Exchange Polkadot (DOT)
If you're looking to swap Polkadot, SwapSpace is your one-stop shop. We have some light reading for you — in case you'd like a refresher on what is Polkadot, or some fresh information about DOT’s price movements. And, of course, we provide you with multiple Polkadot exchange options so that you can choose the offer with the best rates and lowest Polkadot fees, as well as other parameters that suit you.
Polkadot Price Stats
To help you make a decision about exchanging your Polkadot, we gathered some cold hard numbers: Polkadot price chart and other stats, such as Polkadot market cap.
DOT 24H HIGH $7.35754523
DOT MARKET CAP $8,880,752,901.45
DOT CIRCULATING SUPPLY 1,351,125,128.667 DOT
DOT 24H LOW $6.37908669
DOT PRICE $6.57285747
DOT 24H VOLUME $23,065,901.768
Polkadot Price Chart
Here you can see the current price of Polkadot, as well as Polkadot price history.
What is Polkadot?
Polkadot is a next-generation blockchain protocol that enables cross-chain interoperability between different blockchain networks. It was created by the Web3 Foundation and developed by Parity Technologies.
Polkadot was founded by Dr. Gavin Wood, Robert Habermeier, and Peter Czaban, who are all experienced blockchain developers with a track record of building successful projects in the space.
Dr. Gavin Wood is a computer scientist and software developer who was one of the co-founders of Ethereum. He played a key role in designing and building the Ethereum Virtual Machine (EVM), which is the software that allows developers to create decentralized applications (dapps) on the Ethereum network. He also authored the Solidity programming language, which is used to write smart contracts on Ethereum. After leaving Ethereum, Wood founded Parity Technologies, a blockchain development company that has contributed significantly to the development of the Polkadot network.
Robert Habermeier is also a co-founder of Parity Technologies and a core developer of the Polkadot network. Prior to working on Polkadot, he was involved in the development of the Rust programming language, which is used extensively in blockchain development.
Peter Czaban is the third co-founder of Polkadot and was previously a software engineer at Google. Czaban is responsible for the design and development of the Polkadot network's governance system.
Polkadot aims to solve the problem of blockchain fragmentation by creating a network of interoperable blockchains, allowing for communication and exchange of data and assets between them. It uses a unique multi-chain architecture that allows multiple parallel blockchains to operate together as a single network, with the ability to transfer data and assets between them securely and efficiently.
The Polkadot network uses a unique hybrid consensus mechanism that combines elements of both Proof of Work (PoW) and Proof of Stake (PoS) to achieve high levels of security, scalability, and interoperability.
The main consensus mechanism used in Polkadot is called GRANDPA (GHOST-based Recursive Ancestor Deriving Prefix Agreement). GRANDPA is a finality gadget that ensures the security and finality of transactions on the network. It achieves this by using a voting process among validators to confirm blocks, with the finality of a block being determined by a supermajority of the validators.
In addition to GRANDPA, the Polkadot network also uses a PoS-based consensus mechanism called Nominated Proof of Stake (NPoS) to select the validators who participate in the GRANDPA voting process. In NPoS, DOT holders can nominate validators to participate in block production and validation, and they can also stake their DOT tokens to earn rewards for participating in the network.
The combination of GRANDPA and NPoS allows the Polkadot network to achieve high levels of security, scalability, and interoperability. The hybrid consensus mechanism ensures that the network is secure and decentralized, while the PoS-based nomination process allows for efficient block production and validation. Additionally, the ability to communicate and exchange data and assets between different blockchains on the network allows for increased scalability and interoperability.
There are several notable projects and applications that are part of the Polkadot ecosystem, including:
- Kusama: Kusama is a sister network of Polkadot that is designed for rapid innovation and experimentation. It is often referred to as a "canary network" because it is used to test new features and upgrades before they are deployed on the main Polkadot network.
- Acala: Acala is a DeFi platform built on Polkadot that allows users to access a range of financial services, including stablecoins, lending, borrowing, and trading.
- Moonbeam: Moonbeam is a smart contract platform that is compatible with the Ethereum Virtual Machine (EVM). This means that developers can use familiar Ethereum tools and programming languages to build decentralized applications on Polkadot.
- ChainX: ChainX is a blockchain interoperability platform that allows users to transfer assets and data between different blockchain networks.
- Subscan: Subscan is a block explorer that provides detailed information about transactions, blocks, and accounts on the Polkadot network.
Polkadot also incorporates a sophisticated governance system that allows the community to vote on proposed changes and upgrades to the network, ensuring that the protocol remains flexible and adaptable to changing needs.
The native cryptocurrency of the Polkadot network is DOT, which is used for staking, governance, and transaction fees. The project has gained significant attention in the blockchain industry, and several high-profile projects and applications have been built on top of the Polkadot network.
According to the Polkadot website, the total supply of DOT tokens is 1 billion. However, not all of these tokens are currently in circulation, as a portion of the supply is allocated for development, governance, and other purposes. As of April 18th, 2023, the circulating supply of DOT tokens is approximately 945 million.
The users can swap or exchange Polkadot on several centralized and decentralized platforms, such as Binance, Kraken, Huobi, and Bitfinex.
Average Fees on the Polkadot Network
The fees on the Polkadot network are not fixed and can vary depending on several factors, including network congestion, transaction size, and the fee market dynamics at a given time.
Polkadot uses a fee market mechanism to determine transaction fees, where users can include a fee with their transaction to incentivize validators to include it in a block. The fee market works by adjusting the minimum and maximum transaction fees based on demand and supply for block space.
According to data from Polkascan, a block explorer for the Polkadot network, the average transaction fee on the Polkadot network as of April 18th, 2023, is around 0.001 DOT.
DOT Coin Wallets
DOT tokens can be stored in a variety of cryptocurrency wallets that support the Polkadot network, including Polkadot.js, the official wallet of the Polkadot network, Ledger, Trezor, Trust Wallet, Atomic Wallet, Exodus, Math Wallet (mobile wallet and browser extension), MyEtherWallet, Coinomi.
A Simple Way To Exchange Polkadot Here At SwapSpace
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