About Polkadot (DOT)
Launched in 2017, Polkadot (DOT) is a blockchain protocol created by Ethereum co-founder Gavin Wood. It’s one of the most widely held digital assets associated with the burgeoning decentralised finance, or "DeFi," sector. DeFi, a bustling space within crypto at large, is aiming to, along with fintech startups, disrupt traditional banking, insurance, asset management and trading.
Polkadot is described as a scalable heterogeneous multi-chain technology.
What this means, essentially, is that the network will act as a relay chain through which a number of user-developed parallel chains (parachains) are hosted.
Parachains form the backbone of Polkadots’s appeal. Users are able to develop customised decentralised applications that run on an independent, private blockchain, while maintaining the computational resources (used to authenticate transactions) and security benefits of the larger Polkadot network.
Also central to the protocol’s appeal: interoperability. That's the ability for private and public blockchains to share information and transact seamlessly.
Using Polkadot, developers are able to create decentralised applications, or "dapps," on private parachains but able to connect with large public blockchains i.e. Ethereum.
For many tech community members envisioning a "web 3.0" (in which personal data is better cordoned off) Polkadot would seem poised to help underpin it, acting as an intermediary that fosters the ability for legacy chains, as well as private parachains, to communicate.
What is the price of DOT?
Three years in the making, DOT’s debut on public exchanges finally occurred in August of 2020. Since then, DOT has (as of mid-January 2021) seen its price increase by nearly 400%.
During the second week of January 2021, DOT rose to hit a series of new highs. On Jan. 16, DOT reached nearly $17. Between August and early January, DOT climbed from about $3 to about $10 and made a sharp, nearly straight-up (or “parabolic”) move between the start of January and the middle of the month.
DOT is heavily traded across most global exchanges, recording strong 24-hour volume levels. Some $6 billion worth of DOT change hands in any given day around the world.
Circulating supply: 899.9 million DOT
How to buy Polkadot (DOT)
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Here is how:
1. Go to Uphold.com and click ‘Sign up’
2. Enter your email address, phone number and your personal details
3. Tell us how you plan to use Uphold and provide some basic financial information (e.g., employment status and source of funds)
4. Verify your identity by providing an ID document and taking a ‘selfie’
… and you’re off to the races!
Just start trading.
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This content is correct as of September 2021
Note: this cryptocurrency is not available for withdrawal to external crypto wallets. It can be bought, held, and sold on Uphold.
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