Excellent John K. Kumi is a cryptocurrency and fintech enthusiast, operations manager of a fintech platform, writer, researcher, and a huge fan of creative writing. With an Economics background, he finds much interest in the invisible factors that causes price change in anything measured with valuation. He has been in the crypto/blockchain space in the last five (5) years. He mostly watches football highlights and movies in his free time.
For people who are interested in running a Polkadot node, there is a “thousand validators” program in the pipeline that aims at boosting the number of validators by 1000.
In a bid to help overcome the decentralized feature of its ecosystem, Polkadot has announced an alliance with Chainlink. Using the Polkadot network, the ground would be provided for its community to engage in a discussion with the Oracle Network Chainlink recognized as part of its founding members.
The announced decentralized finance alliance makes them the latest rival of Ethereum to do so. Tidal finance, Plasm network, Polkaswap, non-custodial automated market maker, layer-2 technology provider and decentralized insurance market are the other known founding members. The idea is to create and promote discussions that have to do with DeFi on the platform.
For people who are interested in running a Polkadot node, there is a “thousand validators” program in the pipeline that aims at boosting the number of validators by 1000. This is much similar to the Kusama network introduced with just 25 validators but surged to 180 by February. As of now, the number of validators is around 700 with about 393 in the waiting. Kusama, an unrefined and unaudited release of Polkadot is now seeking to scale to thousand validator nodes.
Dan Kochis, the global head of business development at Chainlink has expressed his excitement about being part of the team that seeks to change the direction of Polkadot’s “growing ecosystem of the decentralized financial application.” According to him, there is a higher chance of the Polkadot ecosystem becoming stronger when they consider promoting the best practices for DeFi protocols by developers. Currently, developers who intend to build applications on the Polkadot network are most welcome by the team.
Interestingly, a lot of stakes are considering third-party service providers with just 249 validators spotted on the network. This is very surprising because two out of three of the Polkadot’s supply is being staked.
Polkadot with Chainlink the ‘Ethereum Killer’?
With $4.6 billion, Polkadot is the 9th highest ranked cryptocurrency by market cap. The Polkadot network takes advantage of Parachain, a part of the blockchain designed to run higher transactions than Ethereum. Transactions on parachains are spread across different computers and so can process more transactions than the blockchain.
Many people refer to Polkadot as the “Ethereum killer” as it offers better services than the network. Contrary, KR1’s Van Schreven says Polkadot’s ecosystem shareholders do not think Polkadot is an “Ethereum killer” but complements it. Having tracked about 230 projects built on the platform, he believes that the Polkadot ecosystem is a natural progression of the entire ecosystem.
Polkadot can attract more developers as there has been an issue of throughput and bottlenecks associated with Ethereum. These stated issues have caused congestion and higher transaction fees on the network recently.
Schreven believes that the aspect of Polkadot that has to do with cross-chain will help the growth of economic activities from all the known chains.