{"id":118452,"date":"2021-03-25T02:23:53","date_gmt":"2021-03-25T02:23:53","guid":{"rendered":"https:\/\/precoinnews.com\/?p=118452"},"modified":"2021-03-25T02:23:53","modified_gmt":"2021-03-25T02:23:53","slug":"crypto-strategist-unveils-top-three-polkadot-projects-with-growing-potential","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/altcoins\/crypto-strategist-unveils-top-three-polkadot-projects-with-growing-potential\/","title":{"rendered":"Crypto Strategist Unveils Top Three Polkadot Projects With Growing Potential"},"content":{"rendered":"
The pseudonymous host of Coin Bureau, a cryptocurrency strategist simply known as Guy, shared with his over 500,000 subscribers on YouTube his top three projects built on top of the Polkadot (DOT) network with growing potential.<\/p>\n
In the video, Guy pointed out he is keeping an eye on these three projects as these could soon become parachains, which are reportedly Polkadot-powered blockchains with a higher transaction throughput than the Ethereum blockchain.<\/p>\n
Polkadot, it\u2019s worth noting, was founded by Ethereum co-founder Gavin Wood and its main chain does not support smart contracts. Its main chain, called the relay chain, has permanent transactions, and user-created networks called the parachains. These can be customized for any numbers of uses and benefit from the security of the main blockchain.<\/p>\n
In his video, Guy explained Polkadot gets its smart contract functionality from parachains. He added only 100 parachain slots are available on the relay chain, making the process of attaining one a competitive one.<\/p>\n
https:\/\/youtube.com\/watch?v=KzqLf7Kteuk%3Ffeature%3Doembed<\/p>\n
One of the projects the crypto analyst pointed to, as Daily Hodl reports, is the Acala Network. Per his words, it has the best chance of securing a parachain and is \u201cone of the few Polkadot projects Gavin Wood follows on Twitter.\u201d He added it brands itself \u201cas Polkadot\u2019s decentralized finance hub.\u201d<\/p>\n
Acala\u2019s governance token isn\u2019t set to launch until the project has a parachains, but DOT holders can loan their tokens to the project during the parachains auction and gain rewards in Acala\u2019s token in the future.<\/p>\n
Another Polkadot project he mentioned was Phala Network, which has an Ethereum-based version of its PHA token. Phala Network was founded in 2018 by professionals with experience \u201cat some of the world\u2019s largest tech companies.\u201d Phala is working on a privacy-preserving decentralized database with smart contract functionality. Guy warned he does not believe it\u2019s as close to attaining a parachains as Acala is.<\/p>\n
The final mentioned project was Litentry (LIT), which already has its token trading on several exchanges and has \u201cclose ties to Gavin Wood.\u201d Guy said:<\/p>\n
Litentry will make it possible to do things like gain gravitas in governance or build up a credit score that can be used to borrow with less collateral in a private and trustless manner.<\/p>\n
Litentry, the crypto influencer explained, has more than one core product. One is the registrar protocol, which makes it possible to verify on-chain identities. Another one is an identity run time protocol, which allows users to link accounts across chains to link them to a single identity authentication app. He explained this will \u201cmake it possible to use on-chain identities for off-chain purposes.\u201d<\/p>\n
Featured image via Unsplash.<\/em><\/p>\n The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.<\/em><\/p>\n