Good day Lions I hope you're all having a wonderful day, it is a hot 40 degrees Celsius here in the land of Oz and I think the road is starting to melt.
But I'm not here for a weather forecast I'm here to bring you the news around emerging cryptocurrancies and block-chains. Please be aware that the information I provide if purely speculation and may or may not result in gains and there is a significant risk to the investor.
Only put in what you can afford to lose.
While researching cryptocurrancy and block chains I have stumbled across a few potential decent long term investments. Something I have been looking for. I am actively increasing my Leo stack but I am looking for a few investments to lock away and not see for another 12 months.
One of those is Polkadot, now please be aware this comes with significant risk as this is a stand alone blockchain. It is not built on Etherum's Defi network but a whole new emerging block chain.
What is Polkadot and its native coin the Dot
First of all let's understand who is behind polkadot. Gavin Wood most notably the co-founder of Etherum has commenced work ok polkadot a multichain block chain that can integrate with multiple block chains. It also allows people to develop their own block chains which then link back into the main chain.
These two chains are Relay Chain which hosts permanent transactions and where users create their own block chains.
And
Parachains are customisable blockchains which feed into the main relay chain where their transactions are recorded. Parachains can be customised to meet a broad range of needs and uses (yet to see what these are)
What'sso special?
Developers are calling Polkadot Web 3.0 and I'm following closely as Polkadots creation came about while developing Etherum 2.0. With a number of innovative ideas springing to mind they put together this beast. So no doubt it will have a role to play in Etherum 2.0.
From the sounds of things it is sounding like if I had compound tokens I could send them to an Etherum wallet if these tokens were on the polkadot blockchain.
There is also advancements in technology being use which means future changes don't require a hard fork but a network update which sounds like a wonderful idea.
Polkadot still remains a decentralised network with the token holders making the decisions.
How much?
Fortunately this chain is brand new and you can buy into it for a low $AUD25 Which might sound like alot but if Etherum is anything to go by and the team behind Etherum is developing Polkadot then we can see net gains at least rising to $AUD200 By the end of the year.
I'm kicking myself at the moment as it's not oayday and I can afford to put any money in. I'm hoping the price holds off for another week and let's me snap up a couple.
Remember investments are risks and to only put in what you can afford to lose.
Let me know your thoughts in the comments section below.