What is Polkadot ?

Polkadot (DOT) Token is considered as a next-generation blockchain network that aims of connecting all the other cryptocurrency networks into one and creating one unified network. The network was designed to create as a means to return control back to the individual user from internet monopolies. Other than providing the same abilities that previous blockchain platforms offered, Polkadot (DOT) token also provides its users with additional advantages.

What Benefit of Polkadot (DOT) Token?

Blockchain giants like Bitcoin and Ethereum, even after upgrading their networks, are not able to find a permanent solution to the issue of scalability. Almost every blockchain platform, especially Bitcoin, suffers from scalability issues that in turn result in the increment of its transaction fees and throughput time of the platform. The Polkadot platforms solve the issue of scalability with its multi-network blockchain. Since there are a number of networks connected with the Polkadot (DOT) token platform, this eliminates the creation of a bottleneck that occurs while processing transactions. Polkadot (DOT) token processes multiple transactions at once by processing them in multiple parallel networks. This ensures that the scalability grows along with the development and growth of the platform as a whole. The Polkadot token is governed by its community as they hold transparent stakes in the future of the platform. This ensures that the platform is governed according to the will of the users and does not have to rely on a centralized authority for its governance who might use questionable data practices. The DOT token platform also provides users with inter-network and cross-chain communication, hence allowing newer and more creative innovations that would allow users to transfer information from one chain to another.

How to mine DOT tokens?

Since the platform operates on the Proof of Stake (POS) system, it does not support mining as a procedure to earn DOT coins from the network. Instead, the system calls upon users to stake their coins on master nodes and use it as collateral in order to verify and anonymize transactions and also vote on community proposals. The user with the highest stake has the highest probability to earn rewards from the network in the form of DOT coins, although all users eventually earn some rewards from the system. The process of staking also results in the release of new blocks in the blockchain and any individual can stake their coins on the node irrespective of the amount staked. The expected returns from the blockchain can be calculated using a Return Calculator that is available on the internet. The DOT Token founders wanted to create some changes in those aspects where they felt most cryptocurrency networks lacked.

Polkadot market trends and Trade analysis

Note: The Polkadot network underwent a redenomination of its DOT token on 21st August 2020 from its original sale. The new DOT token is supposed to be almost 100x times smaller than the original DOT token. This change would not affect the total value as well as the amount of DOT coins owned by an individual. THE FOLLOWING MARKET TREND EVALUATION IS OF THE OLD DOT TOKEN. The Polkadot cryptocurrency network had one of the most successful ICO offerings of 2017, garnering more than 485,331 ETH from the sale of 5 million DOT tokens. Hence, during its initial days, the price of DOT token in USD was at an impressive $174.39 USD per token. By the end of the year, the DOT token saw a significant amount of fluctuation in its valuation. By January 2020, the price of DOT token in USD dropped a little to $140.73 USD while the price of DOT token in BTC shot up to 0.01919 BTC per token. The token saw a gradual increase and in its valuation and by March 2020, the valuation of the Polkadot cryptocurrency broke records and the price of DOT token in USD was at $294.94 USD per token while the price of DOT token in BTC was at 0.03235 BTC per token. The current price of DOT token in USD and BTC stands at $296.73 USD per token and 0.025227 BTC per token respectively

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