What is Polkadot (DOT)?
Polkadot is the 4th largest cryptocurrency in the world. It provides an open-source sharding multichain protocol. Polkadot is the cross-chain network that is used to transfer any data, tokens, and blockchains interoperable. Polkadot provides a fully decentralized and private web network. That can be controlled by its users. It simplifies the method of creating new applications, institutions, and services.
The Polkadot network is used to connect public chains with private chains. That makes them a permissionless network. Everyone can share information and transaction by using a relay chain.
Four Components of Polkadot
- Relay Chain
1. Relay Chain
Polkadot allows you to create consensus, interoperability, and share security over the network.
Polkadot has an independent chain. It can have personal and optimized tokens.
Parathread is similar to Parachains. It has flexible connectivity based on economical ‘pay as you go’ mode.
Bridges allow Appalachians and Parathreads to connect with external blockchains.
Price of Polkadot (DOT)
Today price of Polkadot is USD 23.39. The trading volume in 24-hours is $1,716,157,784 USD. Price of Cardano is volatile. So, it is very important to check the criteria graph before investing in the Polkadot. In the last 24 hours, Polkadot price is down 2.08%. It becomes a bad opportunity to lose your savings. The current market cap for the Polkadot is USD 22,281,211,091.
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Polkadot (DOT) Price Faces Some Challenging Technical Obstacles
The transaction speed of Polkadot cryptocurrency is less than other crypto. It proceeds the 3 transactions in one second. But Etherem can proceed with 15 transactions in one second. That’s why it faces the scalability issue in the crypto world and loses many customers.
Why Invest in Polkadot (DOT)?
In 2020, Polkadot becomes the most profitable and trustable cryptocurrency in the world. But the result of Polkadot is not the same in 2017. In 2017, it raised around USD 140 million. And then Polkadot goes from the big loss. That’s why the founders divide Polkadot into two scales in 2019 and 2020. The price of Polkadot (DOT) was USD 30. It increases in August 2020 and reached in maximum peak.
The Polkadot (DOT) price starts at USD 6. After some time it faces some downfall in market rate and the price reached USD 2.81permit you. After a while, there was a boost occur in the value of cryptocurrency. Polkadot market capitalization reached $0 to $5 billion in just one day. Due to this reason, Polkadot acquired a top cryptocurrency position. But the transaction speed of Polkadot is less. It proceeds the 3 transactions in one second. But Etherem can proceed with 15 transactions in one second. That’s why it faces the scalability issue in the crypto world.
But after a lot of hard work, Polkadot achieved the top position in scalability. Now it has a very fast transaction speed in parallel. It can proceed with 1 million transactions over a second. This great speed can attract investors. Most of the Bitcoin and Ethereum investors turn to Polkadot.
Who are the Founders of Polkadot (DOT)
The fourth-largest cryptocurrency Polkadot was founded by the web3 foundation. This foundation can provide a fully functional and user-friendly decentralized web. They work as an open-source project.
Founders of Polkadot
- Dr. Gavin Wood
- Robert Habermeier
- Peter Czaban
Dr Gavin Wood is the president of web3 foundation. He is also the co-founder of Ethereum. He researches a lot about the downfalls of cryptocurrency. And decide to reduce the risks of crypto. He uses their skills to create smart contracts with coding language solidity.
Robert Habermeir plays a very important role in the blockchain of Polkadot. He accomplishes the blockchain and research on cryptography.
Peter Czaban is the technology director of Web3 foundation. He has high experience in the fintech industry. He plays their role in the development of a new generation of distributed technology.
What Makes Polkadot (DOT) Unique?
Polkadot (DOT) is a multichain standard network. It can proceed with many transactions at the same time on several chains in parallel. That can increase the scalability of Polkadot. Polkadot uses a substrate framework. This framework can help you to develop a custom blockchain. It allows users to share information and Polkadot functionality to apps on the smartphone. Polkadot can automatically improve themselves to adopt new features or remove bugs. A user-driven governance system increases the security of Polkadot.
How Many Polkadot (DOT) Tokens are there in Circulation?
There are 1 billion Polkadot (DOT) tokens are circulating in the market. In August 2020, the maximum initial supply of Polkadot is 10 million. I recommend you avoid the small decimal points. It can help you to calculate the number of Polkadot tokens easily.
How is the Polkadot (DOT) Network Secured?
Data sharing across many Parachains allow them to scale their transaction. The NPOS network can be used by Polkadot. This nominated proof of stake network can maximize the chain security. This network feature enables blockchain to interact with each other.
Where You Can Buy Polkadot (DOT)?
There are many trading platforms that can give you permission to buy Polkadot. You just need to know the use of these trading platforms. That enables you to buy or transfer any amount of Polkadot cryptocurrency. If you don’t know about these trading platforms. And worry about the use of trading platforms. Then use my given best trading platform list.
Polkadot Trading Platforms
- Huobi Global
- Binance KR
Should We Invest Now in Polkadot (DOT)?
Yes, you need to invest in Polkadot. Polkadot cryptocurrency can get take the large market capitalization. That can help you to get a big amount of profit. If you choose the Polkadot as the investment currency. You can get a highly secured and encrypted transaction.
I hope you will understand what is the Polkadot cryptocurrency. I provide you with a list of some Polkadot trading platforms. That can help you to trade in highly secured crypto. I believe this article is helpful for you and easy to understand. If you have any questions about this topic, please ask them in the comment section.