Polkadot DOT/USD has weakened from $55 to $16.20 since November 04, and the current price stands at $18.86.
The cryptocurrency market has collapsed this trading week; Bitcoin went below $35000, and the price of DOT remains under pressure.
Polkadot can easily upgrade itself to changes
Polkadot is an open-source project that enables cross-blockchain transfers of any type of data or asset, not just tokens. Dr. Gavin Wood, Robert Habermeier, and Peter Czaban are founders of Polkadot, while Web3 Foundation provides grants for the development of the ecosystem.
This project was designed to connect private and consortium chains, public and permissionless networks, and future technologies that are yet to be created.
Users can interoperate with a wide variety of blockchains in the Polkadot network and create a custom blockchain in just several minutes by using the Substrate framework.
Polkadot has unprecedented economic scalability, and it is important to mention that it also provides transactional scalability by spreading transactions across multiple parallel blockchains.
Polkadot can easily upgrade itself to changes without hard forks as better technologies become available, and this ease of development helps Polkadot’s network grow.
DOT is a governance token of the Polkadot network, and it serves to secure the network, for staking and bonding.
Polkadot token holders have complete control over the protocol, which includes the ability to participate in the decision-making process in relation to global upgrades and/or changes to Polkadot.
DOT token has achieved an impressive gain in the first days of November 2021, and it has reached a record high of $55 on November 04.
DOT is currently down more than 60% from its peak; still, Polkadot is a very promising project,
