Polkadot (DOT) will soon reach a significant milestone; this is what will happen
The crypto sector is moving fast, with many projects showing exciting developments. One of the projects that are slowly coming to fruition is Polkadot (DOT). In November, the project will reach its most significant milestone to date!
Polkadot is a blockchain network on which smart contracts can be developed, like Ethereum (ETH). However, the difference is that Polkadot consists of many separate, specialized blockchains moving in parallel, called parachains. The goal is to offer high scalability by having transactions for specific use cases processed by specific chains, rather than having all kinds of transactions processed by a single layer one chain.
Projects that want to develop products on one of the Polkadot chains compete with other projects in an auction. And finally, this auction will happen this month after more than a year of development! On the 11th of November, the auction will begin, which will last for five weeks. Eventually, the 15th of December will be the date the winners get implemented in their parachain!
There are new and exciting developments in the crypto sector popping up, what feels like, every day! One that we’re particularly excited about and has been in the works for quite a while is Polkadot (DOT).
For those who don’t know, Polkadot is a blockchain network where you can develop smart contracts similar to Ethereum (ETH). The difference? Polkadot consists of several separate and specialised blockchains that move in parallel, they’re called parachains. They offer higher scalability by having specific chains that process specific transactions. Instead of having all kinds of transactions going through just one chain.
Polkadot is hosting an auction for projects who’d like to develop their products on a parachain. Now, finally, after a year in development the auction is happening on the 11th of November. It’ll go on for five weeks and the winners will be introduced on the 15th of December.
What does this mean for Polkadot?
The auction of the parachains marks the final step towards the adoption of Polkadot for real-world use. The DOT price was already rising significantly in the run-up to this auction, with DOT reaching a new all-time high. Only time can tell how the implementation of the parachains will affect the DOT price in the future, but the sentiment is positive, which makes sense as more utility has a positive effect on a cryptocurrencie’s price.
Whatever happens, Polkadot trading bots in the BOTS app are ready for what will come. You should check out some of the Polkadot trading bots in the BOTS app! For example, Polkadot max by Team RYFEN and the top 10 Balance2.bot by Dembots will offer you exposure to Polkadot.