Polkadot (DOT) and META 1 Coin are two advanced blockchains that continue to see rising adoption in the market. Both of these smart contract programmable platforms introduce proprietary technologies to provide users with a host of features and services unique to their networks. Here’s what you need to know when comparing Polkadot (DOT) vs META 1 Coin.
What is Polkadot (DOT)?
Polkadot entered the market in October 2016 as a multi-chain architecture designed to enable cross chain interoperability. The network received immediate attention due to the fact its founder was Gavin Wood.
Wood is best known as the co-founder of Ethereum. He also operated as the initial CTO and a core developer on the project. Notably, he invented the Solidity smart contract programming language that is now one of the most widely used languages in the sector
Polkadot’s multi-chain application environment enables users to communicate actual data, rather than just tokens. The network plays a vital role in enabling information sharing between private blockchains to public networks. This system allows developers to leverage the best characteristics of each network and save on reprogramming features. Consequently, this approach streamlines common programming tasks associated with Dapp development.
What is META 1 Coin
The META 1 Coin project follows in the footsteps of Bitcoin. The network was built to provide an escape from the rat race that is the world’s current financial system. The network combines a variety of methods to secure passive rewards and interest via DeFi services. The network also leverages savings accounts, a multi-asset backed stable coin, and a responsive DEX to provide users with everything they need to conduct daily transactions.
META 1 Coin’s founder, Robert P. Dunlap, has spoken about the vital role META 1 Coin is to play in the digitization of the economy. He pulled inspiration from freedom fighters of the past to drive his concept further. Now, META 1 operates as the world’s only self-appreciating stable coin. It empowers others to stand up for their rights and protect their value.
What Problems was Polkadot (DOT) Built to Alleviate?
The main issue that Polkadot solves is interoperability in the market. As more blockchains enter service, it becomes evident that the compartmentalized nature fo the market is hurting development. Polkadot eliminates these separate islands of data and enables platforms to leverage information and services from other blockchains seamlessly.
Polkadot reduces developer restrictions found on Ethereum and other networks. The ability to build applications that can access permissioned data from a private blockchain and use it on a public blockchain provides a new level of functionality to the market.
What Problems was META 1 Coin Built to Alleviate?
META 1 Coin entered the market as a viable alternative to the centralized financial systems in use today. The network accomplishes its task through the introduction of an all-inclusive DeFi ecosystem. Users can store, invest, trade, and create tokens using the network. Developers can build atop META 1 Coin and enjoy operations free from outside interference. Notably, META 1 Coin operates outside the jurisdiction of US corporations, the IRS, and the SEC.
How Does Polkadot (DOT) Work?
There are two main components at work in the Polkadot network – parachains and parathreads. Parachains operate as sovereign blockchains. They enable developers to make purpose-built networks that can operate freely from other networks within the ecosystem. Parathreads provided a pay-as-you-go model to developers. These networks work better for low interaction scenarios where the network doesn’t need to be continuously monitored.
The Relay Chain handles the network’s shared security, consensus, and cross-chain interoperability. This advanced system leverages two single-responsibility consensus mechanisms to ensure validity across the blockchain. The protocol uses the first system for block production and the second for finality.
How Does META 1 Coin Work?
META 1 Coin introduces an entirely new type of stable coin to the market. This multi-asset-backed token combines above and below ground mining assets, bullion, and other assets to stabilize its value. Since all of these assets experience appreciation, the value of the token is set to rise accordingly.
The network introduces anti-manipulation features to protect regular users from whale dumps. For example, only humans can purchase META 1 Coin. Governments, businesses, and investment firms are barred from participating in the META 1 Coin exchange. Additionally, the network integrates a smart contract that specifically bars traders from selling META 1 coins under asset value. These systems work together to provide a stable economy to the network.
Polkadot is far more scalable than Ethereum. The network utilizes a consensus mechanism called GRANDPA to achieve near-instant confirmation times. Polkadot can handle 3000 tps, not including sidechains. The network’s unique structure makes it scalable vertically to meet the needs of the masses.
META 1 Coin has scalability that surpasses top payment processors such as VISA. The developers focused on scalability as a core concern for the network as they wanted to ensure the DEX was responsive. Consequently, the META 1 DEX can process transactions on par with NASDAQ.
The DOT Token is the primary utility token for the Polkadot blockchain. DOT is used to make payments and interact with network features. Notably, DOT provides fast transaction times and is very secure. The token also serves a vital role in the governance mechanism. You need to hold DOT to table proposals, vote, or bond.
The META 1 Coin was built to provide stability to the META network. As the world’s first self-appreciating stablecoin, it demonstrates how far these tokens have come. The combination of a self-appreciating asset, plus smart contract protected value, creates a one-of-kind asset that is ideal as a currency and a SOV (Store of Value).
Polkadot (DOT) vs META 1 Coin – Next-Generation Blockchains that Can Work Together
Interestingly, these two projects have the potential to one day work together. Polkadot’s unique focus on interoperability may be able to leverage the advanced stability and DeFi features of META 1 to create even more investor opportunities. For now, both of these projects hold a lot of potential. Consequently, they are both quality additions to any portfolio.