Polkadot (DOT) is a next-generation blockchain (founded by a Swiss Foundation called Web3 Foundation) that brings a new set of functionalities and interoperability to the market. Though it started with a bumpy ride after 60% of the firm’s ICO funding was hacked. Ethereum co-founder Gavin Wood created this protocol. Its other founders are Robert Habermeier (also known as Rob Habermeier) and Peter Czaban.
The circulating supply of DOT is 982,673,253.36 DOT. While its max supply is not available, the total supply of DOT coins is 1,098,397,410. The 24-hour trading volume of Polkadot is currently US$1,304,725,355.
The first token sale of Polkadot closed on October 27, 2017. It raised a total of 485,331 ETH. On August 20, 2020, the price of DOT was US$2.69. As of July 19, 2021, its price is US$11.52. An all-time high (ATH) price was reached on May 15, 2021, which means that the price has corrected by over -76% in the last 2-months.
In the last 1-year, its price has increased by 328% till now (by mid-July 2021). This +300% increase of DOT price against US Dollar in the past one year is despite the fact that in the last 2-months the price dropped by over -76%.
The traders and investors are highly bullish on it in the long run, especially because of its use-value in real life and the advantages it brings to the table. Now, let’s check why the Polkadot platform is garnering so much new support.
Polkadot protocol is an open-source multi-chain application protocol. It provides you with an unimaginable level of cross-chain interoperability. It not only facilitates its users in transferring just tokens but also all sorts of data and asset types. The best thing about this network is that they can communicate actual data. Therefore, you can now make a wide array of blockchains interoperable with each other.
The interoperability in this network (thanks to its Nominated Proof of Stake mechanism or NPOS) wants to establish a fully decentralized and private web that:
The Polkadot ecosystem helps in connecting:
This interoperability and interconnection among various blockchains help in sharing trustlessly information as well as transactions in a trustless manner through the Polkadot relay chain.
There are 3 discreet purposes of DOT, the native token of Polkadot, and they are:
To understand how the Polkadot network works, you have to first understand its 4 core components:
It can be called the “heart” of this network because it helps in creating consensus, interoperability, and shared security throughout the network of different chains.
These are independent chains having their own coins. Most importantly, the developers can use these chains for optimizing specific use cases.
This component is very similar to that of the other component called the parachains. However, they come with flexible connectivity. Parathreads are based on an economical pay-as-you-go model.
It is this component that allows both parachains and parathreads in connecting as well as communicating with external blockchains such as Ethereum blockchain.
In this way, the Polkadot protocol enables users to send tokens, actual data, and other digital assets across blockchains.
Polkadot protocol tries to solve the interoperability issues faced by the blockchain sector. Currently, different blockchains work as completely separate sets of data, and one blockchain can’t leverage the information possessed by the other networks.
Polkadot solves this interoperability problem among different blockchains by integrating a wide range of proprietary technologies. One of the major advantages of the Polkadot protocol is that it helps in communicating information from private blockchains to public networks and the other way round.
All these capabilities of Polkadot are posing a credible threat to the dominance of Ethereum. That’s why this protocol is often called “Ethereum Killer”.
Yes, you should definitely invest in DOT to earn crypto more in the coming 5-to-10 years.
You can invest and trade Polkadot (DOT) through any leading and reliable cryptocurrency exchanges and crypto APIs (both centralized and decentralized exchange) such as Coinbase, Coinmama, Kraken, and others. You can also invest in DOT through the iTrust Capital crypto IRA account.
You can store DOT at:
You can buy and sell Polka crypto coins against various fiat currencies (US Dollar USD, British Pound (united Kingdom fiat currency), Canadian Dollar CAD, South Korean WON, Singapore Dollar, Chinese Yuan, Hong Kong Dollar, etc.) through a wide array of crypto exchanges.
If you want to increase your investment by 5-to-6-times in the coming 5-to-7 years, buy Polkadot coins now. Keep an eye on the cryptocurrency markets, financial news, crypto news, yield farming, price statistics, block times, and others to time your trading of oracle cryptocurrencies for maximum profit and increasing your net income.
You can also diversify your crypto coin portfolio by including other cryptocurrencies such as Bitcoin Ether ETH, Bitcoin Gold, Bitcoin Cash BCH, Basic Attention Token, Ethereum Classic, Binance Coin, Kusuma Network coin, Wrapped Bitcoin (some also call it wrap bitcoin or wBTC), USD Coin, Gemini Dollar, ERC20 tokens (created on Ethereum blockchain), NFTs, and others.
Also, invest in various types of stocks (including dividend yield stocks), mutual funds, index funds, real estate, venture capital, private equity, and others to improve your personal finance. If possible, get help from a portfolio manager or wealth management firm for investment advice and get maximum return.
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