Polkadot Price

Polkadot operates a Relay Chain on which any number of blockchain networks can connect in the form of parachains (parallel chains). These parachains can have different characteristics, including technology, consensus algorithms, native digital assets, and infrastructure.

Where Polkadot truly shines is in offering an underlying infrastructure to allow these parachains to conduct transactions with each other using its Relay Chain feature. In the process, it offers fair execution of transactions and ensures robust security in the processes.

Independent blockchains with their own sets of validators can also connect to the Polkadot network using bridges instead of using shared resources from Polkadot’s pool. These bridges allow for seamless data and asset transfer, supporting interoperability between multiple blockchains without the need to be hosted on the Polkadot infrastructure.

Polkadot aims to offer a multi-chain environment with unlimited potential - there is no upper limit on the number of new parachains it can support. While the basic design can support hundreds of parachains, the infrastructure can potentially lead to the creation of mini Polkadot networks that can offer connections for more public and private chains and support more multi-chain transactions in the future.

Polkadot was the creation of Ethereum co-founder Dr. Gavin Wood, who is also known as the mastermind behind Solidity - the programming language for Ethereum’s smart contracts. The idea for Polkadot emerged from the concept of sharding, which could make Ethereum far more scalable, but ended up giving rise to a brand new blockchain network called Polkadot instead.

Dr. Wood released the first draft of Polkadot’s white paper in October 2016. Shortly after this, in 2017, he co-founded the Web3 Foundation in partnership with Peter Czaban to support the development and foster the adoption of the Polkadot network.

The token sale for Polkadot was held in late 2017 but resulted in freezing of most of the funds raised in its Parity multisig contract. This resulted in the loss of around one-third of proceeds from the sale, with ETH worth almost $90 million being compromised in the attack.

The Web3 Foundation then held another round of a private token sale in 2019, putting up around 500,000 DOT for sale and raising adequate funds to further work on the project. The Polkadot testnet went live in January 2019 while its sister network Kusama was released to the public in August 2019.

The first mainnet chain Phase 1 of Polkadot went live in May 2020, followed by Phase 2 which brought out the NPoS consensus on the network in June 2020. This was followed by the launch of Phases 3 and 4 which drove governance and decentralization functions within its community.

Polkadot (DOT) is listed on most of the top cryptocurrency exchanges, decentralized exchanges, and DeFi protocols around the world. KuCoin is one of the most user-friendly platforms where you can buy DOT crypto. Here’s how you can buy Polkadot (DOT) on KuCoin easily:

1. Create a KuCoin Account

Register for an account on KuCoin with your email address, if you are a new user on our platform. Make sure that you finish all the steps for successful KYC verification after logging in for the first time as this can give you access to all our services and features.

2. Add Crypto Funds to Your Trading Account

Convert your trading capital from fiat currency into cryptocurrency by heading to the KuCoin Fast Trade page. You can buy crypto using more than 70 different payment methods, such as Visa, Mastercard, SEPA, and PayPal.

Alternatively, you can use the KuCoin P2P service or even interact with third-party sellers on our platform to convert your fiat currency into crypto and start trading on our exchange.

3. Use Existing Crypto Funds to Trade DOT on KuCoin

You can also buy Polkadot on KuCoin using your existing crypto holdings. Simply transfer them from your crypto wallet and into your KuCoin trading account to get started.

4. Trade DOT/USDT on KuCoin Spot Trading

After adding funds to your trading account, check out the DOT/USDT crypto pair on the KuCoin Spot Trading section. Check the live Polkadot price, DOT market cap, 24 hour trading volume and latest Polkadot news before entering a new trade.

Input the number of USDT you wish to exchange for DOT and check the amount of DOT you can receive in this transaction and the trading fees you will be charged by KuCoin. After confirming all the details, click on Buy to proceed with the trade.

5. Receive and Store DOT Safely

It will take a few minutes after your trade executes successfully for your KuCoin trading account to be funded with the new DOT tokens you have just bought. Once they arrive, you can choose to continue keeping them within KuCoin or you can transfer them to your external wallet for greater security.