Polkadot (DOT)

Polkadot is currently trading at $5.2068, after a price change of 1.43% in the last 24 hours.

Ranked as cryptocurrency #13 by capitalization today, DOT market cap is valued at $6,015,210,684. DOT trading volume reached $223,941,724 in the last 24 hours. We track cryptocurrency data live in real-time. Make your own forecast on DOT coin price prediction page.

What is Polkadot?

Polkadot is a shared heterogeneous blockchain protocol that links several blockchains into a single network. This way it facilitates interoperability and easy communication between chains. It was launched in 2020 by Robert Habermeier, Gavin Wood, and Peter Czaban. They work for Web3 Foundation, which is an organization based in Switzerland. The native token of this blockchain is known as DOT.

Polkadot is a framework upon which you can deploy additional blockchains. The medium linking the numerous networks is known as a relay chain. Upon network congestion, lone networks have trouble dealing with heavy traffic. Polkadot solves this issue by running multiple records simultaneously across the chains, thus enhancing scalability.

This blockchain is based on a proof-of-stake mechanism. Validators are required to stake a certain amount of DOT coins, which gives them the authority to authenticate the trades. This way they get a portion of the trading fees as well as new coins. A member can nominate another person to take part in the staking activity. However, they will be penalized if the validator takes part in unscrupulous activities. 

At this moment, there are more than 1 billion of DOT coins circulating in the market.