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23/03/2019
Technology

Polkadot plans to raise $60 million via Initial Coin Offering

Polkadot (DOT), a startup in the field of cryptocurrency, is reportedly planning to raise around $60 million through the initial coin offering (ICO). The startup is an initiative of ethereum (ETH) co-founder and according to the estimate of Wall Street Journal, the successful ICO of the company could potentially generate $1.2 billion – the amount which is equal to the value of all Polkadot tokens currently in the circulation and all the tokens that will come into system at a later point in time.

Blockchain Interoperability

So that you know, Polkadot is aiming to address the challenges related to blockchain technology and its interoperability. The project is supported by the Web3 foundation based in Switzerland and a blockchain firm, Parity Technologies. More specifically, Polkadot will enhance the compatibility between the blockchain network of Bitcoin and cryptocurrencies. Commenting on the probable launch, Ryan Zurrer, Director Web3 foundation, said that the platform will be ready by Q3 2019. Polkadot had already raised $144 million through the first token sale in October 2017.

There are efforts already underway to enhance interoperability related to blockchain projects. Metronome and Cosmos in June 2018 announced that they were able to achieve a key development in interoperability of blockchain projects. Experts in the crypto space believe that progress on the interoperability projects may lead to the development of the other significant blockchain-based application. This will further enhance the value of digital currencies and its adoption among the masses.

The developers behind the blockchain interoperability project aim to allow the crypto platform to trade different tokens efficiently. Once fully developed and operational, the interoperability of blockchain could potentially lead to a reduction in transactional fees or even eliminate it. The interoperability mechanism works on “built-to-last” crypto Metronome (MET) which allows the users to convert their MET coins to Qtum, Rootstock, and Ethereum Classic blockchain from the Ethereum blockchain.

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