Polkadot (DOT) - Coin of the Week
Polkadot (DOT) is a software that develops a global network of interconnected blockchains. This network helps to create and support an infrastructure for complex decentralized applications (dApps). Polkadot allows the transfer of data and assets between different blockchains and facilitates interoperability between them.
History of Polkadot
The Polkadot (DOT) project was founded in 2016 by Gavin Wood (former co-founder of Ethereum), Peter Czaban and Robert Habermeier. At the same time, Wood participated in the development of the Solidity language, which is used for the development of decentralized applications.
Polkadot (DOT) has raised approximately $200 million by selling its native DOT cryptocurrency. The sales were organized with the help of the Web3 Foundation, a non-profit entity that received 30% of the funds generated from the sales. The organization, also founded by Wood, aims to use the funds to promote the development of Polkadot.
How does Polkadot work?
The Polkadot Project (DOT) is based on three types of blockchain networks:
The main network - the space where transactions are completed; processes 1000 transactions per second.
Parachain networks - custom blockchain networks that use the main network to confirm transactions.
Link networks - allow the Polkadot network to interact with other blockchain technologies.
To maintain system integrity, the Polkadot mainnet uses a variant of the proof-of-stake (PoS) consensus protocol. This system allows any DOT holder to block certain amounts for network support and the possibility of generating passive income.
Polkadot Governance
Polkadot development is influenced by three types of users:
Polkadot Holders - anyone who buys Polkadot can use their funds to propose changes to the network and to approve or reject changes proposed by others.
Council – elected by DOT holders, council members are responsible for proposing changes to the Polkadot ecosystem; members' proposals require fewer votes to be approved than those of DOT holders.
Technical team - Made up of users who actively develop the Polkadot ecosystem; team members are elected by the Council
Polkadot Use-Cases
Decentralized Finance (DeFi)
Games and NFT
Supply chain management
For more information about DOT, go to the Polkadot Price (DOT) page.
Polkadot Advantages
Scalability
Interoperability
Efficient governance
For more information about DOT, go to the Polkadot Price (DOT) page.
Polkadot in 2023
The launch of OpenGov on Polkadot represents an important event for the project in 2023. OpenGov will decentralize the governance process within the project and increase the volume of collective decisions that can be made by the network at any time. The implementation of OpenGov will provide more adaptability to the Polkadot blockchain and ensure more innovation on the project's network.
Polkadot Financial Indicators
Market Cap: 5.8 billion EURO
Polkadot Price: 5 EURO
Transactional Volume (24 ore): 368 million EURO
Polkadot Community
Latest Polkadot News
Astar Network, an innovation hub within Polkadot, has entered into a partnership with the authorities of Shibuya, Tokyo, to develop a Web3 initiative in the region.
How to buy Polkadot
On the Tradesilvania platform you can buy and sell the Polkadot cryptocurrency or other types of cryptocurrencies, such as Ethereum (ETH) and Solana (SOL). In our platform, you have the possibility to include Polkadot units (DOT) in the Savings service, through which you can generate passive income.