Trade Polkadot (DOT) at the Most Favorable Prices

Definition of Polkadot (DOT): History, Explanation, and Working Mechanism

Polkadot  crypto is an open-source, scalable, user-driven heterogeneous blockchain. The term "heterogeneous" indicates that PolkaDot blockchain consists of the primary blockchain known as Relay chain, various Parachains (parallel blockchains), and Bridges acting as mediators. These parachains can be referred to as clients of the relay chain whose main objective is security and collaboration. In other words, parallel operating blockchains – parachains – are united into one network where strengths are reinforced, and weaknesses are eliminated.

According to PolkaDot team, this project is created by developers for developers. The key concept in PolkaDot network is "connection"; the connection of independent public and private chains, Oracles, dApps, and services that in the future should form a unified Web 3.0.

The DOT crypt facilitates compatibility with other inner and outer blockchains; it provides freedom of a smart contract creation; it allows to govern the blockchain by means of the hand of the DOT token owners; it offers sharing the unique features of blockchains without trust and also unites the security of the latter. 

Polkadot Cryptocurrency belongs to the TOP-10 list of cryptocurrency by market capitalization and has the market capitalization amount of $8 billion.

History of Polkadot Brief

Actually, DOT cryptocurrency has been invented by one of Ethereum's co-founders Dr. Gavin Wood (Software Engineering Ph.D.). Prior to Polkadot, Dr. Wood programmed the first working version of Ethereum, gathered more than 20 years of programming experience, and even invented his own programming language Solidity that allows creating smart contracts on Ethereum.

Dr. Wood presented his first Polkadot white paper in late 2016. Therein, he described the technologies employed by Polkadot. According to him, blockchain technology is highly promising yet vulnerable to errors that might slow it down, whereas Polkadot is trying to take blockchain to the next level by fixing those errors and creating an efficient blockchain structure (able to evolve with its growing popularity), Where blockchains with varying characteristics would work efficiently together.

Special attention should be paid to the ICO in the history of Polkadot. The ICO for the DOT cryptocurrency happened in October 2017 and gathered $145 million dollars. Obviously, it was the interesting new concept and the good programmers who helped to gather such amount of money, since Polkadot became the seventh most successful ICO in 2017.

The starting price of Polkadot was $28.80. Everything was perfect until two weeks after the launch when $90 million were frozen as a result of vulnerability of the Ethereum-based Parity wallet. First, hackers got 153,000 ETH, and then made a second attack, freezing 513,000 ETH. 

One week after the hack, Polkadot crypto creators officially announced that their project is still active and they continue its development according to the planned schedule. Of course, people tried to bring back the funds, but unfortunately, over 500,000 ETH are still frozen.

Polkadot coin

As it has already been stated, the Polkadot blockchain has its own cryptocurrency called DOT. In total, it has 3 functions: network governance, operation execution, and connection of parachains.

The Polkadot coin can be stored in such desktop or mobile wallets as Polkawallet, Math Wallet, Ledger Nano S, Cobo Wallet и KodaDot. Besides, there are many crypto exchanges where Polkadot can be bought. DOT cryptocurrency is always presented at crypto exchanges as liquid coin. Currently, the cost of DOT is $1.22.

Advantages and disadvantages

Let’s analyze Polkadot advantages and disadvantages separately.

Polkadot Advantages

1. Unlimited Scalability - Polkadot has the ability to scale its relay chain an unlimited number of parachains and link them together. This way, the overall throughput of the network can continuously increase and allows the users to join Polkadot without causing any issues to the network performance.
2. Adaptive consensus protocol - As various blockchains use different consensus protocols, the Polkadot platform provides a flexible consensus protocol that will enable any of them to be hosted.
3. In-network transactions - Polkadot allows for transfers of values between various blockchains. Such functionality is needed for interactions and integration.
4. Update capability - Polkadot can update itself without performing a fork of the blockchain. This way, the users won't have to go through any troubles associated with the forking process.
5. Liquidity - Because of all its features, currently Polkadot is one of the most promising and popular coins on the market.
6. Security - The Polkadot security system provides the necessary security for the whole system and all blockchains, services, and applications related to it.
7. Open source – the fact that it is open source means that anyone can check its reliability and also help in detecting and correcting mistakes.
8. Community – all members of the network are able to earn rewards for their actions that result in the development of the network. Also, there are consequences for the actions that do not meet consensus algorithms. Such contribution makes Polkadot reliable.

Facts that are interesting

1. Polkadot has a lot of usages.  At present there are 188 projects created based on it. They include crypto projects such as DeFi, Wallets, Cryptocurrency Infrastructure projects, Tokens, Oracle, DAO, Confidentiality, Exchange, Games, IoT, Scaling and other.
2. Some famous projects that are based on Polkadot are Chainlink, Ankor, Center Network, Acropolis, Ocean Protocol, Protocol 0x, imToken and others.

Where Can You Buy Polkadot Crypto?

Secureshift is the best place to trade your coins for DOT. Secureshift is an extremely user-friendly, non-custodial, and limitless cryptocurrency exchange platform. And if you have savings in cryptocurrency and want to make investments in Polkadot, you should visit Secureshift and do the following steps:

1. Select the pair and amount of your exchange. Example ETH to DOT.
2. Enter the address to which the coins will be sent.
3. Send your cryptocurrency for the exchange.
4. Enjoy your new DOT coins.