Polkadot

Polkadot

 DOT

Polkadot crypto software was designed to incentivize computer networks globally for efficient operations of a blockchain network. On this blockchain network, users can operate and launch their blockchains. This unique feature makes Polkadot one of the leading blockchains in the crypto industry. So, in a nutshell, the Polkadot network is creating a blockchain that can host an ecosystem of blockchains.

It’s intriguing to see a newly developed blockchain like Polkadot compete against older established blockchains like Bitcoin and Ethereum. Polkadot is now establishing itself as a next-generation blockchain network, which is interesting to see indeed. We will show you what is Polkadot, how to buy Polkadot coin, and which DOT coin wallet you can use to store your Polkadot crypto.

Polkadot Exchange Rate

What is Polkadot?

Polkadot is dubbed as the ‘Blockchain of blockchains’’ or what you would call a “multi-chain”. To fully comprehend the DOT crypto, it’s necessary to understand its framework. Gavin Wood, “the former CTO of Ethereum” is known to head the team behind the Polkadot project.

Gavin Wood believes the Polkadot project will make the perfect alternative and solution to Ethereum’s 2.0 currently undergoing development. The main aim of Polkadot now is to become a fully scalable, heterogeneous network that functions to create multi-chain technology.

Web3 Foundation described Polkadot as the next-gen blockchain. The Web3 (a Swiss organization) Foundation is also behind the project.

DOT coin

As of December 20, 2021, Polkadot crypto (DOT) is ranked the 11th leading cryptocurrency according to CoinMarketCap. DOT token also serves the purpose of a utility token, providing users with governance, bonding, and staking functions in the network.

With the DOT crypto utility token, holders are granted authority over the Polkadot network. Holders get to decide the network fees, auction dynamics, and new parachains addition schedule.

Holders can also decide the time appropriate for executing upgrades and making fixes to the platform. DOT coin also ensures the security of the network.

Running as a Proof-of-Stake protocol requires Polkadot coin holders to validate transactions that run across the parachains. However, holders will have to stake their DOT tokens to participate in the protocol.

DOT is also utilized to add new Polkadot parachains simply by holding DOT coins. The process is also referred to as “Bonding”. Once the process is started, the DOT coins become unavailable for usage until their bonding period is over and the parachain is detached.

Polkadot Network

Polkadot multi-chain revolves around its two main structural components, which are the Relay chain and the Polkadot Parachains. Relay chain serves as the central framework responsible for security, consensus, and cross-chain interoperability across the network. The Relay chain functionality has also been intentionally reduced, as a result, eliminating smart contracts functionality on it.

Just like most PoS blockchains, Relay chain requires validators to stake DOT thus achieving consensus. Its validation mechanism is described as the “Nominated Proof-of-Stake”.

Nominators will have to bind themselves to a Polkadot validator before being approved to mine the blocks. To guarantee trust between validators and nominators, profits and losses are shared between nominators and validators.

Polkadot technology

Polkadot Validators

Validators handle data validation in parachain blocks. Validators are allowed to participate in consensus and vote on proposed changes to the network. Lastly, validators ensure the security of the network while supporting the production of new blocks.

Polkadot Parachain

Polkadot platform hosts зarachains as independent blockchains. The purpose of these custom-built blockchains is to accomplish specific functions, as well as overcome certain obstacles in the crypto industry. Polkadot parachains also utilize Polkadot’s computing resources for accurate validation of transactions on the network.

They’re also free to develop their governance systems by utilizing the Polkadot shared security function. Running a parachain on the Polkadot requires the supposed project to lease a slot on the relay chain via slot auction.

Roadmap

Polkadot platform aims to provide the most innovative, secured and scalable network. With the launch of the Genesis block of its relay chain in May 2020, Polkadot roadmap continued to focus on launching several parachains in 2021.

Current Phase of Polkadot roadmap

Parachain Rollout: According to the whitepaper, Parachains are the final piece of the Polkadot functionality to be provided. It allows Polkadot to complete its scalable multi-chain architecture. Parachains will be finally launched on the Polkadot after completing a series of tests, optimizations, and auditing. After that, they will be enabled via on-chain governance.

After the launch of Parachains, additional features and network upgrades will be up to the community to decide as time goes on.

Future Upgrades on the Polkadot roadmap

Part of Polkadot future upgrades includes XCMP upgrades (Cross-chain Message Passing) and Parathreads launch. Polkadot’s on-chain governance community will enable these upgrades after the development, testing, benchmarking, and auditing have been completed.

How to exchange to Polkadot with Ethereum on Swapzone?

To know how to buy Polkadot coin, you just need to visit Swapzone. Swapzone is a Polkadot exchange aggregator for the best DOT crypto exchange rate in the market. Follow the steps below to get your DOT tokens:

  • Step 1. Launch Swapzone in your browser.
  • Step 2. In the “select pair” tab pick the kind of cryptocurrency and amount you wish to exchange.
  • Step 3. In the “get up to” section, pick the DOT token.
  • Step 4. You will see different DOT exchange rate offers from different exchanges.
  • Step 5. Filter through the different exchange offers by price or transaction time.
  • Step 6. Once you locate an offer that you want, simply select the offer by clicking on “exchange”.
  • Step 7. Enter your correct wallet details and then click on “proceed to exchange”.
  • Step 8. Wait for the transaction to complete.
  • Step 9. Once the transaction finalizes, you will receive DOT in your wallet. Please, rate the experience and leave behind an honest review!

Polkadot wallets

Integrating a DOT coin wallet with Polkadot makes it easier to access private keys and execute transactions. The listed wallets below are wallets that supports Polkadot coin:

  • Atomic Wallet
  • TokenPocket Wallet
  • Trust Wallet
  • SafePal Wallet
  • Ellipal Titan
  • Guarda Wallet
  • Cool Wallet Pro
  • Ledger Nano X

Popular pairs to convert Polkadot

Frequently asked questions

Where to Buy POLKADOT?

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You can buy the POLKADOT from Swapzone, one of the best non-custodial cryptocurrency exchanges. Also, you can purchase DOT from any of the numerous centralized cryptocurrency exchanges on the market, as there is no shortage of crypto exchanges that list DOT on their exchange charts. To buy DOT is simple, all you need is an internet-connected laptop or mobile device, to register an account on a cryptocurrency exchange or open a wallet that can send and withdraw DOT.

Cryptocurrency platforms like Kraken, Binance, Coinbase, Swapzone, and more all hold high liquidity of DOT tokens. However, choosing Swapzone over the others ensures that you receive your DOT tokens within minutes of transaction and into the non-custodial wallet of your choice.

With Swapzone, you can buy Polkadot really easily with our rich asset selection and offers from 15+ exchange providers. For example, buy DOT with ETH at the best rate on the market in just a few simple steps:

  1. Select the Ethereum to Polkadot swap pair.
  2. Enter the total amount of ETH you are going to exchange.
  3. Choose the best ETH to DOT swap offer.
  4. Click on the Exchange button.
  5. Enter your wallet address to receive Polkadot to your wallet.
  6. Send your ETH deposit to the generated address.
  7. Wait for your ETH-DOT swap to be done.
  8. Receive your DOT to your wallet!

Is Polkadot a Good Investment?

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Investing in DOT implies a vote of confidence in the future profitability of the POLKADOT network and the vision of its founders – building a company that aims to build a more efficient blockchain-based payment system. Since launching the genesis block of its relay chain in 2020, DOT has climbed up to number 13 on the CoinMarketCap rankings and has over $17 Billion value in market capitalization. In addition, its tenacity makes it useful as an open-source, blockchain platform and cryptocurrency that allows for distributed computing.

DOT can be bought on almost every crypto exchange open to the public, including on the Swapzone exchange platform at the best rates. If you are interested in buying, swapping or investing in POLKADOT, then head over to our Swapzone to buy, sell, or swap DOT with any crypto coin of your choice.

*Every investment decision involves risk of loss. The content of this website is informational only and should not be considered investment advice.

How to Stake POLKADOT?

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Unlike Ethereum, POLKADOT has used staking as a reward earning system for securing its network since its launch in 2020. Although staking some DOT sounds like a fast and easy way to make passive income, there are a few concepts that you have to familiarize yourself with, these concepts include nomination period, slashing, inflation, and many other staking terms. Learn how the step-by-step process here.

The major advantage of staking DOT is that it increases the interest of network participants, it is easy to start and the entire community ensures the security of the DOT coin. Also, investors get to earn passive income, become active participants of the DOT network, run their node, and stake DOT funds in several profitable pools and marketplaces. However, keep in mind that you need a minimum threshold of 40 DOT before you can start to earn rewards.

Staking DOT can be worth it and you do not want to miss out on this opportunity, buy and swap DOT from our website today so you can begin your staking journey.

*Every investment decision involves risk of loss. The content of this website is informational only and should not be considered investment advice.

Where to Stake Polkadot?

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Staking of DOT can be done through any laptop or computer. Staking allows DOT holders to generate profits and earn additional cryptocurrency with low risk because of the DOT Proof of Stake consensus mechanism, staking is a crucial part of the network as it helps secure the network. Before you choose a service to stake your DOT, make sure they rank high on these criteria; custody, rewards, liquidity, usability, and security.

You can stake DOT on a variety of crypto exchanges that offer this particular service. Crypto exchanges like Polkadot.js, Binance, Kraken, FTX, Fearless, and Exodus support DOT staking. However, it is advisable to do additional research about concepts such as slashing and others before deciding to stake your hard-earned DOT tokens.

In sum, staking DOT can be worth it and you do not want to miss out on this opportunity, buy and swap DOT from our exchange today so you can begin your staking journey.

*Every investment decision involves risk of loss. The content of this website is informational only and should not be considered investment advice.

Can Polkadot Reach $1000?

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Polkadot can reach and surpass the $1000 price point sometime in the future if the crypto market itself does not crash due to unforeseen circumstances. For more context, we did a deeper into POLKADOT and its future price prediction in one of our previous blog posts, and you can check that out. In the article, we also give a brief overview of the performance of DOT in the past and the expected price predictions for the future.

Polkadot is available for sale to the general public through centralized and decentralized exchanges, but we advise that you are fully aware of Polkadot’s use case and developer roadmap before going all-in on the DOT. Interested in buying and investing your Polkadot tokens till they hit $1000? You can buy, sell or swap DOT with any other cryptocurrency of your choice at the best market rates on Swapzone’s user-friendly website. Head over to Swapzone’s exchange page to get started today.

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