Here’s What To Expect From This $29,000,000,000-Market Cap Altcoin in 2022, According to Ethereum Co-Founder
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A pioneer in the world of blockchain is giving his 2022 prognosis for an altcoin which has had a breakout year both in terms of price and project milestones.
In a new blog post, Ethereum co-founder Gavin Wood discusses the future of cross-chain interoperability protocol Polkadot (DOT), which he founded in 2016.
“More than any year yet, 2022 is the beginning of our next chapter in Polkadot’s story. We’ll see the prospect of scaled hyper-connectivity under a single security umbrella which Polkadot provides come to life as more parachain teams win auctions and join the Polkadot party.
With more than 150 chains serving a variety of purposes under development, many of which already with test-nets, there is much to anticipate. We also have the launch of decentralized bridges to look forward to, initially Parity’s bridge which will connect Polkadot to Kusama, and later Snowfork’s which will connect Polkadot to Ethereum.”
Wood says that Polkadot intends to optimize its core code as well as work to lower network costs and reduce latency issues.
“Our goal with this is to allow each one of Polkadot’s parachains to push upwards towards our 1,000 sTPS [standard transactions per second] per-shard target.
Beyond that, the Polkadot team’s efforts will be focused on the parathread feature, allowing teams who do not win an auction to still ensure they have the security guaranteed by Polkadot and get all the benefits of XCMP [cross-chain message passing].”
The price of DOT ran from a January low under $10 to highs above $49 in May and $55 in November but has since corrected considerably. The 10th-ranked crypto asset is currently trading for $27.36.
The Polkadot founder also stresses a commitment to root out scammers from the crypto space.
“In 2021, people from Web3 Foundation and Parity Technologies came together and formed the Anti-Scam team, determined to put a stop to scammers’ free reign and make Polkadot a safe ecosystem for its stakeholders. An additional $130,000 was spent from the Polkadot Treasury and Web3 Foundation for fighting scams.
Over the year, close to a thousand sites and other scams have been taken down overall, with more than 460 scam sites identified by the community. The phishing repository, a comprehensive list of sites and addresses involved in phishing and scams, now includes more than 2,300 entries.
2022 will see the evolution of the Anti-Scam Community Initiative to cover a lot more than scam sites, become community-driven, collaborate with other ecosystem projects and teams, and set the foundations for the first on-chain and decentralized scam fighting campaign.”
Wood concludes by highlighting Polkadot’s successful fundraising initiatives during the past year.
“Our ecosystem also continues to grow rapidly from an investment perspective – we estimate that it comprises around 350 teams now (that’s about an extra 250 on last year’s estimate).
During 2021 alone, about 50 of them together raised over $670m in early-stage funding (seed rounds and Series A).”
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Featured Image: Shutterstock/Sergey Nivens/Andy Chipus
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