What are the Polkadot ecological projects worthy of attention now?

Apart from Cardano, Polkadot is currently one of the hottest cryptocurrency projects in the space. And for a very good reason. Featuring unique technologies and innovative concepts, this crypto project attempts to solve one of the most promising problems in the industry: Interoperability. Based on this, there are more than 300 projects already under construction on Polkadot. In this article, we'll explore some of the most exciting projects. Polkadot 101: Basic knowledge about Polkadot Before we learn more about specific projects, let's review the basics about Polkadot. Established by the Web3 Foundation in 2016, Polkadot is a decentralized, open source Web3 blockchain interoperability platform. The main goal of the protocol is to link various originally disconnected blockchains, including private chains, public chains, alliance chains, and oracle chains. Polkadot's main chain is called the relay chain, and its function is to serve as a communication hub between different parallel chains (parachains), while providing security for the entire network. Parachains are independent blockchains running on the relay chain, and each blockchain has a unique purpose in the Polkadot ecosystem. Although they run in parallel to the main blockchain, parachains can communicate with each other through the Cross-Chain Messaging (XCMP) protocol. Bank of America survey results show that now may be a good time to invest in risky assets The preference for cash increases. Like stocks, Bitcoin is showing signs of recovery. Earlier today, BTC broke through $24,000, the highest level since June 13. However, cryptocurrency market experts are divided on whether the extreme negative sentiment means that the bear market has bottomed out and risky assets including Bitcoin will usher in a new round of bull market. Bank of America's survey included 259 participants, with respondents managing $722 billion in assets. Fund managers' allocations to stocks fell to the lowest level since October 2008, the survey showed, while cash holdings surged to a 21-year high of 6.1 percent from 5.6 percent a month earlier, keeping exposure lower than in 2008. levels after the collapse of Lehman Brothers. In addition, the long dollar, long oil and short equities trades were very dense, while persistent concerns about stagflation and expectations of economic recession increased. What's more, Bank of America's Bull and Bear Indicator is still showing "max bearish." Jeff Anderson, chief investment officer at liquidity provider Folkvang Trading, said the survey results, showing extreme bearishness and defensive positioning in safe-haven assets like the U.S. dollar, is a contrarian indicator that tells you it may be time to stay away from the herd and invest in stocks. Great time for riskier assets. (CoinDesk) [2022/7/21 2:27:37] Parathreads (Parathreads) are similar to parachains. However, the latter has a dedicated slot that provides continuous uptime for its chain, while parallels share a slot between groups and operate less frequently. ChainX MP Li Pengfei: Now the main work of development is to upgrade the main network, which is currently in the stage of public beta with prizes: According to official news, the eighth issue of CoinW's "Consensus 52" "The Evolution of Polkadot - Polkadot Energy" Will it start the next round of DeFi boom? "In the AMA theme of the topic, ChainX member Li Pengfei believes that: ChainX released the mainnet more than a year earlier than Polkadot. At that time, it still used substrate 1.0, and now substrate 2.0 has matured. Therefore, the development of The main work of ChainX is to upgrade the main network. It is currently in the stage of public beta with rewards, providing a total of 10,000 PCX incentives for nodes and users. In the previous BTC cross-chain solution of ChainX, it was jointly managed by multiple trust nodes and multiple signatures. The custody of BTC assets has been running stably for a year and a half so far, and there has not been a single security incident. However, ChainX has been developing continuously in the field of cross-chain, so after the research of the council and the development team, it is ready to upgrade the BTC custody solution to achieve a safer and more decentralized way to carry out the custody of BTC cross-chain assets. The general idea is similar to PolkaBTC. Trustees of BTC assets are required to provide mortgage assets for BTC custody, and real assets are used as endorsements to ensure the security of BTC assets under custody. At the same time, the current trust node multi-signature will also be retained. The mode of management, which channel to choose to host assets, is up to the user to choose. The above-mentioned assets used by the trustee as collateral mainly include PCX and DOT, which also provides a stronger endorsement for the value of PCX. [2020/11/13 20:44:50] On the other hand, cross-chain bridges (bridges) are responsible for providing interoperability for Polkadot, connecting the network, and allowing transactions between different blockchains. Voice | Li Guoqing: It is still rare to really explore the application of blockchain: At the 2019 New Economy Annual Conference, Li Guoqing, the founder of Dangdang and the editor-in-chief of Morning and Night Reading, said that in the face of this competitive landscape, blockchain is the next generation of the Internet. Opportunities may help entrepreneurs fight their way out in the new 20 years surrounded by so many giants. Now 95% or even 99% of the blockchain are liars, air coins, and misappropriating money. Without issuing coins, it is still rare to really explore the application of blockchain. (Sina Finance) [2020/1/1] Another important part of the project is its native DOT token, which has three core functions: participating in network governance; running the Nominated Proof-of-Stake (NPoS) consensus mechanism; binding Determination (lock DOT to add new parachains). Based on Polkadot's architecture, the blockchain network has a high degree of security and scalability (the main chain TPS can reach up to 1,000 transactions per second, while the TPS with the parallel chain can reach up to 1 million). Especially when you are used to Bitcoin or Ethereum, you will find that the transaction speed of DOT is very, very fast. In addition, it must be mentioned that Polkadot can upgrade the network without soft and hard forks to prevent forks in the future. Voice | Vice President of Beijing Internet Court: The innovation of Internet evidence storage exploration is concentrated in blockchain technology: According to Zhengyi.com, recently, at the "Judicial Application of Electronic Data and Frontier Theory High-end Forum", Beijing Internet Court Vice President Li Jingwei said that all the applications for filing cases received so far are submitted online through the electronic litigation platform. Internet courts have a broad space, and innovations in the exploration of Internet evidence deposit and evidence collection are concentrated in the application of blockchain technology. [2019/4/13] 1. Kusama Kusama is one of the most popular Polkadot ecological projects. It originates from the same foundation as Polkadot. Known as "Polkadot's wild cousin", Kusama functions as a canary network for the entire ecosystem. Just like miners used canaries in the past to detect the presence of carbon monoxide, Kusama serves as Polkadot’s testbed with the goal of trying out new features, finding bugs and potential vulnerabilities, and fixing them. Simply put, every new version or component that has not been tested and reviewed will be implemented on Kusama first, and Kusama shares the same code base as Polkadot. The interesting thing about Kusama is that it is not just a testnet. It features its own KSM token, while giving users the option to explore new features that may appear on Polkadot. Zhao Dong: Bitcoin is now in autumn, it’s a rebound, not a bull market: Zhao Dong reposted the Weibo post “Google search-zce volume is down, and the number of wallets is growing faster” and said: The bear market has come, don’t fantasize, it’s autumn, it’s a rebound, not a bull market , just like autumn tiger is not summer. Most of the new leeks have no experience of the cold in winter. As for this view, whether it is correct will be known in the future. [2018/5/7] Before new parachains and projects are added to Polkadot, you will first see them on Kusama. 2. Acala Network Acala Network is a decentralized finance (DeFi) center and stable currency platform on Polkadot. The core component of the project is Acala Dollar (aUSD), which is a stable currency linked to multiple assets, and the value of each coin is 1 US dollar. The interesting thing about aUSD is that, unlike DAI and other decentralized stablecoins based on a single network, Acala Dollar can be used across multiple blockchains due to Polkadot’s interoperability capabilities. In addition to stablecoins, the entire Acala ecosystem also has cross-platform capabilities and consists of different DeFi applications, such as lending, liquidity pledges, atomic swaps, and price oracle solutions. Acala also has its own native currency, ACA, which will serve as a token for governance and network utility, while providing an emergency solution for sudden collapses in the prices of collateralized assets on the protocol. Interestingly, although its mainnet has not yet launched, the project has already raised $7 million from investors in August 2020. 3. Reef Finance Reef Finance is an interesting encryption project based on Polkadot. It tries to solve DeFi's liquidity and yield-related problems by connecting their decentralized protocols and solutions to one platform. What is special about Reef is that DeFi protocols can aggregate liquidity from various sources in the crypto market through the solution's global liquidity aggregator, including decentralized and centralized exchanges. As a result, users will be able to trade and exchange digital assets more efficiently and with less slippage. Reef does the same for different, popular DeFi activities – such as borrowing, lending, staking, and liquidity mining – offering users the best interest rates through its AI-powered smart yield farming aggregator. Another key feature of the platform is smart asset management, which provides users with various portfolio management functions such as active-zce asset rebalancing, guided asset management and diversification. The project has its native token, REEF, which went public in September 2020, raising nearly $4 million. In addition to governance, REEF can also be used to pay protocol fees, pledge in the pool, and be used for yield distribution. 4. Centrifuge Centrifuge is a DeFi project, and its design is compatible with Ethereum and Polkadot using the Substrate framework. Centrifuge's ecosystem consists of two main products: Centrifuge Chain and Tinlake. The former is a main blockchain powered by its native Radial (RAD) governance token, while Tinlake is a dApp that uses smart contracts for asset securitization. The project aims to connect the fintech and decentralized finance spaces, allowing businesses to tokenize real-world non-transformable (NFT) assets such as invoices, royalties, and mortgages to borrow funds and obtain Liquidity of Bank Participation. To achieve this, investors provide liquidity using two different token structures: TIN and DROP. Both coins represent the liquidity that users provide to Centrifuge's pool, and provide interest to holders over time. However, TIN involves more risk and has a higher potential yield, while DROP can prevent default and provide investors with lower returns. In addition to empowering the DeFi space in the form of NFTs, Centrifuge also allows businesses to add liquidity to their usually illiquid assets and obtain more funds without going through the expensive securitization process of traditional finance. 5. The Moonbeam Polkadot relay chain lacks native support for smart contracts. However, crypto project Moonbeam is trying to change that by deploying an Ethereum-compatible smart contract relay chain on Polkadot. Once Moonbeam is launched on Polkadot, it will add smart contract functionality to all other parachains and cross-chain bridges that connect the network and other blockchains such as Ethereum or Bitcoin. Since the project chain supports Web3 and Ethereum Virtual Machine (EVM), as well as popular development tools such as MetaMask and Truffle, developers can easily deploy existing smart contracts on Moonbeam with minimal configuration changes. Therefore, Ethereum-based crypto and DeFi projects can expand their scope by creating a cross-chain solution, or offload their existing workloads to Polkadot, avoiding Ethereum’s current high gas fees with minimal effort. Moonbeam has its own native utility token, Glimmer (GLMR). The main uses of GLMR include participating in on-chain governance, paying for smart contract execution and transaction fees on Moonbeam, and staking to support network operations. Interestingly, Ocean Protocol, a blockchain-based decentralized data exchange, announced earlier this year that it would integrate its solution with Polkadot through Moonbeam’s platform. Polkadot's Next Steps Polkadot has launched its relay chain in May 2020 and has since attracted many exciting projects. While the network initially used a Proof of Authority (PoA) consensus mechanism, it later evolved into an NPoS blockchain. This was followed by on-chain governance and balance transfers. Currently, Polkadot is in the most interesting stage where we will see the implementation and launch of multiple parachains on top of the relay chain. However, there are several steps before a parachain can be launched on Polkadot. First, the community must run a pilot on the parachain test network and Kusama to eliminate bugs and potential vulnerabilities and ensure a stable release. As the last step, if all goes well during the test period, the community will start the parachain slot lease auction, and users will choose the projects to be launched on Polkadot. According to the project introduction, the parachain slots will be auctioned one by one, and each auction will last for about two weeks.

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