What is DOT coin? Details of Polkadot DOT Token

What is DOT coin? How are Polkadot's DOT Token details? Kienthuccoin will share about shortly.

Polkadot?

Polkadot is a next-generation blockchain protocol that connects multiple specialized blockchains into a unified network.

This is a multi-chain framework platform, similar to the Cosmos platform designed to facilitate interoperability and scalability of blockchains and connect to its “Relay Chain.” Polkadot is an ambitious project that helps promote Proof-of-stake (PoS) consensus for the broader ecosystem of blockchains connected to it.

Problems that the Polkadot Platform needs to solve

Most cryptocurrencies are born to solve some real-world problem using blockchain technology. On the other hand, Polkadot was born to solve the problem of blockchain itself.

Polkadot identifies the main problems facing current blockchain systems to realize their full potential in providing real-world applications.

These problems include:

• Interoperability: Blockchain networks cannot communicate and interact.
• Scalability: Today's blockchain technology still cannot run the number of transactions in the decentralized world.
• Independent and Discrete: The current blockchain network is still fragmented and independent, lacking the ability to communicate and interact.

How does Polkadot solve the above problems?

There are three concepts related to the structure of the Polkadot platform. This design is the solution to the problems that Polkadot poses, that is:

• Relay Chain: This is the main Polkadot chain connected to all the individual blockchains.
• Parachain: This is the abbreviation of the phrase “parallelized chains.” Parachain individual blockchains will run in parallel through the Polkadot network.
• Bridge Chain: Bridge Chain is built to connect blockchains without using the Polkadot governance protocol.

Polkadot's design works like this:

Polkadot uses a relay chain that functions as a hub through which parachains connect and coordinate consensus, similar to how messages and data are transported between parachains.

Both public and permissioned blockchains can connect to the network. With this ability, these chains can isolate themselves from the rest of the system while retaining the ability to transfer data to other chains and increase the network's security. Parachains can be blockchains or other data structures passed into the relay chain for aggregate security and interoperability.

Finally, with the Bridge chain Polkadot can also create a bridge with other chains and have their consensus (such as Ethereum)

Another idea behind the Polkadot network is security sharing. These security resources will be aggregated in the Polkadot network. This will allow individual chains to take advantage of collective security without starting.

What is DOT Coin virtual currency?

What is DOT Coin? DOT coin is a Native Token derived from the Polkadot network. DOT token was born to implement the main functions of the platform. Similar to ETH, which is the native token of Ethereum.

What is DOT Coin Basics?

The DOT token is the internal currency of the Polkadot network.

Ticker: DOT

Blockchain: Polkadot (standard DOT token)

Maximum total supply: 1,027,126,507 DOT

Market capitalization: 4,593,437,454 USD Circulating

supply: 946,178,032 DOT

Allocation DOT token

With a total supply of 10 million DOT, the number of tokens has the following distribution chart:

Polkadot ICO 

Polkadot ICO is one of the biggest ICOs of 2017. The final DOT price is 0.109 ETH. This means a total of 485,331 ETH was raised from the sale of 5 million DOT. The auction was completed on October 17, 2017, when the price of ETH was around $320, which equates to a total value of about $150 million.

DOT (old) and DOT (new)?

On August 21, 2020, the DOT will undergo a re-pricing from its original auction. This redefining will scale DOT 100:1, meaning that DOT(new) will be 100 times smaller than DOT(old).

Therefore, the total supply of DOT and any account balance will be 100 times higher. But the price per DOT coin will be 100 times lower than the original auction price. This event will not affect the total value of the network or any user's account.

Kraken and Binance Listed and Redefined What Are DOTs? It's DOT(new). However, not all exchanges complete the process, so pay attention to the prices and tokens used.

What is the function of DOT coin in Polkadot?

The function of DOT coin in Polkadot? DOT will serve the following three parts:

• Governance: Allows holders to complete administrative control over the platform. This administrative function includes the determination of network fees, the schedule for the addition of parachains, and special events such as upgrades and bug fixes for the Polkadot platform.
• Staking: Facilitating the consensus mechanism underlying Polkadot. For the platform to function and allow valid transactions to be performed on parachains, Polkadot will rely on DOT holders to play an active role. Participants will stake their DOT to perform these functions.
• Bonding & Payment: DOT will be given as a reward for active participation in the network. You will also need to link the DOTs to add new parachains, a kind of Proof of Stake.

Functions of Child DOT with

Owners DOT coin holders will have specific functions in the Polkadot platform, including:

• Ability to act as a Collator, Validator, Nominator, or Fisherman
• Ability to participate in platform governance Polkadot platform
• Ability to participate in decision-making regarding upgrades or changes to Polkadot

Now I will explain how the governance protocol for Polkadot design is implemented.

Governance Protocol

Polkadot will implement a proof of stake protocol. The validator will secure Reply Chain by staking DOT tokens. Join consensus with other validators and validate proof from Collator.

The role of the Collators is to maintain parachains by collecting parachain transactions from users and generating state transition proofs to provide to the Validator.

Finally, Nominator and Fisherman are the nominees who choose good validators and staking DOT, further securing the reply chain. Fisherman has the function of monitoring the network and proving lousy behavior for the validator.

Polkadot

And the projects that are using Polkadot's platform to make investment decisions.

Roadmap

Polkadot Network will have a phased deployment plan; please refer to the illustration

For details, you should refer to: https://polkadot.network/launch-roadmap/

Projects built on Polkadot

The Polkadot ecosystem has the reach and is widely used. Cryptocurrency projects related to Defi, crypto wallet, token, DAO, privacy, exchange, Oracle, game, IoT, etc.

A few notable projects built on the Polkadot protocol are Chainlink, Celer Network, Ocean Protocol, Ankr, imToken, etc.

The Future of the Polkadot Project

With the support of Defi DApps on the platform, Polkadot has the opportunity to capture this potential market share. With a total value of locked assets up to 6.74 billion USD, this is a perfect opportunity for any project to participate in Defi.

Overview of Teams, Organizations, and Investors

• Individuals: Jutta Steiner (CEO of Parity Technologies), Gavin Wood (CWO and Co-Founder of Parity Technologies)
• Organization: Parity Technologies, Web3 Foundation.
• Investor: KR1, Kosmos Capital, zk Capital, BlockAsset Ventures

Summary

Should I invest in DOT token? Polkadot is rapidly gaining traction in the DeFi sector and the crypto community. Thanks to its broad synthesis capabilities and easy integration, Polkadot's projects quickly gain high value. I hope the sharing on “What is DOT coin? Detailed information on Polkadot's DOT Token” of Kienthuccoin will help you.

What are the frequently asked questions about DOT coins?

Where to store DOT tokens?

Polkadot has its own e-wallet, which can be downloaded at the website: https://polkawallet.io/. This application is available on iOS and Android operating systems.

Also, you can keep the DOT coin on the exchange you listed that you bought.

How to buy and sell DOT tokens?

• Currently, you can register and buy and sell DOT tokens on Binance with the pairs DOT/USDT and DOT/BTC.
• Participating in the development of the Polkadot network, DOT will become a reward.
• Staking.

Where to buy DOT coin?

Currently, users can buy DOT coins on traditional or decentralized cryptocurrency exchanges. List of specific listing pairs:

Huobi Global: DOT/BTC, DOT/USDT, DOT/HUSD.

Binance: DOT/BUSD, DOT/EUR, DOT/ USDT, DOT/BTC,DOT/BIDR, DOT/BKRW, DOT/BNB.

Kucoin: DOT/USDT, DOT/BTC,

PancakeSwap: DOT/WBNB.