The Polkadot project is an ecosystem that is based on the DOT coin.
Since its release, cryptocurrency has become the center of attention of all members of the cryptocurrency community, from developers to investors.
What makes DOT such a special coin and what are its main functions?
Polkadot DOT – definition and main functions
Polkadot is an innovative blockchain whose main goal is to promote a heterogeneous multi-chain structure.
The developers have spent several years to create a solution that supports all functions simultaneously: decentralization, transaction speed, and security.
Another problem Polkadot solves is scalability. To explain the importance of such a feature, it can be compared to banks.
For example, if different financial institutions were prohibited from interacting with each other, settlement transactions would become much more complicated and slower.
The same thing happens with popular coins such as Ethereum.
It is the most popular platform for DApps, but its scalability is extremely low, so it requires high fees, especially with high traffic.
This isolation is a problem the Polkadot developers have made it their goal to solve.
Polkadot DOT functions serve a purpose. These are the three pillars on which the platform rests.
Extension of control for holders
On other platforms, the privilege of controlling, updating, and patching the protocol belongs to miners. DOT developers have made them available to holders. That is, Relay Chain members have full control over the protocol.
A passive earning algorithm for PoS holders built on game theory rewards honest participants.
The mechanism is designed so that participants who play fair are rewarded and those who don’t follow the rules lose their share. In this way, the level of safety on the network is increased.
All parachutes in the system are connected to each other by a regulating chain. If a parachain is irrelevant, outdated, or questionable, it is removed, thus maintaining the purity of the system.
Since DOT is the “native” token of the Polkadot platform, it is worth saying a few words about how it is built and why DOT has so quickly managed to become popular among major crypto players.
Polkadot is a platform that consists of the main chain, a relay chain, and parallel chains, called parachains.
At the same time, the main chain is coordinating, that is, it integrates the infrastructure, controls interoperability between parachains, and ensures the overall security of the structure.
Parachains are sovereign blockchains. They have separate management, tokens, and use cases that are as user-friendly as possible.
This innovative approach has awakened a keen interest among investors and developers, opening up new opportunities for them.
Therefore, if you want to look into the future of the cryptoworld, you should know where and how you can buy DOT tokens.
Where can I buy DOT
This cryptocurrency, as well as the entire digital money market, has been going through a lot of fever lately.
DOT is a token without a declared issue limit, so it is not protected against inflation. Before you buy this cryptocurrency, take a look at the graph of its value change over the last year.
That is, the market situation, in general, was reflected in this cryptocurrency.
Nevertheless, it is still considered the most promising, and many experts call the Polkadot platform the next step in the evolution of the cryptoworld.
So, if you still decided to add this token to your investment portfolio, let us remind you of the basic rules.
Investments should not exceed the amount you are ready to part with forever, the capitalization of the selected asset must exceed 1 billion dollars (at the time of writing DOT is 6.47 billion dollars), form an investment package of different assets.
Given the prospects that experts see in the token platform Polkadot, it should be included in the portfolio, and you can buy it in several ways.
Buy DOT for fiat money
You can buy Dot for any cash through online exchanges. You need to put cash on your bank card to make the transaction.
But if you use Wellcoinex exchanger, you can buy DOT for cash. To do this, you need to come to the offline office of the company and make a transaction. In this case, the cryptocurrency arrives to your specified purse very quickly.
If you already have fiat money on your card, you can make the transaction online. You don’t even need to verify with the service.
Just go into the exchange, indicate either how much fiat money you want to transfer to DOT, or how many tokens you want to buy.
Pay attention, on the service always actual and very profitable rate, which is based on statistics of data from leading exchanges. Then you just make a transaction.
Online exchanger Wellcoinex
In addition to DOT token, you can buy, exchange or sell other cryptocurrency on the site.
The listing includes a wide list of items. So, you can buy DOT for cryptocurrency that you already have in your wallet.
The benefits of using Wellcoinex:
- Privacy – to exchange you do not need to enter your personal data, so you can make purchases and the exchange can be absolutely anonymous;
- Safety – the service is protected from hacking, fraud, proof of its long existence, and positive feedback from customers;
- Fast transactions – you can buy, sell or exchange DOT for any other cryptocurrency in minutes;
- Around-the-clock operation – any transaction can be performed at any time of the day or night from anywhere in the world;
- 24-hour support – any questions about the service can be asked online;
- Service works with different crypto and fiat currencies – a wide range of pairs for exchange and sale.
The very essence, functions, and goals of the Polkadot platform and DOT token do not imply speculation.
That is, playing with this cryptocurrency will not bring the desired results.
Therefore, the token is rarely bought and sold on exchanges, but rather stored as part of investment portfolios.
Where to store the DOT
Polkadot DOT wallets can be used for any kind of storage. If you buy cryptocurrency to save assets and protect against inflation, it is best to use hardware wallets.
Most often these are flash drives with a special access code. To top up a wallet, it is enough to insert such a device into a computer slot and perform a transaction, followed by crediting tokens to the wallet.
If you do not want to use a third-party device for one reason or another, you can use a desktop or mobile wallets. In the first case, these are special programs that need to be installed on your PC, in the second case, these are applications.
Such wallets on the one hand are more convenient, because you have access to your assets at any time, while a hardware wallet can simply be forgotten at home or lost. On the other hand, these wallets work over the Internet, and therefore there is always the threat of hacking.
Among hardware wallets, Ledger remains the unchanged leader. This wallet supports Polkadot, as well as many other currencies. Among the disadvantages note the complexity of the initial setup.
Among desktop wallets, Binance is the leader. It supports many cryptocurrencies, has a high degree of protection, free, easy registration through the exchange, and user-friendly interface.
The disadvantage is that it can potentially become a target for hacker attacks.
The Wallet series of mobile wallets allows you to access your assets anywhere in the world where there is a network connection via a mobile device.
Wallets from this company come in the form of the Trust Wallet app only or as a PC program and Atomic Wallet app. The wallets are free but require Internet access.
If you want to manage and control the platform, take part in building the future cryptoworld and reliably protect your savings, or maybe just become part of the new era of cryptocurrencies, then Polkadot DOT should definitely be your choice.
And you can always buy token for fiat currencies or crypto at the Wellcoinex service website.