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  • life chagning project March 8, 2021
    #POLTERGEIST #Blockchain #cryptocurrency #GHOUL This project will positively change the crypto world for the better. Having great visions and a great team behind the project success is already at hand friends dont miss this great opportunity https://poltergeistexchange.com/home submitted by /u/sialkot123 [link] [comments]
    /u/sialkot123
  • sup March 8, 2021
    sup submitted by /u/Grouchy-Parfait9666 [link] [comments]
    /u/Grouchy-Parfait9666
  • Polkadot Weekly – The latest Polkadot news for the week of March 8, 2021! March 8, 2021
    submitted by /u/polkadotweekly [link] [comments]
    /u/polkadotweekly
  • Please help, I sent my polkadot to the wrong address, is there a way to get it back? March 8, 2021
    submitted by /u/xxaldrinxx07 [link] [comments]
    /u/xxaldrinxx07
  • Polkadot Digest 8 Mar 2021 March 8, 2021
    Polkadot News The minimum nomination has increased to 137.23 DOT in this era, as the staking rate has increased to over 64%. The Polkadot Wiki's Multisig page has been expanded and updated - see here to help secure your accounts with multiple signatures. https://wiki.polkadot.network/docs/en/learn-accounts#making-transactions-with-a-multi-signature-account If you hit into errors using Polkadot and don't know what […]
    /u/W3F_Bill
  • Bonded DOT with less than minimum amount March 8, 2021
    I've bonded my dot (approx 13) using the ledger live app but cannot nominate validators as the amount of dot i bonded is less than the minimum amount required. how do i go about unbonding my dot? whenever i try to go through the unbond process in ledger live it says i have insufficient funds […]
    /u/Puzzleheaded-Sir-484
  • What is DOT used for, misunderstanding March 8, 2021
    I assumed DOT would be the "ETH" for the dot network like eth is for ERC-20 or AVAX is used for AVAX I learned that SORA was actually the coin used for transactions on the dot network, so what is DOT for? submitted by /u/Fenarth [link] [comments]
    /u/Fenarth
  • 1300 dot, what to do? March 8, 2021
    I have just finished buying 1300 dot on kraken. What’s the best way to stake them? Kraken offers 12% annually, will I do better nominating on my own? Any other platform I should move to? submitted by /u/Calm-Ad3484 [link] [comments]
    /u/Calm-Ad3484
  • Polkadot Projects Will Be Able to Mint Their Own Tokens in 2021 March 7, 2021
    Can somebody explain how? submitted by /u/NebulaObjective1929 [link] [comments]
    /u/NebulaObjective1929
  • What happens when staking minimum but minimum raises? March 7, 2021
    Like the title states, what would happen for example: Previous Era was 120 minimum and today's is around 128. Would I then have to add 8 more to earn and if not, then would my 120 just be sitting there earning/doing nothing? submitted by /u/chchewy [link] [comments]
    /u/chchewy

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.