DOTThis write-up explains what is Polkadot and how to buy Polkadot (DOT) with INR (DOT/NR) on KoinBX crypto exchange App (Android & iOS).
Polkadot (DOT):
Polkadot is a network that connects different blockchains and allows them to communicate and transfer value and data. It is designed to be fast, scalable, secure, and interoperable. Gavin Wood, Robert Habermeier, and Peter Czaban, co-founders of Ethereum, invented Polkadot and it was officially released in the year 2020.
The aim of Polkadot is to create a decentralized web where users can control their own data and identity, and where applications can run without intermediaries or censorship.
Native token: DOT
Structure:
Polkadot is an open-source project founded by the Web3 Foundation, a non-profit organization dedicated to advancing a user-centric and decentralized web. Polkadot is built using Substrate, a framework that allows developers to create custom blockchains easily and connect them to Polkadot.
Polkadot is more than just a blockchain; it is a vision for Web3, where users have control over their own data and assets, and where diverse communities can collaborate without intermediaries or gatekeepers. Polkadot is designed to be future-proof and adaptable, with a governance system that allows the network to upgrade itself without forks or disruptions. Polkadot is not only interoperable with other blockchains, but also with existing technologies such as Web2 and legacy systems.
DOT main functions:
Governance: DOT holders can vote on proposals to upgrade or change the network, such as adding or removing parachains, adjusting fees, or modifying parameters.
Staking: DOT holders can stake their tokens to become validators or nominators and secure the network. Staking also helps prevent attacks by making it costly to acquire a large amount of DOT.
Bonding: By tying up the DOT it's easy to add new para chains is known as bonding. During the bonding time, the DOT will be locked; after the bond's term has passed and the para chain has been removed, it will be unlocked and returned to the account that bonded it.
Working Mechanism:
Polkadot consists of a main chain called the Relay Chain, and many other chains called parachains that can plug into the Relay Chain. Each parachain can have its own features and functionality, such as smart contracts, privacy, or scalability. Parachains can also interact with external networks, such as Bitcoin or Ethereum, through bridges.
The Relay Chain is responsible for securing the network and coordinating the consensus among the parachains. It uses a novel consensus mechanism called Nominated Proof-of-Stake (NPoS), which involves two types of participants: validators and nominators.
- Validators are nodes that run the network and validate transactions and blocks.
- Nominators are DOT holders who stake their tokens to nominate validators and share their rewards.
What is So Special about Polkadot?
A distributed ledger is a sort of decentralised blockchain. Blockchains are classified into three types: public, private, and hybrid. They all serve the same purpose, yet they operate in various ways.
Polkadot is a decentralised blockchain ecosystem. Resolving the communication issues between the blockchain was the main objective. It enhances the new technology. By building a scaling system it provides security and interoperability. While several blockchains have their own advantages, Polkadot strives to overcome some of the difficulties that are common to them.
The major plus of Polkadot was the ability to do updates within the chain. It eliminates the dangers during bigger updates. Furthermore, it made faster transactions by developing Para chains.
When it comes to transactions per second Bitcoin can process 7, Ethereum can process 30. While Polkadot is capable of processing up to 1000 transactions per second. Polkadot will become quicker as the network expands, adding new para chains and making millions of transactions per second.
How to Buy, Sell and Trade Polkadot (DOT) with INR on KoinBX Crypto Exchange App?
How to Buy DOT with INR?
Follow the below steps to buy DOT,
1.Download KoinBX Android App or KoinBX iOS App
- Signup on the App.
- Fill in the required details to create an account.
- Complete your KYC verification process.
- Add your bank account.
- Deposit Fiat to your KoinBX account.
- Click the Buy option to buy DOT with INR.
How to Sell DOT?
Follow the below steps to sell DOT,
- Download KoinBX Android App or KoinBX iOS App
- Signup on the App.
- Complete your KYC verification process.
- DOT your bank account.
- Click the Sell option to find a buyer for DOT .
Once a buyer for DOT is found, you can start selling DOT with Indian rupees (INR).
How to Trade DOT?
Click DOT/INR pair to trade DOTwith INR
Start trading DOT anywhere and anytime with a great trading experience with KoinBX Android App or KoinBX iOS App.
