Polkadot is an open-source cryptocurrency project established by the Web3 Foundation. The Web3 Foundation directly enables users to benefit more comfortably and smoothly from decentralized web services, and Polkadot’s connection to the decentralized finance world, as well as the decentralized web, stems from this. Polkadot, a blockchain-based network, uses a shared protocol. The cryptocurrency named DOT within this network has three different functions: governance, staking, and bonding.
Although Polkadot Coin has been in the market for a long time, its recent transition to the main network and establishment of the “new DOT Coin” regime certainly played a role in its entry into the top 10. As of the writing of this article, Polkadot Coin ranks as the 7th largest cryptocurrency.
So what exactly is Polka Dot coin and what are the reasons for its rapid rise?
What is Polka Dot Coin?
To understand Polka Dot Coin more clearly, it’s necessary to examine the features of the underlying network. The Polkadot network aims to create a decentralized web where control is directly in the hands of the users. It seeks to connect private and public networks, consortium networks, permissionless networks, Oracle platforms, and future technologies to create a new internet with independent blockchain networks.
The Polkadot project was thus launched by Gavin Wood, a co-founder of Ethereum, who believes that decentralized applications, services, and institutions will become more widespread. Polkadot has a network called Substrate, and many projects are being developed based on it, similar to the Ethereum network. The DOT cryptocurrency is used for all transaction fees and similar activities across the network.
Analysis of Polka Dot Coin
Looking at the comments on Polka Dot Coin, it is often said to be the Ethereum of the future. DOT Coin, which rose to the top 5 largest cryptocurrencies when it was launched, is known to host many new projects. Many new DeFi-based projects like Kusama, Robonomics, and StaFi are based on Polkadot’s Substrate network, contributing to the positive reviews of Polka Dot Coin.
DOT Coin holders can stake their coins or use them to vote and contribute to the network’s changes. This places DOT coin owners in a unique position within the network. But how can one acquire DOT Coin?
DOT can be purchased through Binance, one of the world’s largest cryptocurrency exchanges.
How to Buy Polka Dot Coin
DOT can be easily purchased from Binance by following these steps:
- To buy DOT, you first need to deposit USD or buy a cryptocurrency that can be used instead. Go to the Binance homepage, click on the “Buy Crypto” option in the top left, and then select the “Credit/Bank Card” tab.
- In the opened tab, choose how much USD you want to spend and select Tether, i.e., USDT, from the Coin section.
- After purchasing USDT, preview the “Buy-Sell” option at the top left again and click on the “Classic” tab.
- In the section that opens, select the USDT tab in the top right, type DOT in the search button, and choose the DOT/USDT pair that opens below.
- Then go to the “BUY DOT” tab in the middle, enter the amount you want to buy.
- Enter the amount you want and complete the DOT purchase by confirming the transaction.
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