How to best use crowdloans on Polkadot and Acala Network with Dan Reecer
Dan Reecer is a blockchain expert, who joined Acala Network as their VP of Business Development. He offers some insight into how to best use crowdloans on Polkadot and Acala Network with the help of Dan’s knowledge in crypto assets.
The “acala network coingecko” is a website that provides information on cryptocurrency. It also includes a section on the Acala Network and how to best use it with Polkadot.
If you’ve been following the crypto markets for a while, you’ve probably noticed two trends that stand out among the thousands of niches within the already obscure space: one, the unfathomable rise of memecoins like Shiba Inu, and two, the technically astounding advances (read: parachains) made on blockchain networks like Polkadot and Kusama.
Polkadot, a top-ten cryptocurrency by market capitalization, allows for cross-blockchain transfers of any data or asset, not just tokens. Consider it a blockchain among blockchains, one that serves as a platform for other blockchains and their applications.
These blockchains are known as ‘parachains,’ and each parachain ‘wins’ a spot on Polkadot via a community-verified and controlled auction process that revolves around ‘crowdloans.’ The latter is simply a mechanism for projects to generate funds for a Polkadot parachain spot.
The Acala Network, a decentralized finance (DeFi) network created for the Polkadot ecosystem, is one such parachain. It’s designed to host a variety of financial apps that leverage smart contract technology, cross-chain interoperability, and strong security standards.
Dan Reecer, the VP of Growth at Acala Network and Polkadot, joins Cryptonites presenter Alex Fazel on the weekly Cryptonites podcast today. Reecer delved into the whys of crowdloans and offered some of the best methods to put them to use, as well as discussing broader crypto subjects including market feelings and emerging trends.
You won’t want to miss this episode. But, if you don’t have time to listen to the full episode, here’s a sample of Reecer’s numerous alpha tips!
Why should you collaborate with Polkadot?
“It was a mix of things after approximately a year and a half in crypto.” I recognized then how crucial technology was, because before that, you’re sort of on the outside looking in and don’t know much about what’s going on with technology. But as I became more aware of what Polkadot was doing, I realized how spectacular and difficult it was, which is why it took five years to debut.”
“It was directed by Gavin Wood, who I believe is the top developer in the cryptocurrency industry.” He single-handedly brought value to the world by implementing Vitalik’s whitepaper and building Ethereum, the initial version, in under three weeks. And then he understood that Ethereum wasn’t going to grow and would have some difficulties, similar to the vision he had back in 2015-2016 to anticipate what would happen today with all the gas costs and all that.”
“We’re constructing a layer one blockchain similar to Ethereum, Solana, or others, but it’s tailored for DeFi especially at the blockchain layer.” That’s allowing us to see that there are a lot of options outside of crypto that we can assist them with, like DeFi as a service.”
Public chains vs. parachains
“Individual networks that are private, and they own the validator nodes in a way.” And there aren’t likely to be many validator nodes, which can function considerably more quickly. However, you have the disadvantage of it not being truly decentralized, which is the industry’s ethos.”
“With Polkadot, we’ve got this entire linked world of blockchains that are tailored to certain applications like DeFi.” As more and more parachains launch together, Acala becomes more scalable, or scales better, and we also get to have cross-chain exchanges with data or value, NFTs, or whatever it is with each other.”
“And I believe it becomes even more intriguing when you take it a step further and you have cross-chain apps, where this one application, which you see as the user, is possibly tapping into 357 different blockchains for various reasons in the background. So, yes, both of those trade-offs have advantages, as do the advantages of pretty much every tech stack used in crypto.”
(Listen to the complete 35-minute Cryptonites podcast with Dan Reecer and Alex Fazel by clicking here!)
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Polkadot is a new blockchain that aims to be scalable, secure, and interoperable. Acala Network is an Ethereum-based platform for creating decentralized applications. Dan Reecer has done an excellent job of explaining how to best use these two platforms in this article. Reference: is polkadot a good investment.
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