the summer of 2016, Wood announced the vision for Polkadot and his intention to create this protocol to connect all the blockchains in the world, and added Peter Czaban and Thiel Fellow Robert Habermeier as co-founders to co-create the protocol with Wood. It should be noted that Wood is also part-time General Partner at Blockchange Ventures. “
- “Polkadot solves the global interoperability, scalability and security problems that are endemic to all blockchains, while addressing application-specific solutions and needs. Its brilliance lies in the completeness of its solution: by treating interoperability and security at the same time, Polkadot removes potential brakes on the usefulness and efficiency of the wider space and facilitates the success of specialized blockchain applications. We believe this positions Polkadot as one of the linchpins of the entire industry. “
Yesterday, the Coinbase crypto exchange finally announced that Coinbase Pro, their experienced and professional traders, will accept incoming transfers of $ DOT and that trading will begin on March 16.
Coinbase also mentioned that “support for DOT will generally be available in the Coinbase supported jurisdictions except Singapore ”.
According to data from CryptoCompare, $ DOT is currently trading at around $ 24.50 (as of 09:03 UTC on June 15), up 15.08% over the past 24 hours.
The views and opinions of the author or any other person mentioned in this article are for informational purposes only and do not constitute financial, investment or other advice. Investing in or trading in crypto assets carries the risk of financial loss.