This is @aizazghumman; here I am going to share my homework post on the topic "Polkadot ecosystem, the Ethereum’s Contender." given by respected professor @allbert
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Prelude
1-Explain in your own words why you chose it and why do you think it is relevant to the world?
Why Am I Writing on this?
Although the details of this project will be discussed in the next question for now focusing on the reason “WHY I CHOSE IT?” i.e. because there’s so much to talk about on this project. It’s a protocol acting as a smooth air-base where newly developed blockchains can generate their token pools by lifting their market cap and assigning their assets at the same time. Although the description of the platform will be given in the third question let’s just have a look at its homepage to be familiar with what we are talking about.
WHY IS IT RELEVANT TO REAL WORLD?
Blockchains are the foundation of the crypto world and the platform providing them with interoperability between multiple blockchains can’t be relevant to the real world. This platform allows them to raise crowdfunding which benefits developing blockchains. Apart from this, we have seen the problem of the illiquid market of small or newly developed tokens however thanks to UNISWAP an Ethereum based protocol that solved the liquidity issue of early-stage projects. We know everything comes with a flaw and mentioning UniSwap flaw i.e. the liquidity is provided by automated market makers which can often bring the sudden volatile market.
The Polkadot starter solves this problem by offering fixed pool swaps which makes this platform unique as they settle fixed rates of token swaps. This makes sure to investors they are well aware of their investment and their receiving’s which automatically attracts more investors to respective projects.
Another reason why this relates to the world is its quickly growing popularity in such a short period. Apart from this, many new features are aiming to be added to this protocol hence I’d suggest you all keep an eagle’s eye on this project.
2- Description of the project and its platform. (Screenshots needed)
PROJECT DESCRIPTION
Before getting into the in-depth description of the project let’s have a look at the founders and advisors behind this masterpiece.
The CEO and CTO of this project are Daniel and Tiago. However, there’s another co-founder with the name Miguel and two strategic and marketing advisors Mathew and Danilo. These lads have tech experience of “THREE DECADES.”
Let’s talk about what this project is about, the polkastarter is an ethereum based project however shifting to the Polkadot platform in the fourth quarter of this year. As mentioned on its homepage it’s a “leading decentralized fundraising platform”. Now, what’s that?
A fundraising platform is like a landing strip that allows crypto projects who have developed recently to raise funds for increasing their market cap. The polkastarter exactly does that by organizing auctions for these projects to lift their capital. Apart from this they also avail token swaps in multiple chains.
It does this by offering Initial DEX (IDOs) which is a technique of raising funds for a project. This is done by a new project collaborating with Polkastarter which organizes IDO’s of their projects which are available for individuals to register in the auction 7 days before the launch for this they stake their POLS (the native coin of polkastarter) before a week. They can purchase these POLS by depositing their assets on Binance smart chain or through ethereum or polygon using MetaMask.
Apart from these, they provide liquidity pools to assets of these new projects by assisting with fixed swaps pool unbothered about price fluctuation of these assets as the swap rate is pre-settled as discussed in question no: 1 of this homework task.
Let’s look into this platform as you visit the new homepage V2 of polka starter:
Let’s be careful about the correct URL of this platform as there can be some platforms scamming you, in the right corner you can see the three platforms from where you can get yourself, POLS, here on Polka starter. Right in front, you can see the button which can take you to upcoming offers on this platform and also avails you to register for new projects. On the top, 3 options lead you to projects of this platform along with dashboard and allocations.
As we scroll further we can the different blockchains on which we can launch new projects using polkastarter. As you can see is allows interoperability between big blockchains such as BSC, Ethereum network, Solana, etc
Scrolling down further shows the upcoming project this platform is launching, Remember only those blockchains which has whitepaper open are eligible for registration. In the right corner below we can see current upcoming projects are of binance smart chains.
Upon further scrolling, we can see the blogs of this website are aware of its features and development.
Coming down further we can see the already funded projects of Polkastarted which are 79 and in the top right corner, we can see the market cap raised by this platform.
Down here in the screenshot we can see the supporting names of this skyrocketing platform.
Finally coming to the end of this webpage here’ you can see all the pages and information this platform offers or occupies
3- Functionalities and real-life applications. (Screenshots needed)
Since I haven’t been familiar with this platform I decided to explore the platform of this project to find out the features or more like functionalities of this platform and how they are helping us in real life.
In the screenshot below we can see the functionalities or key features along with how they are helping projects of this platform I’ll be explaining them one by one
CROSS-CHAIN SWAPS
With the amount of popularity DeFi’s are receiving they are the future of the Crypto world. The blockchains are like cities of this world and one can’t expect the development of the crypto world without communication or ways to travel from one city to another i.e. one exchange to another. The polkastarter with its feature of cross-chain swaps allows the communication between different exchanges by serving as a launching pad of different projects and different exchanges.
FIXED AND DYNAMIC SWAPS
Fixed swaps mean swapping at a fixed rate i.e. ensuring the investor what he’ll be gaining with what he spent as the projects using automated market maker can face the price fluctuations of a coin to a large extent. Hence this ensuring feature attracts more traders to invest in the project which leads to massive distribution of tokens
ANTI-SCAM FEATURES
This platform depicts anti-scam feature with the help of collaboration with the covalent platform it facilitates polkastarter with the following data of the project which will be auctioned on its polkastarter
- Token contract age
- Proxy patterns (red flag for potential rug pulls)
- Blacklists, Scams, and other warning flags
- Curated token lists
- Token contract verification
- Token holders
- Top wallets
- Transaction volume in the last day, week, month, year
This teaches polkastarter to know what they are auctioning for and how secure it is or if it is any scam project.
FULL KYC INTEGRATION
This is used to prevent fraud let’s know-how: The KYC stands for know your customer means that the polkastarter with this feature ensures the identity of the project asking this platforms to launch them and also ensures the identity of people participating in an auction to get early access to the upcoming projects which also helps to control the unfair distribution of tokens.
GOVERNANCE MODEL
This functionality of blockchain includes certain council members who will select which project should be auctioned on Polkadot starter. These members are selected based on the number of POLS they hold and the criteria of selection will shift to their contribution to polkastarter ecosystem later.
PERMISSION LESS LISTING
This functionality is for POL holders i.e. they will be able to launch token pools on polkastarter without asking for any permission on this platform as there’s no point in calling it Defi when you need permission.
4- Future development and associated projects. (Screenshots needed)
The Roadmaps are the strategic plan or goals of the platform development i.e. what they’re aiming to accomplish in the future. To know about the future development of polkastarter let’s have a look at its roadmap provided on the platform. There are two roadmaps provided on this platform which are as follows.
DETAILED ROADMAP OF 2020 AND 2021
Technically there are two phases of this platform i.e. phase 1 and phase 2 (A&B) however in detail 4 phases are starting from the fourth quarter of 2020 till the fourth quarter of 2021. Since it’s October already we are somewhere between the 3rd and 4th quarters of this platform. Where we will see the launch of this platform on the Polkadot ecosystem through the moonbeam network which is another project of the Polkadot ecosystem and enabling cross-chain swaps.
Currently, there are 79 projects fully funded on polkastarter. These projects are either of Binance Smart chain or Ethereum or Polygon network. The screenshot below shows a list of some of these projects being funded on polkastarter
Apart from these, there are three upcoming projects which will be launching in upcoming weeks as they’re listed on the platform 7-14 days before their launch which can be seen in the screenshot below
Apart from these projects which are either launched or will launch on this platform, there are a few collaboration Polkastarter has initiated which can be seen in the screenshot below
5- Make a technical analysis of the token of the selected platform, then through your validated exchange account make the purchase of the token (15 USD as a minimum). Screenshots and an explanation of the procedure are required.
For the first half of the required task, I used to trading view platform for making for running technical analysis on native coins of the platform I selected to write on.
In the chart of trading pair POLUSDT with a time frame of 4h, I have applied the moving average indicator twice with a period 200 and 50. When the MA 200 line crosses MA 50 coming from upside it is said to be a Golden cross
Let’s understand through chart below
In the chart above we can see the Golden cross found on the passing of MA 200 from upside-down on MA 50. This golden cross tells traders that the price of an asset will now go higher as can be seen even since the golden cross was found on 7 October 2021 the price of an asset had been in an uptrend. On the basis of this analysis, I entered the market and will purchase POLS of $15 to complete the remaining part of the required task.
In the screenshot below we can see my account is verified.
Here I searched the respective trading pair which is POLSUSDT in this case. I type Pols only and selected POLSUSDT from the suggestions as demonstrated in the screenshot below.
Once selected respective trading I now will be purchasing POLS in exchange of $17 I have in my wallet the process can be seen in picture below
Upon tapping Buy Pols we can there’s a pop-up which in simple term is an awareness of this being a risky trade however I selected the following option clicked on confirm after that
Once clicked on confirmed I then had 5.4 Pols in my wallet. Below is the screenshot of my trading history.
conclusion
I would like to conclude in the end that this task had been very beneficial as it made me research different projects being built on the Polkadot ecosystem. I would confess that I had zero knowledge on how this blockchain of Polkadot operates and how it can be the leading most blockchain in the future. I see polkastarter as an amazing project which can be replacing different platforms with time.