Polkadot is also a famous coin like Bitcoin, Ripple, Ethereum, Tron in the cryptocurrency market. Here are the full details about this toke including market cap, circulating supply, price prediction, etc.
What is Polkadot Coin (DOT)?
Polkadot (DOT) is an open-source sharding multichain protocol that facilitates the cross-chain transfer of any data or asset type. It makes the blockchain interoperable with each other.
Polkadot (DOT) protocol connects public as well as private chains, oracles, permissionless networks, and future technologies. It allows independent blockchains to share information and transactions through the Polkadot relay chain.
Polkadot’s native DOT token serves three clear purposes:
- Providing Network Governance
- Creating Parachains (parallel chains) by bonding
Core Components of Polkadot:
- Relay Chain: Polkadot’s “heart,” helping to create consensus, interoperability, and shared security across the network of different chains.
- Parachains (parallel chains): Independent chains that can have their own tokens and be optimized for specific use cases.
- Parathread: Parathread is also similar to Parachains but with flexible connectivity based on an economical pay-as-you-go model.
- Bridges: Bridges allows Parachains and Parathreads to connect and communicate with external blockchains like Ethereum.
Who are the Founders of Polkadot (DOT) Coin?
Polkadot (DOT) was founded by Dr. Gavin Wood, Robert Habermeier, and Peter Czaban.
What makes Polkadot (DOT) among other crypto coins?
Polkadot’s parallel processing power improves the scalability of the network. It is a shared multichain network that can process multiple transactions on several chains in parallel (also called ‘Parachains’).
What makes Polkadot (DOT) Unique?
Polkadot’s parallel processing power improves the scalability of the network. It is a shared multichain network that can process multiple transactions on several chains in parallel (also called ‘Parachains’). Custom blockchains can be easily connected with Polkadot’s network within minutes.
The network of Polkadot is also highly flexible, and adaptive which allows the information sharing between participants similar to like apps on smartphones. It can be automatically updated without any fork needed to order to implement new features or remove bugs. These functionalities make Polkadot unique among others.
How Many Polkadot (DOT) Tokens in Circulation?
There are 1 Billion DOT tokens available in circulation, following the network’s redenomination from an initial maximum supply of 10 million tokens in August 2020. This redenomination was to avoid the use of small decimals to avoid complex calculations.
How is the Polkadot Network Secured?
Polkadot uses Parachains to transfer the data, it’s mass interoperability through a set of common validations helps to secure the network. The Polkadot network uses NPoS (i.e. Nominated Proof-of-Stake) mechanism to select nominators and validators to maximize chain security. This feature enables the network to interact with each other securely under the same rules.
Polkadot (DOT) Market Cap, Total Supply and Current Price
|Coin Name||Polkadot (DOT)|
|Network Name||Binance Smart Chain|
|Fully Diluted Market Cap||$16,121,950,412|
|Circulating Supply||974,767,289.74 DOT|
|Max Supply||1,086,392,834 DOT|
|Polkadot Token Price||$14.75 (12 July 2021)|
Polkadot (DOT) Tokens Price Prediction
Polkadot is a very strong token due to its parallel processing and security. The current price of the Polkadot token is $14.75 in July 2021. Its all-time high price was more than $45. According to the Polkadot DOT token uses we can say its value will go up in the upcoming months. If you hold this token you can get a huge profit from it. Its value will go up to $70-$100 in the future.
Where You Can Buy the Polkadot Tokens?
The Polkadot tokens are available in many major crypto exchanges like Binance, WazirX, Huobi, CoinDCX, BitBNS, HBTC, etc. The token can be bought in DOT/USDT, DOT/BNB, DOT/INR pairs.
I am Pawan Kashyap currently living in Amritsar. I always try to grab new things from the cryptocurrency market. From my observations and trends in the market, I always try to provide the best and accurate information in the form of articles from this blog. Follow us on Facebook, Instagram, and Twitter to join us.