We present a complete guide to understanding Polkadot Cryptocurrency and it’s technology in the field of online networking and blockchain development. We include helpful explanations, illustrated guides, historical data, and technical details. This article is brought to you by Digital Financial Market.
Last Updated: 1/6/2022
Polkadot (DOT) Cryptocurrency
Polkadot is a blockchain ecosystem designed to be similar to Ethereum in its capacity to create smart contracts and decentralized applications. Meant for cross-chain compatibility, the blockchain uses unique software technology called “Parachains” to create links and connections across apps and other blockchains.
The Polkadot community hosts a crowdfunding program called “Parachain Auctions” to secure additional funding to popular projects built on the blockchain. Crowd loans are made by staking, or lending, Polkadot’s native currency DOT.
You can read the Polkadot Official Whitepaper here.
You can visit the Polkadot Website here.
Polkadot (DOT) Price
Polkadot (DOT) Historical Price Chart
Key Points about Polkadot
- One of the Top 10 Cryptocurrencies in the World
- Independent Blockchain Ecosystem that allows for compatibility with other Blockchains.
- Largest Crowdfunding Cryptocurrency in the World.
- Facilitates upgrades to the network to improve the Blockchain.
- Has funded multiple successful Crypto Projects such as Moonriver, Clover Finance, Etc.
Polkadot Parachain Auctions
Below is the list of 2021 Polkadot Auction Winners:
December 2021 Parachain Auction Winners
- 1. Moonbeam ($1 Billion USD)
- 2. Acala ($941.3 Million USD)
- 3. Parallel Finance ($311.2 Million USD)
- 4. Astar ($299.1 Million USD)
- 5. Clover Finance (CLV) ($284.3 Million USD)
Polkadot History
The Polkadot Blockchain was invented by Dr. Gavin Wood, a software engineer who was involved in the creation of Ethereum. Dr. Wood is credited with creating the programming language Solidity, which is used by the Ethereum blockchain.
In 2016, Dr. Wood drafted the first whitepaper for Polkadot. The project launched in later 2017 under the name Polkadot with the native token DOT. The DOT cryptocurrency was not available on open market exchanges until August of 2020 for a price of $2.85 at ICO.
Polkadot is currently listed on major Crypto exchanges such as Coinbase. As of 2022, Polkadot has secured a place in the top 10 Cryptocurrencies in the world with a market cap exceeding $25 Billion USD.