polkadot Network creator Gavin Wood believes the altcoin allows people to interact without needing to trust each other. As a pioneer in the decentralized Web3 ecosystem, Polkadot’s parachain auctions are considered a catalyst for the altcoin price.
Polkadot price could rise to $21 after successful parachain auctions
Co-founder of Ethereum and creator of Polkadot Gavin Woodbelieves Polkadot enables trustless interaction between users and strengthens Web3 by connecting blockchains. Decentralized and distributed network architectures are a key feature that characterizes platforms like Polkadot.
Polkadot, one of Ethereum’s main competitors, is laying the groundwork for a truly open and free internet. Web3 ecosystemwhat is leading. Polkadot’s parachain auction has strengthened the connectivity of decentralized projects by connecting several blockchains in the DOT ecosystem.
Companies and institutions find it difficult to trust each other using blockchains linked to the Polkadot or DOT ecosystem. Ethereum could not keep up with Polkadot’s pace due to high transaction costs and low speed. Analysts saw the Parachain auctions as a catalyst for the Polkadot price rally and predicted a bearish rebound in the near future.
Polkadot price closed the past week down 17%. Analysts believe that the Ethereum killer is on track to recoup its losses and that the price can sustain its climb to the $21 target.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.