Polkadot enables cross-blockchain transfers of crypto tokens and any other type of data or asset, and gives users the ability to interoperate with a wide variety of blockchains in the Polkadot network.
Polkadot 7 key point overview:
- ✔️What is Polkadot
- ✔️Who created Polkadot
- ✔️Features of Polkadot
- The DOT coin
- How to buy DOT coins
- Top 3 DOT wallets
- What makes Polkadot unique?
What is Polkadot
👉 Polkadot is an open-source project founded by the Web3 Foundation, which has commissioned five teams and over 100 developers to build Polkadot.
👉 Polkadot guarantees economic scalability by enabling a common set of validators to secure multiple blockchains, and transactional scalability is ensured by spreading transactions across multiple parallel blockchains.
👉 Polkadot is a true multi-chain application environment that enables cross-chain registries and cross-chain computation.
👉 Polkadot can be used to transfer data across public, open, permissionless blockchains and private, permission-based blockchains.
👉 Polkadot allows developers to build applications that are granted permission from a private blockchain so that data can be used on a public blockchain.
Who created Polkadot
👉 Gavin James Wood is the co-founder of Ethereum and creator of Polkadot and Kusama.
👉 Prior to developing Ethereum, James worked as a research scientist at Microsoft and he proposed and helped develop Solidity, which is a programming language for writing smart contracts.
👉 In 2014, he released the Yellow Paper defining the Ethereum Virtual Machine, which is the runtime system for Smart contracts in Ethereum.
👉 He also served as the Ethereum Foundation's first chief technology officer.
👉 He founded the Web3 Foundation, a nonprofit organization focusing on decentralised internet infrastructure and technology, starting with the Polkadot network.
Features of Polkadot
👉 Polkadot uses Proof of Stake mechanisms to enable developers to create interactive blockchains that can communicate with other ledgers to form a system of parachains.
👉 Polkadot’s relay chain is responsible for the network’s shared security, consensus and cross-chain interoperability – which greatly improves the governance of the network.
👉 Polkadot parachains allow blockchains to have their own tokens and functionality can be optimized for specific use cases.
👉 Parachains and parathreads can connect and communicate with external networks like Ethereum and Bitcoin, using Polkadot bridges.
The DOT coin
👉 DOT is native to the Polkadot platform.
👉 It ensures governance over the network and enables staking and bonding.
👉 Polkadot token holders have complete control over the protocol and all privileges, which are usually exclusive to miners on most other platforms, is given to the Relay Chain participants (DOT holders).
👉 DOT holders fulfil a variety of functions within the Polkadot platform.
👉 They can choose to act as validators, collators, nominators or fishermen, or they can participate in the governance of Polkadot.
How to buy DOT coins
👉 The easiest way to buy and sell Polkadot today is on Coinbase, Binance or Uphold.
👉 Once you have created and verified your account, you can fund your account with a bank transfer, pay with a credit/debit card or deposit cryptocurrency from another crypto wallet to buy Polkadot.
Top 3 DOT wallets
👉 The imToken software wallet is designed for mobile users to easily store over 200,000 different coins and tokens.
👉 It can be used to send, receive, and stake Polkadot and includes features such as touch ID, Wallet Connect, and the Dapps browser to improve accessibility and security.
👉 Trust wallet can be used to buy, store, send, and receive Polkadot and several other cryptocurrencies, and has a support system for over 40 blockchain protocols.
👉 This wallet supports 160,000 tokens and comes with an integrated exchange.
👉 The Ledger Nano X hardware wallet is extremely user-friendly and can be used to store, receive, send, and stake coins at no extra cost to their wallets.
👉 This wallet connects via Bluetooth to either your mobile device or desktop system.
What makes Polkadot unique?
👉 Polkadot gives developers the opportunity to create custom blockchains within minutes, using the Substrate framework, which is a blockchain-building framework for Ethereum, Bitcoin, and enterprise blockchains.
👉 The owners and developers of parachains are free to design their own governance mechanisms, allowing for maximum freedom without affecting other parachains.
👉 This company has revolutionized the way blockchains can be developed and developers now have the option to integrate with the main network and benefit from all the innovative features offered by becoming one of Polkadot’s parachains.