Ethereum, Cardano and Polkadot are all in an epic battle competing for the dominance as the go-to smart contracts blockchain. Ethereum is currently leading which makes sense because Cardano and Polkadot have not achieved their final forms.
Cardano is yet to roll out its smart contract functionality but Polkadot is ready to rumble. Based on theoretical computing constraints, there will be only 100 parachain slots available on Polkadot, though potential future optimizations (such as nested relay chains) may allow them to further increase this number. Cryptocurrencies that are able to secure the slots are likely to see unprecedented demand of gains when they go live.
Coin Bureau has revealed three top projects that he feels will secure the parachain slots on the Polkadot blockchain.
First pick is Acala Network. It describes itself as Polkadot’s “DeFi hub” and consists of two core protocols. The first is decentralized stablecoin protocol called “Honza” and the second is a tokenized staking liquidity protocol called Homa, which makes staked DOT liquid for use in other DeFi applications. $ACA Tokenomics? Once released, ACA will have a maximum supply of 100 million, and 12% of this supply will be allocated to those who participate in the parachain loan offering in proportion to the DOT they’ve delegated (6:45).
The second pick is Phala Network, a privacy preserving decentralized database with smart contract functionality. It uses trusted execution environments or TEEs to preserve user privacy. $PHA Tokenomics? PHA has an initial supply of 1 billion with an annual inflation rate of about 5% per year after the Phala main net launches. 9% of this supply will go to those participating in the Parachain Loan Offering (10:11).
The third pick is Litentry, a Decentralized identity authentication and user activity data management Infrastructure built on Substrate, ready for Polkadot. Litentry will make it possible to do things like gain gravitas in governance or build up a credit score that can be used to borrow with less collateral in a private and trustless manner. $LIT Tokenomics? Like ACA, LIT has an initial supply of 100 million, and will have an inflation target of 5% per year starting some time in 2025. A whopping 45 million LIT are on the table for lenders in Parachain Slot Auctions (13:45).