Polkadot is a blockchain network that is based on proof of bet and is a competitor of Ethereum. The protocol was created by Ethereum co-founder Gavin Wood and launched in May last year. He claims to fix the problems with the scalability and interoperability of Ethereum.
Polkadot has become the most popular alternative to Etherium for the purposes of decentralized financing (DeFi). From September to November 2020, about 19% of DeFi projects that have received risk funding are based on Polkadot.
It is clear that Polkadot recently took the place of XRP as the fourth largest cryptocurrency by market capitalization.
No project can win China without spending time and money on blockchain conferences and exhibitions. And Polkadot perfects this game.
The founder, Gavin Wood, is almost a resident of the Shanghai area. He has also created a community of vocal influencers, investors, developers, traders and speculators. They believe in Polkadot’s technological vision, its monetary vision, or both.
Perhaps more importantly, Polkadot has led many developers to abandon Ethereum, co-founded by Wood, and build on its blockchain instead.