Benzinga | Sep 2, 2021 09:50AM EDT

What These Crypto Projects Will Bring To The Polkadot Polkaverse

Acala's Dan Reecer, Centrifuge's Cassidy Daly and KILT Protocol's Christine Mohan are gearing up for the Polkadot (CRYPTO: DOT) parachain slot auctions.

Polkadot facilitates an internet where independent blockchains can exchange information and transactions in a trustless way. Polkadot connects interoperable application-specific blockchains called parachains and parachain slots are extremely limited.

Daly, Mohan, and Reecer were featured on the Polkaverse panel Wednesday at the Benzinga Crypto Festival.

Acala: Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH) were the two biggest innovations in the crypto space prior to Polkadot. Both Bitcoin and Ethereum are layer one blockchains that are isolated from everything else, Reecer said.

Polkadot provides the architecture to connect multiple blockchains together instead of everything standing alone, he said.

Polkadot will also provide the ability to upgrade the blockchain without forking, Reecer said.

Acala is the defi hub of Polkadot. It's an all-in-one defi platform helps people stake, swap, borrow, lend and earn with micro gas fees.

Centrifuge: Centrifuge enables access to financing for different types of business owners that are typically unable to access financing through the traditional finance system, Daly said.

Centrifuge aims to unlock economic opportunity for all by connecting people to borrow and lend money transparently and cost-effectively.

The company supports Spotify Technology SA (NYSE:SPOT) artists, Amazon.com Inc (NASDAQ:AMZN) sellers and TikTok content creators, she told Benzinga.

KILT Protocol: A lot of personal data is in the hands of the top four or five companies in the world, but consumers are willing to give that up for the convenience of signing in with one click, Mohan said.

KILT aims to be a solution to said problem and show people they have other options, she told Benzinga.

KILT is a blockchain protocol for issuing self-sovereign, anonymous, revocable, verifiable credentials and decentralized identifiers.

There's nothing more personal than identity, Mohan said.

KILT is focused on becoming the layer that entrepreneurs, startups and enterprises are using to build businesses on, she said.

See the full interview here:

DOT Price Action: Polkadot is up 244.60% year-to-date.

Photo: courtesy of Polkadot.