Convert DOT to USD
List of cryptocurrencies and tokens supported by PassimPay crypto wallet. Secure storage for a variety of digital assets.
btcBitcoin
tonToncoin
ftnFasttoken
ltcLitecoin
busdBinance USD
ethEthereum
bchBitcoin Cash
zecZcash
dogeDogecoin
bnbBinance Coin
usdtTether
trxTron
usdcUSD Coin
xrpRipple
usddUSDD
eosEOS
adaCardano
shibShiba Inu
dashDash
hftHashflow
dydxdYdX
linkChainlink
aaveAave
crvCurve DAO Token
achAlchemy
maticPolygon
daiDai
nearNEAR Protocol
atomCosmos
twtTrust WalletdotPolkadot
avaxAvalanche
flowFlow
ksmKusama
solSolanaWhat is Polkadot?
Polkadot (DOT) is a decentralized cryptocurrency and ecosystem created by a group of developers, including Ethereum's former CTO, Gavin Wood. The main project's idea is to provide a more efficient and convenient way for blockchains to communicate, enabling them to work together on the Polkadot platform. The DOT coin, introduced in 2017, serves not only as the internal currency of the ecosystem but also trades on cryptocurrency exchanges, making it accessible for investments.
The path to the Polkadot cryptocurrency started in 2016 when Gavin Wood intended to create a blockchain platform that would provide several blockchains to work together in a single ecosystem. This would improve the scalability of blockchain technology and solve the problems associated with the limited performance that occurs in a single blockchain operation. The development team started working on Polkadot in October 2016, releasing a white paper. By 2017, a pilot version of the project was ready. However, the development took longer than expected, and despite promises to launch the network in 2019, it happened only in 2020 with the final release of the first block.
Features of Polkadot
In 2020, Polkadot became the main topic of discussion in the cryptocurrency project community. Today, the token is in the top ten cryptocurrencies by market capitalization, with a circulation of 1 million tokens. This is not surprising since the DOT cryptocurrency has its distinctive features:
- Special governance conditions. DOT token holders have total control over the protocol and receive all the benefits usually provided only to miners on other platforms. The DOT holders can decide on the key events, such as protocol updates and fixes.
- Fair staking. By staking DOT, token holders ensure network security and receive rewards. The advanced Polkadot staking system is designed for maximum decentralization and fair representation, rewarding good players and punishing dishonest ones providing network security.
- Parachain binding. Users can bind their tokens to a parachain to access its features and services. DOT tokens are replaced with the tokens of that branch and can be used within that ecosystem to create new blocks and verify transactions. A binding process is a form of Proof of Stake. It helps to improve network security and maintain its operability.
Polkadot: Development Prospects
Polkadot is actively developing and attracting large investments and partners. For example, in 2021, Parity Technologies, the developer of Polkadot, signed an agreement with the Central Bank of the Bahamas to create a digital currency based on its technology.
Experts expect the number of tokens to increase by 10% per year, and this percentage will only grow.
The prospects also include the use of Polkadot to scale other blockchain networks, including Ethereum, and improve the speed and security of transactions between chains. In addition, in the future, the ecosystem may be used to create decentralized finance applications (DeFi), expand the functionality of the Internet of Things (IoT), and do other projects.
How to get DOT?
The simplest and safest way to convert DOT into more than 45 coins and vice versa is the PassimPay currency exchanger. It is easy to use, offers a great variety of exchanging directions, and charges low fees for exchanges and withdrawals.