Polkadot Price Prediction For 20th September 2022
The current price of Polkadot on 19th September 2022 (07:30 AM IST) is INR 501.50 with a change of -10.08% in the last 24 hours. Polkadot price forecast for 20th September 2022 will be between INR 435.56 and INR 500.85
TradingView technicals show 16 metrics indicating STRONG SELL. Oscillators > Relative Strength Index (14) is 34.25 which indicates NEUTRAL. Coincodex technical analysis shows 4% bullish sentiment whereas 96% bearish! Meanwhile the Fear & Greed Index is 21 indicating EXTREME FEAR. Investing.Com’s hourly analysis is STRONG SELL!
According to analysts at the CoinMarketBag, DOT is going to see a huge pump by year end. That remains a wishful thinking currently. Overall sentiments are Neutral as the crypto market has been on a slump all along. Wish this rather prolonged bear market fizzles away in thin smoke and harkens good news for investors.
Cryptos are taxable in India from April 01 2022. Click here to know more about the new crypto taxations.
Disclaimer: This forecast is based on several independent sources on the internet and is not intended to be used as financial, legal or tax advice.
What is Polkadot?
Dubbed the Ethereum Killer, Polkadot was developed in 2017 as an answer to scattered blockchains and protocols in the crypto domain. Polkadot is concentrating on solving two of the most pertinent issues plaguing present day blockchains - Interoperability and Scalability. What this essentially means is that with the Polkadot protocol one would be easily able to jump between blockchains and transact the token of their choice without having to create multiple profiles and wallets. Polkadot can communicate with BTC and ETH with the help of Bridges.
Web3 Foundation has hailed Polkadot as the ‘next gen Blockhain’. The Swiss foundation is involved in the development of Polkadot as well as Kusama amongst many others. What makes Polkadot more unique than the second most popular crypto Ethereum is that it has furnished Sharding! Read more about Sharding here.
Polkadot’s token is called DOT. Dot has been in constant supply ever since its launch unlike a limited supply run of popular coins like Bitcoin and Ethereum.
Like all cryptocurrencies Polkadot is also very much in a developmental phase. Technically speaking the PolkaDot has got the most potential of all altcoins.
Who created Polkadot?
Polkadot was founded by Dr. Gavin James Wood who is also the Co-founder and former CTO of Ethereum. Dr Gavin wants to transform PolkaDot into a multichain powerhouse that would enable web applications and financial systems and services to run and interact seamlessly. Gavin envisions Polkadot as the fundamental infrastructure of the future Web3.
Gavin is an alumnus of University of York with Masters of Engineering in Computer Science and Software Engineering. Before developing Ethereum (alongside 8 other developers including Vitalik Buterin), he spent some time as a research scientist at Microsoft. He wrote the yellow paper charting out Ethereum Virtual Machine. He also proposed and contributed to the development of Solidity, a programming language that enables Smart Contracts.
Currently Parity Technologies, Chainsafe Systems and Soramitsu are involved in the development of Polkadot with grants from the Swiss WEB3 foundation.
How does Polkadot work?
Polkadot relies on a primary blockchain called ‘Relay Chain’ that interacts with user generated parallel chains called the ‘Parachains’.
Relay Chain is the heart of Polkadot. Relay Chain has minimal functionality and is only enabled to support general systems. It facilitates cross-chain interoperability. It also is fundamental to Polkadot’s shared security. On the other hand Parachains allow devs to deploy independent networks within the same framework and can relish having their own token too! How cool is that?
As a consensus mechanism, Polkadot uses nPoS or Nominated Proof of Stake. This mechanism works when a Polkadot node satisfies the following roles -
Nominators - Helps choose Validators by staking DOTs with choicest validator and gain new reward tokens!
Validators - Helps in the validation of Proofs relayed by Collators.
Collators - They sustain the Parachains by collecting transactions by users.
Fishermen - They are more like bug hunters. They check ‘bad behaviour’ across the Polkadot network.
With the aid of Bridges, the Polkadot protocol can communicate with BTC and ETH.
How to use Polkadot?
For starters you can buy Dots token from crypto exchanges like Binance or Coinbase too. These exchanges will enable you to open a wallet with them. Once your account is set up, you can buy as many Dots via wire transfer. Viola! It’s that simple. And you don’t have to be a crypto miner to mint the coin of your choice.
Polkadot can be used for payment of goods and services wherever the crypto is sanctioned.
However Dot is more than just that. At Polkadot, a Dot serves three core functions 1) Governance, 2) Staking and 3) Auctioning. This enables a Dot’s holder to partake in Polkadot’s governance via a right to vote with a democratic body.
Top platforms and apps in India to trade Polkadot
What’s So Special About Cryptocurrencies? Cryptos are global, highly secure, private and irreversible. About 20 million Indians currently hold cryptocurrency. 60% of the total crypto investors are between 18-34 year old.
India is also the second in fastest adoption of cryptos followed by Vietnam. Although the Indian government has introduced 30% taxes on all forms of VDAs (Virtual Digital Assets), Cryptos still doesn’t have a legal status in the country. However with growing consensus and further amendments, digital currencies will become a norm.
If you are looking to make an investment in Cryptos then the best way is through a Crypto Exchange.
Here are some of the top crypto exchanges available in India.
- Binance
- Coinbase
- WazirX
- CoinDCX
- Unocoin
- Zebpay
- CoinSwitch Kuber
- OKEx
- BuyUCoin
- Bitbns
Explore Polkadot here https://polkadot.network/
Cover Image: Twitter/Polkadot