What is Polkadot?
While the innovative concepts of cryptocurrencies, blockchains, and cryptocurrency ecosystems have changed how people think about financial systems, they do have one glaring drawback – interactive compatibility.
As of this writing, there are probably about 1,000 distinct blockchain networks enabled by thousands of cryptocurrencies. That estimate will progressively grow over time.
Each blockchain network and accompanying community ecosystem is isolated from one another. Non-communicative, isolated blockchain ecosystems hinder shared innovation potential and don’t make cryptocurrency exchange easier.
The Polkadot protocol aims to change all of that.
Polkadot (DOT) is an innovative multi-chain software protocol designed to accommodate multiple blockchain platforms on the same network digitally.
The Polkadot blockchain software can improve scalability, network security and augment interoperability with formerly incompatible and isolated blockchain networks.
Polkadot is a new cryptocurrency software that was officially launched in May 2020. The DOT tokens were initialized in August 2020.
The developers of Polkadot have raised over $240 million via private fundraisers and initial coin offerings since 2017.
Polkadot was first developed in concept by co-founding Ethereum developers Jutta Steiner and Gavin, Robert Habermeier, and Peter Czaban back in 2016. Polkadot is also being developed in conjunction with advocacy, research, and funding support from the Web3 Foundation.
In layperson terms, the Polkadot blockchain protocol is a software system that facilitates the transfer of tokens and data over various blockchains. Once isolated blockchains that were incompatible can now transact and interface freely.
Polkadot has for main components. The first two are called the “Relay Chain” and the “Parachain.”
The relay chain is the main platform. Multiple blockchains can interface on the relay chain through a process called “sharding.” All transactions are permanent.
You can create your own independent tokens and user-launched platforms on the parachain.
The “Parathread” is a pay-on-demand version of the parachain. Finally, Polkadot’s “Bridges” enable the parachain and parathread to interface with other external blockchain platforms.
Polkadot features enhanced scalability and can be forked without community ecosystem dividing network overhauls.
The DOT cryptocurrency is used for facilitating parachains, providing ecosystem governance, and ensuring operations.
The Polkadot Future
Polkadot aspires to connect private and public blockchains, simplify ecosystem governance, expedite transactions, enhance trustless networking, and accommodate future cryptocurrency technologies.
What are Polkadot Frequenty Asked Questions?
Where does Polkadot (DOT) rank among in terms of popularity? How relevant is it compared to competitors?
In terms of popularity, Polkadot currently ranks in position 11 out of the thousands of cryptocurrencies. It is also important to consider Polkadot‘s market cap – in general, the higher the market cap of a cryptocurrency, the more dominant it is considered to be in the market. Polkadot has a market cap of $ 10,247,190,994, which compares to Bitcoin (the most popular cryptocurrency by several metrics) with a market cap of $ 547,124,424,710, Litecoin at $ 4,373,813,404, Ethereum at $ 210,152,421,209, Tether at $ 72,451,566,241, and XRP at $ 18,618,537,522.
What is the price of Polkadot (DOT) today (updated in realtime)?
The current price of Polkadot is $ 9.18 in USD. (The price in Euros is 8,59 €; and the price in Bitcoin is Ƀ 0.00031937 BTC.)
What is Polkadot‘s (DOT) market supply?
The total available supply of Polkadot is 1,116,233,659 DOT. The total supply of Polkadot is 1,197,182,794 DOT.
What is the 24 hour volume for Polkadot (DOT)?
The 24 hour volume for Polkadot is $ 886,488,788.
How has Polkadot (DOT) performed recently?
Polkadot‘s price has increased in the last 24 hours by 0.20%. This compares with a seven day change of -5.30%. The trading volume over the last 24 hours was $ 886,488,788. Trading volume indicates how many units of a currency are being bought and sold on specific exchanges. High trading volumes are likely to drive more on-chain activity, for example when people deposit and withdraw funds. It can be a good indicator of the general interest in the cryptocurrency.
What is Polkadot (DOT) official website?
Links to Polkadot‘s official website, social accounts, blockchain explorer, and Github repository if applicable.
Has Polkadot (DOT) performed well historically?
Here is a chart showing how Polkadot has performed historically.
Where Can I Buy Polkadot (DOT)?
Here is a breakdown of the current market prices from top cryptocurrency exchanges.
Charts & Market Data
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