Polkadot

Investing.com
Currency in
USD
3.569
-0.183(-4.89%)
Real-time Data·
Day's Range
3.5683.656
52 wk Range
3.25211.837
Bid/Ask
-
Vol (24H)
231.12M
Market Cap
5.71B
Day's Range
3.568-3.656
52 wk Range
3.252-11.837
Max Supply
-
Circulating Supply
DOT1.59B
Rank
23
Technical
Strong Sell
Sell
Neutral
Buy
Strong Buy
Strong Sell
Daily
Weekly
Monthly
More
Type:Currency
Group:Minor
Base:Polkadot
Second:US Dollar
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FAQ

What Is Polkadot Coin?

Polkadot coin is a heterogeneous blockchain protocol that utilises sharding technology to enable the seamless transfer of data or crypto-assets across blockchains. The coin aims to build a scalable, interoperable, and secure system that allows adjacent blockchain protocols to build independently or with semi-dependence on its platform while leveraging its security.

It connects both private and public networks to its Relay Chain, with each being either a parachain or a parathread. The connection is carried through bridges, enabling projects building on the Polkadot ecosystem to connect and communicate with other blockchain ecosystems. Discover more about what crypto is and how it works in our Academy.

Where To Buy Polkadot Coin

You can buy Polkadot (DOT) on most major cryptocurrency exchanges. Popular platforms that support Polkadot include Binance, Coinbase, Kraken, and KuCoin. To get started, create an account on one of these exchanges and complete the required identity verification process. Once verified, you can deposit funds using a bank account, debit/credit card, or transfer from another cryptocurrency wallet.

After your account is funded, navigate to the trading section, search for Polkadot (DOT), and place an order to buy at the current market price or set a custom price with a limit order. Once purchased, it's recommended to store your DOT in a secure wallet, either provided by the exchange or in a private wallet for enhanced security.

What Is Polkadot Crypto?

Polkadot (DOT) is the native cryptocurrency of the Polkadot blockchain platform, which is designed to enable multiple blockchains to operate together in a secure and scalable way. Unlike traditional blockchains that operate in isolation, Polkadot connects different blockchains (called parachains) to its central hub, the Relay Chain, allowing them to share information and assets seamlessly.

DOT has several key uses within the Polkadot network. It is used for network governance, giving holders voting rights on upgrades and changes. DOT is also required for staking, where participants help secure the network and validate transactions, and for bonding, which involves adding new parachains to the network. This broad functionality makes Polkadot more than just a cryptocurrency—it’s an essential part of an ecosystem designed for blockchain interoperability and scalability. This has meant that in recent years, Polkadot crypto has become a major contender to the Ethereum network.

What Makes Polkadot Coin Different?

Unlike other blockchains that operate in isolation, Polkadot’s native cryptocurrency, DOT, facilitates the transfer of data and assets between different blockchains (parachains), making it more versatile. This interconnected design allows Polkadot to scale more efficiently by processing multiple transactions across chains simultaneously, addressing some of the scalability issues seen in older blockchains like Bitcoin and Ethereum.

DOT also plays a key role in Polkadot's governance, giving holders the ability to vote on protocol upgrades and network changes. This decentralised governance model ensures that the community has a say in the future development of the platform. Additionally, DOT is used for staking, where participants can nominate and validate transactions to secure the network. It's also involved in bonding, which is necessary to add new parachains to the network.

Overall, DOT's utility goes beyond just being a digital currency. It is essential to Polkadot’s core functions, from maintaining network security to enabling cross-chain communication and scaling the ecosystem. This makes DOT a critical part of Polkadot's innovative blockchain architecture.

How Does Polkadot Work?

Polkadot operates through a central blockchain called the Relay Chain, which handles the network's overall security, consensus, and cross-chain communication. Polkadot allows other blockchains, called parachains, to connect to the Relay Chain. Each parachain operates independently but benefits from the security and scalability provided by the Polkadot network.

Polkadot uses a nominated proof-of-stake (NPoS) consensus mechanism, where validators secure the network by staking DOT tokens, and nominators back them in accordance with their trustworthiness. Additionally, Polkadot supports bridges, which connect its network to other blockchains, like Ethereum and Bitcoin, allowing for cross-chain asset transfers and communication. This structure makes Polkadot highly scalable, customisable, and interoperable, making it ideal for building diverse blockchain applications.

Who Created Polkadot?

Polkadot protocol was created by Dr Gavin Wood, one of the original eight co-founders of the Ethereum network. He is a British computer scientist credited with developing Solidity, a prominent programming language developers use to build on the Ethereum network.

Dr Wood also worked with co-founders Peter Czaban and Robert Habermeier to bring Polkadot to life in 2016. Despite this, Wood has remained the epicentre of the Polkadot project. He also previously worked with prominent developer Jutta Steiner to develop Parity Technologies in 2015. The software company contributes towards the development of Polkadot by enabling teams to build on the network. Polkadot officially launched its mainnet in May 2020.
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
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