DOT Coin Price
What is Polkadot (DOT) ?
Polkadot is a piece of software that aims to incentivize a worldwide network of computers to run a blockchain on top of which users may build and run their own blockchains. Polkadot is therefore one of a number of rival blockchains trying to build a cryptocurrency ecosystem, with noteworthy examples being Ethereum (ETH), Cosmos (ATOM), and EOSIO (EOS). Polkadot has its very own token called "DOT", which has DOT coin price ranking in the leading chart of any cryptocurrency trading platforms.
Polkadot, which debuted in 2020, is among the most recent, and it includes a lot of unique technical aspects to achieve its lofty aim. To begin, Polkadot is intended to run two kinds of blockchains. A primary network, known as a relay chain, in which transactions are permanent, and user-created networks, known as parachains. Parachains may be tailored for a variety of purposes and feed into the main blockchain, ensuring that parachain transactions are secure in the same way that main chain transactions are.
The Polkadot team believes that with this architecture, transactions may be kept safe and accurate while using just the computational resources necessary to run the main chain. Users, on the other hand, have the extra benefit of being able to design various parachains for a variety of applications. The Polkadot team thinks that this architecture will enable its users to conduct transactions more discreetly and effectively, resulting in blockchains that do not expose user data to the public network or that handle a higher number of transactions.
Polkadot has received over $200 million in funding from investors through two sales of its DOT cryptocurrency, making it one of the most well-funded blockchain ventures in history. Polkadot prices have risen steadily since their initial release to the present day. Users seeking to stay connected on the project’s current development status can follow the official Polkadot project roadmap for up-to-date details.
DOT Coin Price
DOT coin price is listed across many leading trading platforms. DOT coin price on our ARKEN as of 28 July 2021 is at $14.2906 and you can also check out Polkadot coin price live data via our platform.
Why Do We Require Polkadot?
Polkadot seeks to address the two most pressing challenges confronting blockchain-based systems today: scalability and governance.
It can increase the network's ability to process more transactions per second while guaranteeing effective community management of protocol updates and modifications. It can also assist the community in gathering vital information in order to develop and evolve. Developers can link their custom parachain to the Polkadot network to enable interoperability with all other parachains on the network.
Polkadot coin, in a nutshell, allows developers to build solutions on top of all blockchains, rather than just one. Developers may use the Polkadot network's infrastructure-building tools to construct cross-chain apps, goods, and services. Network validators are responsible for the security and validity of data across several parachains. These network validators increase scalability even more by distributing transactions across many parachains.
Polkadot Works in What Way?
The Polkadot network supports the construction of three different types of blockchains.
The Relay Chain — The primary Polkadot blockchain network, where transactions are completed. The relay chain isolates the task of adding new transactions from the act of verifying those transactions to gain better speed. According to 2020 testing, this approach enables Polkadot to execute over 1,000 transactions per second.
Parachains - Parachains are customized blockchains that leverage the relay chain's computational power to validate transactions.
Bridges - Bridges allow the Polkadot network to communicate with other blockchains. Bridges to blockchains like EOS, Cosmos, Ethereum, and Bitcoin are being built, allowing tokens to be traded without the need for a central exchange.
More details on how Polkadot works can be found in its Whitepaper.
Polkadot Coin: The DOT token
Polkadot's network token is known as DOT. The DOT token can be used in a variety of ways. To begin, it gives token holders the ability to vote on possible code modifications and platform governance. DOT token holders may also set network costs and decide whether to build or remove parachains. The Polkadot network employs staking, in which DOT holders are rewarded for following the rules and risk losing their stake if they do not.
Bonding is also done with DOT tokens. When new parachains join the network, the bound DOT tokens are locked for a bonding time. These locked DOT tokens can be released once the bond period has passed and the parachain has been removed from the network. Polkadot price can be found at ARKEN Finance market price view with real-time update.
Three categories of Polkadot users and Polkadot coin traders can have an impact on the software's development. These are some examples:
Holders of DOT tokens — Anyone who acquires DOT tokens can use their DOTs to propose network modifications and accept or reject important changes made by others.
The Board of Directors - Council members are elected by DOT holders and are responsible for proposing modifications and selecting which changes submitted by DOT holders are implemented in the program. Ordinary DOT holders' proposals require fewer votes to be granted than those of Council members.
The Technical Advisory Committee - This group, made up of teams actively creating Polkadot, can make exceptional suggestions in the event of an emergency. Members of the technical committee are elected by the Council.
What Sets Polkadot Apart from Ethereum?
Given that they both have a high-profile creator, there has been much discussion regarding what distinguishes Polkadot from Ethereum. Polkadot and the upcoming significant upgrade to Ethereum, known as Ethereum 2.0, have numerous architectural and operational similarities. Both networks run a primary blockchain where transactions are completed and allow the development of numerous subsidiary blockchains that use its resources. Both methods rely on staking rather than mining to maintain the network in sync.
Ongoing research is being conducted to determine how transactions between networks may be made interoperable. Parity, for example, has created technology for customers who want to deploy apps that leverage Ethereum's code and ecosystem yet operate on Polkadot. Finally, developers may utilize Polkadot's development framework to create a replica of the Ethereum blockchain for usage in their own bespoke blockchain designs.
Polkadot Binance-Pegged token is the replica of the pegged-Token of DOT listed on Binance network for trading and utilizing on that platform. Even though it is not a DOT native coin, Binance Pegged-DOT is 100% backed in its value by the nature coin reserve.
DOT address (BSC): 0x7083609fce4d1d8dc0c979aab8c869ea2c873402
DOT address (HECO): 0xa2c49cee16a5e5bdefde931107dc1fae9f7773e3
Why Should You Buy Polkadot?
5 major advantages of developing on Polkadot
- A thriving ecology
To claim that the Polkadot ecosystem is alive is to imply that there is water. With parachain auctions just around the corner, new projects are being announced on a weekly basis. Polkadot had over 400 projects under construction as of the end of March 2021.
- Shared security that allows for rapid deployment
Given that Polkadot employs a nominated-proof-of-stake method (in which any user may nominate validators to verify transactions on their behalf and receive rewards), shared security implies that all DOTs invested in the system are effectively supporting all projects in the ecosystem.
- Powerful developer tools that make development quicker and simpler
When selecting an ecosystem, one of the most essential factors to consider is how simple it will be to develop. Polkadot aspires to be one of the finest ecosystems for developing and delivering applications.
- On-chain governance that facilitates chain upgrade
Building a protocol and expecting it to never need to be changed is utopian, if not naïve. Future updates are unavoidable, depending on the intricacy of the protocol (blockchain). There's a reason why software is continually updated. Because defects, inefficiencies, or new ideas are discovered along the way, they must be addressed or the system will fail.
- Crowdfunding feature that allows for fast, trustless financing
The ability to crowd loan for a project is allowed on Polkadot, making it simple to create not just fast, frictionless liquidity, but also, if utilized properly, increased decentralization of a protocol's tokens so that centralization from Genesis is avoided.
Polkadot Use Case
The Polkadot ecosystem has a huge reach and use. It is presently being used for 188 projects. This covers DeFi-related crypto-projects, cryptocurrency wallets, infrastructure projects, tokens, Oracle, DAO, privacy, exchange, gaming, IoT, scalability, and so on. Chainlink, Ankr, Celer Network, Akropolis, Ocean Protocol, 0x Protocol, imToken, and more well-known projects are based on the Polkadot protocol.
Polkadot's Function in DeFi Projects
The Decentralized Finance (DeFi) industry is built on modularity, cross-chain communication, value transfers, and protocols that integrate with one another. It's essentially the whole premise of the Polkadot project. As a result, Polkadot is used in many DeFi projects. The DeFi automation and aggregation-based Akropolis project, for example, depends on interfaces with Maker, Compound, Curve, and dYdX. They have worked together and made significant contributions to the Polkadot ecosystem.
Polkadot's Relationship to the Upcoming Ethereum 2.0
The Ethereum 2.0 Phase 0 mainnet is scheduled to be live in November 2020. It will include the long-awaited staking mechanism. However, its full deployment will not be completed for many years. Polkadot seems to have a striking resemblance to ETH 2.0. For example, both blockchains enable sharding, which means they may do operations in parallel by enabling separate shards to share the burden and interact with one another. Both use hybrid consensus models, staking mechanisms, and state-transition functions.
- Robert Habermeier
- Gavin Wood
- Peter Czaban
Historical Data for DOT Coin Price
|Jan 15, 2023||$5.93000||$6.04000||$5.76000||$5.82000||$343,689,205||$7,048,844,533|
|Jan 14, 2023||$6.01000||$6.03000||$5.79000||$5.92000||$782,687,495||$7,185,441,825|
|Jan 13, 2023||$5.27000||$6.33000||$5.27000||$6.03000||$228,790,043||$6,418,896,549|
|Jan 12, 2023||$5.21000||$5.28000||$5.19000||$5.24000||$246,272,551||$6,225,980,707|
|Jan 11, 2023||$5.01000||$5.22000||$4.98000||$5.20000||$176,549,390||$6,104,959,456|
|Jan 10, 2023||$4.96000||$4.96000||$4.84000||$4.89000||$142,944,072||$5,844,614,796|
|Jan 9, 2023||$4.96000||$4.96000||$4.87000||$4.94000||$258,706,966||$5,822,967,240|