One of the most discussed and anticipated Ethereum alternatives is Polkadot and the projects that are based on it. Polkadot is a high-performance, low-latency blockchain that uses fragmentation mechanisms to deliver faster and cheaper interactions.
As a smart contract platform, it may appear that Polkadot it wants to compete against Ethereum, but rather, it intends to complement it. With more than 350 projects and counting on Polkadot As a framework for your dApps, your ecosystem is filled with innovative startups and smart solutions. Let's go over five of the best Polkadot-based apps to watch in 2021.
Kusama among Polkadot projects
The first project whose star is on the rise is Kusama, a blockchain protocol developed by the same team behind Polkadot. As Polkadot prepares for his slot auction, giving projects access to parachins on the platform, Kusama is becoming useful as a secondary "practice" network. Powered by the KSM cryptocurrency, Kusama offers the same infrastructure that developers can use on Polkadot, allowing developers to test their projects on a suitable mainnet.
Polkadot currently offers a testnet, called Rococo, but Kusama provides a more hands-on, live experience. As a live distributed ledger technology environment, Kusama enables teams to experience a Polkadot-style parachain, combined with governance, stakeholder and validation testing in a live environment.
Since its inception, the e-commerce industry has been under centralized control. Within the existing infrastructure, entities can work with each other, but it is impossible for an external party to be involved in the production or sales process. Splyt presents a unique solution that will allow anyone to participate in e-commerce sales through decentralized marketplaces powered by NFT.
Splyt assigns unique 'eNFTs' to any e-commerce product, putting the entire life cycle of items on the blockchain. With this system, anyone can become a sales affiliate and sell the product to an end customer. The buyer will receive the final product and the NFT that represents it, which will demonstrate its origin and authenticity. This empowers merchants and influencers, allowing them to target a wider audience and maximize profits.
Developed by RioDeFi, RioChain is a DeFi focused blockchain that promotes platform-independent interoperability, high scalability, fast transactions, and low fees. RioChain acts as a bridge between centralized exchanges, decentralized exchanges, and competing blockchains, allowing users to access the entire defi spectrum across all networks. RioChain offers mobile and web wallets that allow users to access any digital asset in the ecosystem and easily interact with any RioChain application directly within the wallet. RioChain offers its users accessible and transparent savings platforms, stable coin lending options, and e-commerce options on centralized and decentralized networks.
Polkastarter is a fundraising protocol based on Polkadot, which allows its users fair and equitable access to new investment opportunities. If a user owns the Polkastarter cryptocurrency, POLS, they can access new blockchain investments before the general public. Considering that many emerging projects tend to explode once they hit the open market, Polkastarter allows for greater involvement of the financial community in a project without compromising equity. Polkastarter benefits development teams and investors, allowing easy access to investment and creating a stronger project community.
With the influx of defi users and apps, more hackers than ever are looking for ways to manipulate networks and steal funds. This is where Bridge Mutual comes in, a decentralized hedging platform that allows users to make claims similar to those of insurance against possible attacks and vulnerabilities. Bridge Mutual is capable of hedging stablecoins, cryptocurrency exchanges, and smart contracts, and Oracle's hedge implementation for inaccurate information is likely to come soon. Hundreds of millions of dollars have been stolen from exchanges over the years; now, users can protect themselves when they chain. Since it is decentralized finance, Bridge Mutual is peer-to-peer, which means that users can earn interest by making loans.
Several cool features make Bridge Mutual superior to traditional hedging platforms. When funds are idle in pools, which will be until someone claims their coverage, Bridge uses the assets on other defi platforms, such as loans and bets, to generate additional return for holders of BMI, the network's currency. With Polkadot interoperability, Bridge Mutual hopes to expand and cover many different blockchains and their applications.
The final project that we will cover is Polkaswap, Polkadot's solution for Uniswap. Polkaswap is an automated market maker and decentralized exchange, allowing anyone to provide liquidity to the platform and operate without third party supervision. Uniswap has quickly become the most popular DEX on the market, generating billions of dollars in trading volumes. Still, trading fees are getting excessively high as the Ethereum blockchain is clogged with transactions. To offer a similar but competitive service, Polkaswap achieves everything that Uniswap can do, but on a much cheaper and faster blockchain. As a cross-chain DEX, you will also have access to project and platform liquidity outside of the Polkadot ecosystem.