Type
COIN
Algorithm
-
Protocol
-
Start Date
18/08/2020
Max Supply
1,000,000,000
Circ. Supply
372,693,570
Intro
Polkadot is an interoperable multi-chain, developed to enable the transfer of any type of data or asset cross-blockchain. It’s a concept envisioned by the Web3 Foundation and Parity Technologies, whose co-founders are Gavin Wood and Jutta Steiner.

The network provides a multi-chain application environment where independent blockchains can exchange information and trust-free transactions via the Polkadot. Its underlying aim is to facilitate blockchain-system scalability, allowing more transactions to be processed over the same period of time. It is designed to improve protocol development, using a sophisticated governance mechanism designed to create a transparent, accountable, and binding process for dispute resolution and network upgrades.

Polkadot unites a net of specialized blockchains (called parachains) to Polkadot Relay Chain, the core, responsible for the network’s shared security, consensus, and cross-chain interoperability.

The DOT is the internal token of the Polkadot Ecosystem.
Features
  • Network Operation and Security
    The token is designed to facilitate network consensus through staking. Similar to other networks that use the proof-of-stake algorithm, all DOT holders are incentivized to secure the block validation. The system rewards DOT holders which are reliable, otherwise, they could lose their entire stake. This principle makes the system stay secure.
  • Transparent Governance
    DOT owners have complete control over the protocol. The ecosystem has no miners and uses a proof-of-stake algorithm, so holders manage all exceptional events such as protocol upgrades and fixes. Therefore, the network is governed transparently on-chain, by the stakeholders, who wish to participate.
  • Bonding
    The token gives the possibility to add new parachains or to remove the outdated ones by removing bonded tokens. This function will be able to add new parachains by tying up DOT. In this case, the token will be locked during their bonding period and released back to the account that bonded them after the bond’s duration has elapsed and the parachain is removed.
*The indicators above, do not represent an investment advice and should not be treated as such. Please make your own research and risk assessment before exchanging your assets.
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