Buy Polkadot (DOT)

Dr Gavin Wood, co-founder of Ethereum.

Polkadot has an all-star development team that includes Dr. Gavin Wood (co-founder of Ethereum and Substrate developer). The Polkadot whitepaper was published in 2016 and was brought to life with fellow Polkadot co-founders Robert Habermeier and Peter Czaban.

In 2020, Polkadot was launched to the public and became one of the largest digital currencies in the cryptocurrency market based on market capitalisation. Polkadot’s creators also founded Web3 Foundation to develop the network further and maintain its open-source code.

You can purchase DOT right here on Independent Reserve.

To invest in Polkadot create an account today and enjoy lower fees than other cryptocurrency exchanges. Be sure to ask your financial advisor for investment advice before you decide to buy DOT.

You can hold and stake Polkadot (DOT) to earn rewards.

DOT's overall value and potential lie in the Polkadot ecosystem. Polkadot holders can generate passive income after they buy DOT through staking and earning rewards. DOT can also be used to participate in governance decisions on the Polkadot network, including suggesting changes and voting on proposals by other users. Lastly, developers can bond DOT tokens to lease a slot on one of Polkadot's parachains. Bonded tokens are locked through staking for the duration of the project. DOT holders can also use DOT to nominate parachain projects and earn rewards.

You can store DOT in your digital wallet on Independent Reserve.

When you buy Polkadot (DOT) or any other cryptocurrency on Independent Reserve, you can simply leave it on the exchange, and we will safely store it for you. Or, if you prefer to store Polkadot (DOT) yourself, you can easily transfer DOT to your preferred crypto wallet to be stored with your other digital assets.

Yes, Independent Reserve has world-class security to keep crypto safe.

We take security seriously. Security is at the forefront of everything we do. As a highly reputable and trusted exchange, we have the highest level of protection measures in place to secure your crypto. We ensure your cryptocurrency is kept safe with security features such as 2-factor authentication (2FA), ISO 27001 certification, and top-tier underground vaults.

They are core components that connect Polkadot’s multi-chain network.

Polkadot’s ecosystem connects parachains and parathreads via the Relay Chain. Leveraging Polkadot’s core code, independent blockchains can communicate with other chains seamlessly and take advantage of Polkadot’s security features.

Parachain slots are for long-term leases that are won through auctions, while parathreads are leased for shorter periods so smaller projects can pay as they go.

Applications that connect through a bridge are similar to a parathread in that it does not require a constant connection to the main chain. Bridges are used for connecting blockchain networks and projects that are outside of Polkadot, like Bitcoin and Ethereum.

Polkadot was purpose-built for interoperability between blockchains and scalability.

Polkadot’s interoperable multi-chain design allows blockchains to exchange tokens, data, and assets while remaining independent in their governance.

Blockchains have difficulty building large communities without affecting the network’s speed and security. Polkadot supports multiple blockchains for efficient transactions. It can already support around 1,000 transactions per second and is expected to scale to a million with the launch of more parachains.

Polkadot uses nominated proof of stake (NPoS) consensus system.

NPoS uses voting to determine the nodes that will be allowed to participate in validating blocks in exchange for new DOT. If you want to stake your DOT, you can either stake directly as a validator or nominate a validator.

Staking as a validator requires the technical knowledge, commitment, and computing power to run a node with little to no downtime. If you’re not confident with your abilities, you can simply buy DOT and nominate another validator on exchanges, wallets, or Polkadot-JS UI to stake your coins for you.

Validators need to stake 5,000 DOT to become eligible for nomination.

Validators are responsible for providing security to Polkadot and sealing the new blocks. According to Polkadot’s “1,000 validators program”, validators candidates need to stake at least 5,000 DOT to become eligible for nomination. It can be considered if you self-stake less than the minimum DOT tokens, but it will be on a case-by-case basis. You will need to make a case for your intentions, depending on your contributions to the network, validator setup, time spent as a validator, approach to security, the region where you operate, etc.

Parachains are project-specific blockchains that lease space on Polkadot.

Aside from actual blockchains, any different services provided across the internet can become a parachain. This includes a wide variety of applications, including but not limited to decentralised finance (DeFi), gaming, smart contracts, oracles, and NFTs.