Polkadot (DOT)

The exchange rate of one DOT at 13:36 UTC is 6.995$

Chart | Average rate

In the rapidly developing world of cryptocurrencies, “Polcadot” (DOT) occupies not the last place, which may well become a good rival for Ethereum. After all, its creator was one of the first developers of Ether, who decided to create a system devoid of the shortcomings of his previous brainchild.

Polcadot creation history

The history of Polcadot began with the former co-founder of Ether, Gavin Wood. As a software developer, Dr. has over 20 years of experience. In 2016, he left his post and decided to start creating a new cryptocurrency, which should fulfill the promises that Ethereum could not keep. The idea turned out to be successful, the developer gathered an experienced team of experts around him and received multimillion-dollar support for further developments. However, the group has been hacked several times. The hackers managed to break into the system's defenses, and before the attack was stopped, the project lost a significant amount. But in the end, material support turned out to be enough - the team continued its work.

Polcadot features

The leading feature of Polcadot, which noticeably distinguishes it from other cryptocurrencies, can be considered its mutual compatibility with other blockchains. Based on its ecosystem, you can create new tokens and exchange information. The internal DOT coin will be digital fuel.

The whole system consists of the so-called internal hierarchy, on the functioning of which the work of Polcadot depends. It is divided into validators, nominators, collators and fishermen. Collators and validators support the operation of the system, receiving cryptocoins for this. The nominators appoint validators by voting, and the fishermen ensure that the collators and validators do not commit fraud. If the fishermen manage to convict someone of fraud, they will also be rewarded with coins.

The main and significant difference from Ether is that Polcadot works much faster. Although the developers of Ethereum are preparing to launch Ethereum 2.0 soon, where they promise to get rid of a similar problem. But for now, Polcadot remains one of the most sought-after cryptocurrencies, confidently taking 5-7th place in the top 10 in the ranking of digital coins.

Many leading digital exchanges cooperate with Polcadot, in particular Binance and Kraken. The daily trading volume is also kept at a high level, which, of course, speaks in favor of Polcadot.