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  • Borrow/Lend with DOT - non CEX? January 19, 2022
    Hey - any credible DeFi platforms to borrow/lend DOT? Want to avoid a CEX. submitted by /u/ericscott123 [link] [comments]
    /u/ericscott123
  • Accessing Clover rewards - importing your JSON file?? January 19, 2022
    Posts are being shared that to access your Clover crowdloan rewards you have to import your Polkadot JSON file into their app. Isn't this a BIG nono? I certainly won't do that but is this really the official method recommended by the Clover team? If someone could shed some light on this, it would be […]
    /u/Steeldrivers
  • DotLeap 68 - A Composable Future January 19, 2022
    submitted by /u/Gr33nHatt3R [link] [comments]
    /u/Gr33nHatt3R
  • Polkadot Digest 19 Jan 2022 January 19, 2022
    submitted by /u/Gr33nHatt3R [link] [comments]
    /u/Gr33nHatt3R
  • Daily Discussion and Market - January 19, 2022 January 19, 2022
    Please utilize this sticky thread for all general Polkadot discussions. Rules: Price/Market/Token/Meme discussion is only allowed in the Daily Discussion and Market thread. Price discussion anywhere else on r/Dot will be removed. Repeatedly breaking this rule will result in a ban. Also consider r/polkadot_market for price related discussions. You are expected to treat everyone with […]
    /u/AutoModerator
  • Auctions on Kraken January 19, 2022
    Hey there, There is a limited choice of options on Kraken regarding the parachain auctions: Equilibrium / Litentry / Centrifuge / Interlay / HydraDX /Phala Is it better to go through Kraken or to move to another platform? Is the reward the same regardless of the platform? Any recommendations for this batch? submitted by /u/guiludgry […]
    /u/guiludgry
  • Dotsama News: Jan. 18, 2022 - SER, Have ya' Heard? January 18, 2022
    submitted by /u/JayChrawnna [link] [comments]
    /u/JayChrawnna
  • Is it normal to wait more than 2 days for rewards in Fearless staking January 18, 2022
    I've been staked on the Fearless Wallet for a couple of weeks now and the first 10 days I received my rewards every day. Now, I've switched to a new validator and it's been about 2 - 3 days and I haven't received anything. It says my stake is active and that my validator is […]
    /u/phertick85
  • ASTAR crazy staking event January 18, 2022
    We'll have an announcement on the 20th about the staking event, 99to1, crazy high APY, buy the dip and stake boys, buy the dip and stake. submitted by /u/elektroB [link] [comments]
    /u/elektroB
  • Astar token rewards on Binance January 18, 2022
    On the parachains website it says we should receive 102 + astar per dot. On the binance page it says 30+ astar per dot. During the first distribution of rewards I received astar equivalent to the 30+ amount. Has anyone else experienced this and do you know if we will eventually receive the full amount? […]
    /u/Manschesthair-united

What Is Polkadot?

Polkadot is an open-source protocol that connects multiple blockchain networks, to operate together as a single protocol. The aim of linking multiple blockchains to interoperate is to achieve more scaling and high capacity. Polkadot’s blockchain network offers basically everything do-able on a Blockchain with added advantage of moving assets between multiple chains seamlessly.

Polkadot has been gaining tractions lately for two major reasons – the high demand for scaling and its impressive performance in the cap market.

The native coin is called “DOT” and is used for three purposes – staking, governance over the network and bonding. Polkadot has been listed on major exchanges.

Features of Polkadot

High interoperability: Easy cross-chain transfer of assets, data, dApps and tokens across multiple blockchains in Polkadot network.

High Scalability: Polkadot supports cross-chain operations and seamless transactions using shared set of validators on multiple blockchains.

Forkless and future-proof: Easy upgrading of hard forks that fix bugs and integrate new features. It can easily upgrade itself automatically and adapt to changes.

Security: The security architecture of its cross-chain is top-notch. The validation scheme allows multiple chains to interact securely.

User-driven network governance: Polkadot’s network is Permissionless, meaning, all stakeholders have a say in its operations. The network is upgraded and coordinated on chain autonomously and reflects the opinions of the larger community.

Easy blockchain innovation: Custom blockchain can be created in couple of minutes using the substrate framework. Easy to connect your chain on the network to interoperate with other chains.

Team of Polkadot

The team is made up of experts in various fields, led by Dr. Gavin Wood. He was a key figure in the development of Ethereum Parity Technologies and solidity programming language. Dr. Gavin Wood was a key member that designed Ethereum Virtual Machine (EVM) and the former CTO of the Ethereum Foundation.

Other members of the team remain anonymous.

Practical uses of Polkadot

One of the reasons why Polkadot is gaining traction is because of its use cases and highlighted here, are some of the use cases:

  • Polkadot is used for smart contract chains.
  • It is used for data management across multiple chains.
  • Polkadot is used for Internet of Things (IoT).
  • Polkadot is used for file storage and identity.
  • DOT tokens are used for payment solutions across various blockchains in Polkadot’ network.
  • The protocol is used to transfer assets across multiple chains.
  • DOT is used as a decentralized exchange parachain that allows cryptocurrency deposits.

 

Mining of Polkadot

Polkadot uses a version of DPoS (Delegated Proof of Stake) called NPoS (Nominated Proof of Stake) to mine. The system is made of validators and nominators, where validators are elected using tokens from nominators. Validators are the miners who mine (validate) new blocks. If there’s any act of misconduct, validators are punished alongside nominators who elected them.

Other ways to get DOT tokens is by participating in community program or by outright purchase from the listed multiple exchanges.

 

Notes for investors

Polkadot (DOT) is one of the promising high scaling blockchain solutions presently. The steady rise of the token is a pointer to its technological innovations in the cryptocurrency industry. Polkadot (DOT) assembled the most decorated developers in the smart contracts space and it’s reflecting in the meteoric growth both in valuation and projects.

Presently, the unit price of Polkadot (DOT) is $5.19 USD (200%) while the market cap is $4,429,150,111 USD; the circulating supply is 852,647,705 DOT and presently ranked 5th in the cryptocurrency market.

The statistics show that Polkadot (DOT)’s performance is fueling the industry’s growth and likely spring surprise before the end of the year 2020.

 

Quick Disclaimer

This report is the writer’s way of expressing his opinion and should not be interpreted as an investment advice.Whatever you do with this piece of information is solely at your discretion. As usual, nobody has the crystal ball at hand, do your research and consult before investing.