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Polkadot (DOT) Price



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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 decentralized 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 customized decentralized 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 decentralized 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 an interact.

What is the price of DOT? 

Three years in the making, DOT debuted in public markets in August of 2020. Since then, DOT has (as of late August 2021) has seen its price increase by nearly 760%.  

The coin experienced a positive rally along with the broader crypto market during the first half of 2021. In mid-May DOT peaked at $47.33, its all-time high, before declining nearly 50% to its current price level around $25.   

DOT is heavily traded across most global exchanges, recording strong 24-hour volume levels. Some $2 billion worth of DOT change hands in any given day around the world. 

DOT is currently the world’s 10th-largest digital asset by market cap. 

Circulating supply: 1.02 billion DOT

What the bulls are saying about Polkadot (DOT)

*A Bet On Multi-Chain: The bulls like to call DOT “Ethereum killer” because it would seem to be well-positioned to benefit from a scenario in which many blockchains flourish. A bet of DOT is a bet on a multi-chain future, bulls say. 

Many are intrigued by Polkadot’s “wild cousin” Kusama. It’s a “testbed,” designed to host applications preparing for full-scale rollouts on the DOT network. Kusama also plans on facilitating its own suite of Dapps. 

At full operational capacity (yet to come), the network will theoretically be able to process upwards of 1,000,000 transactions per second. (Yahoo Finance)

*Distinction with a difference: DOT’s focus on interoperability sets it apart from siloed ecosystems like Bitcoin and Ethereum. 

What the bears are saying about Polkadot (DOT)

*Crowded space: DOT isn’t alone in the “Ethereum killer” realm. Among those charging into the ETH-challenger fray include Cardano (ADA), Solana (SOL), and Cosmos (ATOM). 

*Security concerns: DOT has experienced security concerns. Back in 2017, funds relating to DOT’s ICO, at that time one the largest in history, were compromised in a hack targeting Parity Technologies, a development team involved in the initial build. The malicious action resulted in a net loss of $150 million, two-thirds of which were connected with DOT’s ICO. 

*The knock-on slots: Parachain “slots” on the DOT network are limited, and thus costly. Space on the protocol can only be secured through “parachain slot auctions,” a process through which independent projects bid on development space. Some believe this will limit the DOT’s growth by pricing out promising blockchain-based applications.   

How to buy Polkadot (DOT)

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