Today Polkadot or DOT has been flying up! And at last check I saw it was up roughly 18% to over $41 USD. This was actually quite the topic of the Banano community today as we all tried to really sort through everything for the reason for this rally.
However no matter what anyone seemed to find news wise only one thing could be agreed upon as a definite reason for the surge. Coindesk, a pretty solid crypto based news site, had tweeted out that DOT’s parachain auctions had a tentative date for November 11th.
Polkadot is not a crypto I tend to cover all that much as I do not really follow it. The main idea though is that DOT will be a true multichain blockchain and it had a rather unique way of accomplishing this. Essentially it will be two blockchain a main blockchain called a relay chain that is permanent and a user created network of parachains.
These parachains feed into the main relay network and by doing this allows for scalability to be a lot easier to accomplish! Up until this announcement parachains we’re just in the works and for most people DOT was either bought to be traded or it was staked since it is a PoS blockchain!
If you would like to learn more about Polkadot’s parachain auctions I recommend reading the release the Dev team out out here. It will be a huge step forward for this blockchain as it aims to take on not only Etherum but also Cosmos (ATOM) and EOS.
As always I am not a financial advisor I just want to keep my followers up to date on big news in the space! If you would like to further support me I have some referral links I will post below!
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Thank you for yalls continued support!
