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What Is Polkadot?

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Dec 1, 2022
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4 min read
what-is-polkadot

This blog post will cover:

  • About Polkadot (DOT)
  • Where did Polkadot (DOT) come from?
  • What are the advantages of Polkadot (DOT)?
  • What are the disadvantages of Polkadot (DOT)?
  • How to buy Polkadot (DOT) on SimpleSwap?

About Polkadot (DOT)

There are some projects that can hold the attention of the Crypto World. One of these projects is Polkadot. It is working on creating a protocol that can be used to combine various decentralized databases and third-party blockchains. The successful functioning of the project and its ecosystem will depend directly on its participants.The Polkadot coin, indicated by the DOT ticker, is an asset of the Polkadot platform. It performs three main functions: management, bid placement, and linking.It should be noted that the Web3 Foundation (a Swiss Foundation created to make a fully functional decentralized network) cooperates with the best organizations to generate Polkadot and contributes to the development of services and applications that will work on it. The Polkadot management model is embedded in the network and clearly defined. It is intended to include all stakeholders in the governing body. Users can participate in the system's decision-making by simply holding their DOT coins. Currently, there is a Polkadot Council and Technical Committee, so the project and its direction are entirely in the hands of DOT holders.

Where did Polkadot (DOT) come from?

The Polkadot project was created in 2016. The idea belongs to Gavin Wood, who was the co-founder of Ethereum and the founder of Parity Technologies. Further, in October 2017, Polkadot conducted a successful ICO on the Ethereum blockchain. The ICO gathered $144,630,000. However, 2/3 of this money was frozen after the hack attack. The project continued to exist despite huge losses, remained afloat, and did not lose confidence continuing to develop.

What are the advantages of Polkadot (DOT)?

  • Compatibility
    
    The Polkadot network allows blockchains with different consensus models to interact with each other through special intermediaries.
  • Unlimited scalability
    
    Polkadot can support an infinite number of blockchains and allow them to connect.
  • Security
    
    Polkadot's proprietary security system provides the necessary layer of protection for the entire system, as well as for the blockchains, services, and applications involved in It.
  • Rewards and penalties
    
    All network participants, from collectors to ordinary users, can receive rewards for actions that contribute to the development of the network.

What are the disadvantages of Polkadot (DOT)?

  • Limited opportunities
    
    It is necessary to keep DOT coins blocked during the operation of your blockchain.
  • Incompleteness
    
    Some technical aspects are still under development.

How to buy Polkadot (DOT) on SimpleSwap?

Thank you for your interest in the DOT cryptocurrency. If you want to purchase Polkadot, you are welcome to visit the SimpleSwap homepage and follow the instructions below:

  • For example, you want to swap BTC for DOT. Select the currency you want to exchange (e.g. BTC) in the first drop-downlist. Then enter the amount you want to swap.
  • Select DOT in the second drop-down list. You’ll see the estimated amount that you’ll get after the exchange.
  • Click the Exchange button.
  • Enter the Recipient's Address. DOT will be sent. Be careful and make sure you use the correct address.
  • Create the exchange.
  • You will see the Bitcoin deposit address. You need to transfer the necessary amount of BTC to this address to start the BTC to DOT exchange.

SimpleSwap reminds you that this article is provided for informational purposes only and does not provide investment advice. All purchases and cryptocurrency investments are your own responsibility.

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