What is Polkadot?
Polkadot is an open source protocol created with the ambition to be the next step in blockchain technology. Polkadot makes it possible for individual blockchains to connect with each other and exchange data across the chain to make the most of the ecosystem’s resources.
What problem does Polkadot solve?
Blockchain technology is evolving rapidly since the inception of Bitcoin. However, this advanced technology still has certain drawbacks. Blockchains cannot communicate and exchange information with each other.
Polkadot claims to become an ultimate solution to the above problem, aiming to “bridge” individual blockchains. In other words, Polkadot is the blockchain of many blockchains, allowing users to easily create a new blockchain easily.
What does the Polkadot system include?
Each blockchain in the Polkadot ecosystem is called a parachain (parrallel blockchain). Meanwhile, the main chain is called Relay Chain, which has the role of governing, ensuring consensus and flexible chaining the network.
Parachain and Relay Chain can seamlessly exchange information with each other at any time.
In Polkadot there is also a Parathread, which is similar to a parachain but not connected to the Relay Chain, helping developers reduce costs.
The benefits of Polkadot
- Scalability: Polkadot acts as a multichain network, allowing transactions on parallel blockchains.
- Interoperability: Polkadot allows projects and applications to exchange data seamlessly. Polkadot can create a whole new financial ecosystem where each parachain takes care of an aspect at a time.
- Decentralized governance: Any parachain community can participate in network governance. Feedbacks from the communities can evoke a new development of the project.
- Easy to upgrade: Upgraded parachains do not need to implement hard forks like other traditional networks.
Why is Polkadot attractive?
Polkadot has many reasons to be attractive to developers. Polkadot is an ecosystem that can serve from individual coders, small companies, to large corporations. The value of Polkadot lies in enabling anyone to create a specific blockchain and upgrade it easily.
Polkadot’s concept was inspired by Dr. Garvin Wood, co-founder of Ethereum. The Polkadot platform network is considered by traders as a counterweight to Ethereum and many other platforms.
DOT Token
DOT is the platform token of the Polkadot ecosystem, used for the following purposes:
- To pay fees to connect and data exchange between parachains
- To participate in project governance
- Staking DOT to receive interests
- Bonding parachains
Specifications
- Ticker: DOT
- Blockchain: Polkadot
- Total supply: 1,103,303,471
- Circulating supply: 987,579,314
DOT Token Price today
How to buy DOT
Polkadot (DOT) has been listed on Attlas Exchange.
Traders can easily and securely buy Polkadot (DOT) with lowest fees on Attlas Exchange.
Step 1: Download the app and sign up
Step 2: Select Market on the toolbar at the main screen
Step 3: Select Spot
Step 4: Find DOT
Step 5: Select Buy
Summary
This article is an overview of Polkadot (DOT), not a financial advise.
Users are advised to do their own research before making any trading decisions.