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.
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
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This article is for informational purposes only and takes no account of particular personal or market circumstances, and should not be relied upon as investment, tax, or legal advice. For investment, tax, or legal advice and before taking any action you should consult your own advisors. Note that digital assets such as cryptocurrencies present unique risks for investors. Please see our disclaimer regarding risks specific to holding digital assets before investing.
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This content is correct as of January 2021
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