{"id":30324,"date":"2020-10-19T20:09:46","date_gmt":"2020-10-19T17:09:46","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=30324"},"modified":"2025-08-27T21:45:10","modified_gmt":"2025-08-27T18:45:10","slug":"bloomberg-polkadot-network-could-disrupt-ethereums-dominance-in-decentralized-applications","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/bloomberg-polkadot-network-could-disrupt-ethereums-dominance-in-decentralized-applications\/","title":{"rendered":"Bloomberg: Polkadot network could disrupt Ethereum’s dominance in decentralized applications"},"content":{"rendered":"

The ‘next-generation’ Polkadot network is aimed at attracting developers of decentralized applications (dapps). Its hallmark is the ability to create its own blockchain and interact with other networks, Bloomberg<\/a> reports.<\/p>\n

The Outlier Ventures report noted a 44% rise in Q2 in the number of dapps developers supporting Polkadot, the best among 11 competitors. In Bitcoin and Ethereum, their numbers declined.<\/p>\n

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\u201cPolkadot stands out in terms of design as well as the size of its community,\u201d said Messari researcher Wilson Uitiem.<\/p>\n<\/blockquote>\n

According to PolkaProject<\/a>, 267 projects have already been deployed on the Polkadot network \u2014 from stablecoins to social networks. At the start of September there were just over 200, and the network itself was launched in May.<\/p>\n

Unlike Ethereum, where dapps run via smart contracts, Polkadot is a protocol for interconnecting disparate blockchains. Developers can decide what transaction fees to charge and how quickly to confirm transactions in the ledgers.<\/p>\n

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\u201cWe will see many innovative products that are difficult to deploy in a smart-contract environment. For example, gaming blockchains that guarantee there is no room for ‘cheaters’. Or blockchains inside consortia,\u201d explained Gavin Wood, the project’s founder.<\/p>\n<\/blockquote>\n

In Wood’s view, the unremarkable name Polkadot (translating to ‘peppered cloth’) most accurately reflects the essence of dapps \u2014 the absence of a single centre.<\/p>\n

The Polkadot token sale took place in 2017. The project attracted $145m by selling 5m DOT. But funds for development proved insufficient, and in 2019 the project conducted a secondary token sale. According to WSJ, after that, the project\u2019s market capitalisation rose to $1.2bn.<\/p>\n

In August this year, after the denomination of DOT and additions<\/a> to the listing on major exchanges, the Polkadot token entered the top 10 by assets in the crypto market. At the time of writing, DOT had moved to eighth place with a market cap of $3.76bn, according to CoinGecko<\/a>.<\/p>\n

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\u201cPolkadot\u2019s market value is only a tenth of Ethereum\u2019s. Our hypothesis is that Polkadot has a higher than 10% chance of becoming a competitor to Ethereum,\u201d Dan Morehead, chief at Pantera Capital, said.<\/p>\n<\/blockquote>\n

Earlier in Q1 2021, Interlay blockchain startup announced<\/a> plans to launch a 1:1 Bitcoin-backed PolkaBTC token.<\/p>\n

Subscribe to ForkLog news on Telegram: ForkLog FEED<\/a> \u2014 the full news feed, ForkLog<\/a> \u2014 the most important news and polls.<\/p>\n","protected":false},"excerpt":{"rendered":"

The ‘next-generation’ Polkadot network is aimed at attracting developers of decentralized applications (dapps). Its hallmark is the ability to create its own blockchain and interact with other networks, Bloomberg reports.<\/p>\n","protected":false},"author":1,"featured_media":30325,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[73,46,1138,1461],"class_list":["post-30324","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-dapps","tag-ethereum","tag-opinions","tag-polkadot-dot"],"aioseo_notices":[],"amp_enabled":true,"views":"13","promo_type":"1","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/30324","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=30324"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/30324\/revisions"}],"predecessor-version":[{"id":30326,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/30324\/revisions\/30326"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/30325"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=30324"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=30324"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=30324"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}