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Polkadot is an open-source project created by the Web3 Foundation. It is a fragmented protocol that enables blockchain networks to work together. The DOT token serves three different purposes: governance on the network, staking, and bonding.
What is Polkadot?
Polkadot aims to provide a completely decentralized web with control in the hands of its users. According to the platform’s statements, Polkadot is designed to connect private and community chains, public and permissionless networks, oracles, and future technologies yet to be created. It offers an internet service where independent blockchains can exchange information and transactions reliably through the Polkadot chain.
According to statements, Polkadot makes it easier than ever to create and connect decentralized applications and services. It also aims to rescue the community from the “insecure” mechanisms of large corporations by empowering those who want to bring innovation to the market, offering better solutions.
In addition, the Web3 Foundation is partnering with top-class organizations to create Polkadot and support the development of services and applications that will work on it. Researchers from Inria Paris and ETH Zurich, developers from Parity Technologies, and capital partners from crypto funds like Polychain Capital are working together to develop a superior reality of Web3 at the heart of Polkadot. Furthermore, the Web3 Foundation provides grants for the development of the ecosystem, according to statements.
DOT coin, the platform’s native cryptocurrency, serves three purposes as mentioned above:
- Governance: Polkadot coin holders have full control over the protocol. All privileges typically exclusive to miners in other platforms, including the management of exceptional events such as protocol upgrades and fixes, are granted to DOT coin holders.
- Staking: Game theory encourages token holders to behave honestly. Good players are rewarded by this mechanism, while bad players lose their stake in the network, ensuring its security.
- Bonding: New parachains are added using bonding tokens. Old or non-useful parachains are removed in the form of bond tokens.
What is DOT Coin?
DOT is a token unique to the Polkadot platform, serving three purposes: governance, staking, and bonding.
Additionally, according to CoinMarketCap data, as of the time of this article’s publication, DOT coin is trading at $5.72. It is also worth noting that DOT coin is trading at 0.00049917 BTC against Bitcoin. Moreover, the DOT token hit its lowest level on August 20, 2020, at $2.69, and a record high on August 27, 2020, at $6.79.
As the new DOT coin is still very new, CoinMarketCap does not yet have information on its market cap or its ranking in terms of market cap. However, it can be stated that its 24-hour trading volume has reached $1,150,637,646 USD.
Review of Polkadot Coin
The ability of Polkadot to enable interoperability among multiple blockchains is considered a very beneficial feature by users. While the platform itself is promising, it is still early to definitively answer the question of whether to invest in Polkadot coin, given its novelty. However, its listing on Binance and the renewed DOT coin seem to be attracting user interest, as is common with new tokens.
How to Buy Polkadot Coin?
You can easily purchase Polkadot coin through Binance, one of the fastest and most reliable exchanges in the world.
