The Future of New Polkadot-Based Altcoins Is Promising According to Coin Bureau – The Daily Hodl
The host of the popular crypto channel Coin Bureau says a new Ethereum-compatible altcoin built on Polkadot (DOT) should have a “promising future” ahead.
In a new video, pseudonymous host Guy tells his two million YouTube subscribers that he’s eyeing Moonbeam (GLMR), one of the first fully operational parachains on Polkadot.
The analyst noted how PureStack, the company that developed Moonbeam, is allocating resources to deploy on-chain integrations, build partnerships, and add bounty programs.
“There are a number of DeFi (decentralized finance), GameFi and NFT (fungible token) projects in the deployment and integration of these ecosystems, which means PureStack could potentially have an eye on creating a Moonbeam-ready NFT marketplace. That a gamefi protocol as well.”
Despite Moonbeam’s potential, Guy says Parachain faces several challenges to its development.
“Outside the Polkadot ecosystem, Moonbeam is not the only project to provide EVM compatibility and cross-chain solutions. Thus, there is competition within this particular area, and there are a large number of competing protocols, some of which have seen more user adoption. and DApps (Decentralized Applications) are deployed.
You also have to ask yourself how eager people are to deploy Ethereum-based dApps on the Polkadot network. The Polkadot ecosystem seems to have gotten less attention of late.
ETH developers appear more inclined to build on ETH layer-2 such as Arbitrum or Optimism or alternative layer-1 such as Avalanche or Phantom. Ultimately as with most new and emerging blockchain networks, their future and overall success will really depend on the amount of adoption they achieve.”
The analyst gives a positive long-term outlook for Moonbeam, citing features that he says could potentially address some of the current issues with blockchain, including mass adoption and real-world use cases. obstruction occurs.
“I would say that I see a promising future for Moonbeam. This is because it could allow the creation of a truly dynamic and versatile blockchain architecture.
Furthermore, since Moonbeam is a Polkadot-based parachain, it is also in line with the idea that the blockchain of the future will have to perform a variety of specialized functions and by nature have a wide repertoire of capabilities.
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