Polkadot is a blockchain protocol for building public, decentralized blockchain networks. It’s also the name of the token used to incentivize its operation. You can think of Polkadot as a kind of metamask for blockchains – it allows them to talk to each other.
Think of how Apple has separate apps (Stocks, Mail) that connect with your iPhone’s main app (Phone), but you don’t need to use all these apps at once – they just talk to one another behind the scenes, and you can switch between them whenever you want. That’s what Polkadot is like. It will allow different blockchains created by different organizations or individuals to interact with each other under one protocol.
If you have been considering buying some Polkadot for your portfolio and facing questions like how to buy Polkadot, what is DOT, and why should I buy DOT? Here’s an article detailing everything you need to know about Polkadot (DOT).
Table of Contents
What is Polkadot?
Polkadot is a blockchain project that was founded by Gavin Wood, CTO of Ethereum. The goal of the project is to connect blockchains together so that tokens and other digital assets can be transferred from one blockchain to another. This means that you won’t need to worry about sending tokens between chains via exchanges because they will be available directly on the new chain. This also means that it will be much easier for developers to build applications across multiple blockchains as well.
How Does Polkadot Work?
To explain how Polkadot works, we’ll start with the concept of a parachain. If you’ve read up on technologies like Ethereum’s sidechains and ERC-20 tokens, you might be familiar with the concept of a parachain. Parachains are created when something called a “parent chain” is split into multiple chains that each serve different purposes. They’re used to implement different functions in an ecosystem without the need for a new blockchain or token. You can think of them as being like child chains that operate alongside their parent chain.
Here’s an example: we could create two sidechains for our main blockchain—one to track farmers’ data and one to store livestock inventory records. Then using parachains, we could make it possible for these two sidechains to communicate on the main chain without any changes required in the main chain itself.
That way, farmers who are not interested in keeping their livestock inventory data would not feel pressured by it. Developers will still be able to use features needed by those interested only in tracking livestock inventories.
Where Can You Buy Dot Tokens?
One of the most frequent things that new investors have is, “Where can I buy Polkadot?” Since Polkadot has been in development for several years now without an actual product or use case, it’s understandable that many people are hesitant to invest. However, investing in this crypto might be a smart move for you.
Polkadot tokens (DOT) can be bought on multiple different types of exchanges. To buy DOT tokens with fiat currency (USD, EUR), make sure you have an account on one of these exchanges: Coinbase, Kraken, Gemini, Bitstamp, and Bitfinex. To buy DOT with cryptocurrencies like Bitcoin or Ethereum, you need to open an account at ShapeShift or Poloniex.
If you’re looking for centralized exchanges where you can purchase DOT directly with fiat currency, check out COSS and Gatecoin. Or, if you’d rather purchase DOT through peer-to-peer transactions, LocalEthereum is your best option.
Note that there are likely other methods of purchasing DOT, but new ones may not be added as time goes on since they are not listed here permanently yet. This list will continue to evolve over time too, as new exchanges emerge and old ones close down or exit scam.
What Are the Best Polkadot Wallets?
Trust Wallet (Android), developed by the Binance exchange, has two functions: as an Ethereum wallet and a decentralized application (DApp) browser. You can send and receive tokens using Trust Wallet, but it’s also one of the best ways to interact with decentralized applications on Ethereum.
Polkawallet (on the web) is a wallet provided by Polkadot itself! It allows you to view your account information in both chains—Polkadot and Ethereum—as well as access DApps built by other developers on top of Polkadot.
Polkastarter uses Scatter technology, so if you already have an existing Scatter identity (and not just an Ethereum address), you don’t need to create yet another username and password combination. This Polkadot wallet was specifically designed for creating new projects on top of the platform.
Polkascan is a blockchain explorer that gives you up-to-date details about individual blocks mined by miners connected to the network. You can use it for viewing transactions made with POLKAS or reading more about any other smart contract or token built on top of Polkadot’s platform.
If you want to get involved in the Polkadot network, the first step is to buy some DOT. This will require some research into where you’re going to buy it, as well as how much you’ll want to purchase. Once you’ve got your hands on some DOT, be sure to keep them in a safe and secure place, don’t just toss them in an old wallet file.
You’ll also want to make sure that your copies of these keys are stored securely offline. The last thing anyone wants is for their crypto tokens (which already don’t exist physically) to be lost forever because of a forgotten password or misplaced USB stick.
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