$SOUL and $DOT are Cryptos You Should Notice in 2022!

1. Phantasma (SOUL)

Phantasma (SOUL) is a custom-built blockchain and ecosystem focused on enabling gamers, artists, and grandmas alike to take advantage of blockchain technology’s immense disruptive power.

Phantasma is a fully interoperable, decentralized feature-rich blockchain. Its innovative staking mechanism, dual token system, sustainable tokenomics model, and advanced eco-friendly smartNFTs. The chain is designed for digital goods & services for communications, entertainment, marketplaces, and on-chain storage solutions for dApp creators and enterprise clients.

With mainnet live since October 2019, it has proven to be the platform of choice for Gaming and NFTs. Not only because of its low minting and transaction fees but also because of its smartNFT technology that has been built on-chain level and its pledge to become the first certified carbon negative blockchain.

SmartNFTs are NFTs with dynamic properties that can change based on certain conditions. They provide game developers the opportunity to make dynamic in-game items decentralized, which is not possible with traditional NFTs. They also allow for time-based NFTs, multi-layered NFTs, infused NFTs, and locked content within an NFT that can only be accessed by the owner of the NFT. The NFTs can be minted on-demand at a fraction of the costs compared to other blockchains.

Phantasma has an easy-to-use connector between dApps, wallets, and blockchain via Phantasma Link.

It provides cross-chain interoperability with the Ethereum, BSC, and NEO blockchains and is capable of a high throughput due to infinite sidechains. It has Oracles built into the core of the chain.

Furthermore, CoinBase listed Phantasma as a Foundational Protocol, building Metaverse.

Phantasma is the only L1 that is carbon negative with #smartNFTs, and it only being a 200 million market cap.

2. Polkadot (DOT)

Polkadot (DOT) is an open-source sharded multichain protocol that connects and secures a network of specialized blockchains, facilitating the cross-chain transfer of any data or asset types, not just tokens, thereby allowing blockchains to be interoperable with each other. Polkadot was designed to provide a foundation for a decentralized internet of blockchains, also known as Web3.

Polkadot is a layer-0 metaprotocol because it underlies and describes a format for a network of layer one blockchains known as parachains (parallel chains). As a metaprotocol, Polkadot is also capable of autonomously and formlessly updating its codebase via on-chain governance according to the will of its token holder community.

Polkadot provides a foundation to support a decentralized web controlled by its users and simplify the creation of new applications, institutions, and services. The Polkadot protocol can connect public and private chains, permissionless networks, oracles, and future technologies, allowing these independent blockchains to trustlessly share information and transactions through the Polkadot Relay Chain (explained further down).

Polkadot’s native DOT token serves three explicit purposes: staking for operations and security, facilitating network governance, and bonding tokens to connect parachains.

Polkadot has four core components:

  • Relay Chain: Polkadot’s “heart,” helping to create consensus, interoperability and shared security across the network of different chains;
  • Parachains: independent chains that can have their own tokens and be optimized for specific use cases;
  • Parathreads: similar to parachains but with flexible connectivity based on an economical pay-as-you-go model;
  • Bridges: allow parachains and parathreads to connect and communicate with external blockchains like Ethereum.

Polkadot can solve these problems:

  • Transaction Processing Speed: With its Parachain structure, Polkadot can process up to 1000 transactions a second – this is 10 times the speed on Ethereum.
  • Scale: Polkadot connects multiple blockchains together thereby creating a premise for future network scaling.
  • Reliability of new networks: With new networks, it is difficult to build a large community and at the same time build trust from the parties involved. Polkadot solves this problem by connecting resources from multiple chains using the Relay Chain mechanism.
The first five auction-winning parachains were onboarded to Polkadot on Dec 18, 2021.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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