After officially announcing its product, Polkadot as well as the platform’s DOT coin received a lot of attention and research. As a project with a lot of potentials, many people expect Polkadot to grow strongly shortly. In this article, 5ROI Global will learn about Polkadot (DOT) with you.
What is Polkadot?
Polkadot (DOT) is a multi-Chain, heterogeneous, and scalable blockchain network technology. This can help connect individual blockchain chains, allowing these components to exchange data across the chain to make the most of the resources of the entire ecosystem.
To put it simply, Polkadot is like a blockchain of many blockchains. This project will help users to build their blockchain on the Polkadot system easily.
Who is responsible for building Polkadot?
Polkadot is an open-source project and anyone can freely contribute to the development of the platform. In addition to the open-source community, standing behind Polkadot is the Web3 Foundation – one of the leading organizations in the Crypto space. The Web3 Foundation makes a financial and technological contribution to Polkadot.
In addition, the Web3 Foundation is also working with groups interested in developing additional implementations on the platform such as
Core-Polkadot: Collator Nodes, Validator Nodes, Relay Chain.
Ecosystem: Block Explorers, Node Explorers, Wallets.
What abilities does Polkadot have?
- Scalability: Polkadot can improve the transaction speed or transaction processing speed of the blockchain.
- Acceptability: blockchain technology is still a new concept compared to the vast majority of people worldwide. Polkadot will help simplify everything to be easily accessible to users, helping them apply blockchain in today’s life.
- Interoperability: where previous individual blockchains could not interact with each other, Polkadot can perfect that. Polkadot offers effective solutions for multi-chain, such as exchanging tokens on private chains with each other.
- Simple implementation: it only takes a few minutes for users to create a custom blockchain through the Substrate framework. You just need to connect your network to Polkadot, and the interaction and security issues will be automatically taken care of.
- Forkless: Polkadot has good adaptability to new technology updates and upgrades without the need for hardforks.
- Confidentiality: Users can manage their blockchain but still agree on common security based on available data and Polkadot’s validity scheme.
- Ownership: Polkadot helps users feel more comfortable with their ownership and voice in the network. This will help users participate more responsibly to reflect their contribution to the development of Polkadot.
Some salient features of Polkadot
On-chain governance system
This is the same way Tezos is doing, which is voting on proposals to update the new Protocol.
Nominated Proof-of-Stake (NPoS) mechanism
NPoS is quite similar to DPoS, everyone will lock their DOT, delegate stakes to 1 Validator to confirm and add new blocks to the chain, and then share the block reward.
The fundamental difference here is that the Validators will be randomly selected from qualified people and this will change several times per day.
Parachain design
The design of Parachain does not require it to be necessarily Blockchain. As long as it can provide verifiable proof by the Validators assigned to it. All Parachains connect to Relaychain via proof of stake on Relaychain, so the more Parachains there are, the more secure and secure the network will be.
Substrate
The substrate can simply be understood as a framework to help you build Blockchain more easily.
The substrate is not part of Polkadot, but projects built with Substrate can run natively on Polkadot. Everyone can use Substrate to build new Blockchains right now without waiting for Polkadot Launch Mainnet.
About DOT Coin
Overview of DOT
- Token name: Polkadot
- Ticker: DOT.
- Blockchain: Polkadot network.
- Token type: Utility type, Governance.
- Circulating Supply: 987,579,314.96 DOT
- Maximum total supply: 1,103,303,471 DOT
DOT Allocation
Token DOT is only allocated into 3 parts:
Polkadot Auction: 50%.
Web3 Foundation: 30%.
Further Pre-Launch Distributions: 20%.
The role of DOT
DOT is the native token of the Polkadot network that performs the following main functions:
- Administration function: Investors can use this virtual currency for protocol management and repair and development.
- Staking function: DOT coin can participate in the consensus mechanism that appears on the common network platform, similar to Ethereum
- Reward Function: The DOT coin can also become a reward for investors who are efficient and active on the platform.
- Bonding function: This is a proof of stake method. The fact is that investors can link DOT coins together by creating new Parachains (Proof of Stake — PoS).
How to own a DOT Coin?
You can trade and own DOT on 5ROI Global right here: https://www.5roi.com/exchange/DOT/USDT
Conclusion
Above 5ROI has summarized the main features of the recent prominent cryptocurrency project – Polkadot. Hopefully, the above information can help readers somewhat understand more about Polkadot and DOT coin. As a result, you can make accurate investment decisions and earn profits shortly.
Risk Disclaimer:
For investors, trading digital assets are both an opportunity and a challenge with outstanding profit potential. 5ROI Global only provides useful information for investors to grasp, and refer to and does not provide financial investment advice of any kind.
5ROI Global
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