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Polkadot (DOT): Overview

Key facts about Polkadot (DOT):

  • Polkadot was created to enhance interoperability between different blockchain networks and improve scalability.
  • DOT is the native token of Polkadot and is used within the network for paying transaction fees, voting, and securing the platform through staking.
  • DOT holders can stake their tokens to serve as validators and earn rewards through its unique consensus mechanism called ‘Nominated Proof of Stake’ (NPoS).
  • The Polkadot network also enables the development of decentralised applications (DApps) and smart contracts.
  • Polkadot has support from several well-known crypto funds and boasts an active community of developers and users.
  • Polkadot reached its all-time high (ATH) price in November 2021, at approximately 54 USD per DOT.

About Polkadot (DOT)

Polkadot is an open-source protocol designed to enable cross-chain transfers of data or assets within the blockchain ecosystem, also allowing interaction with multiple blockchains on the Polkadot network. The native cryptocurrency of Polkadot, the DOT token, serves three main purposes:

  • Governance gives DOT holders control over the protocol
  • Staking improves the network's security and rewards validators
  • Bonding tokens ensure the utility of new parachains (individual blockchains within the Polkadot network)

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What is Polkadot (DOT)?

Polkadot is an open-source multichain protocol that connects and secures a network of blockchains. It facilitates the cross-chain transfer of all types of data or assets, promoting compatibility between blockchains.The development goal of the project was to provide a foundation for a decentralised internet of blockchains, also known as Web3. Polkadot also supports a decentralised web controlled by its users and simplifies the creation of new apps, institutions, and services on the blockchain.

How does the Polkadot cryptocurrency work?

Polkadot is a protocol that enables the transfer of value and data across previously incompatible networks, such as Bitcoin and Ethereum. It is a Proof of Stake blockchain that allows users to participate in transaction validation and be rewarded by the network. Polkadot is also designed to be fast and scalable, and the DOT token is used for staking and governance within the network.

Polkadot has four core components:

  • Relay Chain: The heart of Polkadot, it contributes to consensus, interoperability, and collective security across the network of different chains.
  • Parachains: Independent chains with their own tokens that can be optimised for specific use cases.
  • Parathreads: Similar to parachains but with flexible connectivity based on a pay-as-you-go model.
  • Bridges: Enable parachains and parathreads to connect and communicate with external blockchains like Ethereum.

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How many DOT Tokens are currently in circulation?

After its launch in October 2017, Polkadot introduced ten million DOT tokens into circulation through an Initial Coin Offering (ICO) that raised 485,331 Ether (approximately 145 million USD at the time).

The tokens in current circulation are distributed as follows:

  • 58.4% of DOT tokens are held by investors, including 50% from the initial token sale, followed by a sale of 5% of the total supply in 2019 and an additional sale the following year representing 3.4% of the total supply.
  • The Web3 Foundation (the Swiss organisation operating the network) owns 11.6% of the tokens.
  • The remaining 30% is held by the founders and the company.

A notable feature of Polkadot is that it does not have a fixed cap on the total supply. Instead, new DOT tokens are continuously introduced with a predetermined annual inflation rate of ten percent. As of February 2023, over 1.1 billion DOT tokens are in circulation.

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What makes Polkadot (DOT) special?

Polkadot is a sharded multichain network, which means it can process multiple transactions in parallel on various chains, called parachains. This parallel processing power enhances scalability.

Custom blockchains can be quickly and easily developed using the Substrate framework. Substrate blockchains are designed to easily connect to the Polkadot network, which is highly flexible and adaptable. This enables participants to share information and functionalities. Polkadot can be upgraded automatically without requiring a fork, allowing for the implementation of new features or the resolution of issues.

Polkadot also features an advanced, user-driven governance system where all token holders have a say in how the network operates. Teams can tailor the governance of their own blockchain to their specific needs and evolving conditions. Nominators, validators, and collators perform various tasks to secure and maintain the network while preventing malicious behaviour.

Key facts about Polkadot (DOT)

Here are some interesting facts about Polkadot:

  • Polkadot was founded in 2016 by Peter Czaban, Robert Habermeier and Gavin Wood, who was also a co-founder of Ethereum.
  • In 2017, Parity Technologies, the company behind Polkadot, experienced a significant attack that resulted in the loss of two-thirds of its ICO funds, valued at 98 million USD at the time.
  • In 2020, Polkadot introduced its Relay Chain, integrating the core infrastructure into the main network. This was followed by the release of the second version, which allowed for easy creation of new parachains that can be connected to the broader Polkadot ecosystem.
  • In 2020, the DOT token was also introduced to the crypto market. As of February 2023, DOT has a market capitalisation of nearly 8.5 billion USD and a trading volume of over 400 million USD.

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What factors influence the DOT price?

The price of the DOT token is influenced by various factors, including the overall market sentiment in the cryptocurrency market, the network and ecosystem growth of Polkadot, usage behaviour on the platform by developers, consumers, and businesses, technological advancements such as upgrades and partnerships, as well as regulatory developments and news in the industry.

Economic and Societal Influences on the Polkadot Price

In addition to the usual market mechanisms such as supply and demand, geopolitical factors also play a significant role in predicting the price movement of Polkadot. These factors can include macroeconomic events such as inflation and interest rate hikes by the European Central Bank, as well as supply chain disruptions and the war in Ukraine, which can impact investor confidence and prompt them to invest in safer asset classes. Cryptocurrencies are also affected by inconsistent regulation in Europe and other countries, leading to differing opinions and uncertainty about whether and how they should be regulated or utilised.

Polkadot Price: Milestones and key events

Shortly after its introduction in May 2020, the DOT price reached an initial peak of around 6.30 USD and then fluctuated between 4 and 5 USD for the rest of 2020. In November 2021, the DOT price reached an all-time high of 54 USD. Like many other tokens, DOT’s price has been affected by the bear market , and its current value is far from its all-time high.

The most significant milestones and events since  DOT’s launch:

  • 2020: Polkadot was introduced in August 2020 at a price of around 2.90 USD /DOT and fluctuated between 4 and 5 USD /DOT from that point onwards.
  • 2021: The Polkadot price started rising again at the beginning of the year and reached another peak of around 48 USD /DOT in May before experiencing a further downward trend due to market correction.
  • November 2021: After the correction, the DOT price recovered and reached its all-time high of around 54 USD /DOT in November, driven by the announcement of the first parachain auctions.
  • 2022: The Polkadot price continued to decline, influenced by the general crypto crisis, and has not been able to surpass the 10 USD /DOT mark since then.

Recent development of the Polkadot price

The price charts reveals that the DOT token had a high trading volume and significant demand when it debuted on crypto exchanges. The token was listed on various exchanges like Binance and Kraken in August 2020 and quickly experienced substantial price gains. Within a few weeks, the DOT token more than doubled in value, reaching an initial peak of around £6 USD in September 2020. This strong start on crypto exchanges played a crucial role in the rapid acceptance of Polkadot and the DOT token within the crypto community.

Since November 2021, when the overall crypto market began to correct, Polkadot (DOT) has experienced falling prices. Since June 2022, the Polkadot price has been unable to break the 10 USD mark and has been moving sideways. As of August 2023, the token is currently trading at 7.33 USD.

The volatile price trajectory of the Polkadot token

From September 2020 onwards, the Polkadot (DOT) price exhibited significant volatility. After reaching a high above 6 USD in September 2020, there was a correction that brought the price below 5 USD in November of the same year. However, the price managed to recover thereafter. In 2021, the price steadily increased and reached another all-time high above 48 USD in May 2021.

Subsequently, a market correction followed, pushing the Polkadot price down to nearly 12 USD by July 2021. From August 2021 onwards, a new upward trend began, culminating in a new all-time-high around 54 USD in November 2021. However, since then, the Polkadot price has declined once again.

Polkadot (DOT) price also affected by the overall coin crash

In 2022, the crypto industry experienced a crisis that heavily impacted the entire market, and the Polkadot (DOT) price was not spared. From January 2022, a strong downtrend began, causing the Polkadot price to plummet within a few weeks. A slight recovery occurred in February 2022, but it was short-lived.

In April 2022, another wave of selling pressure hit the crypto market, significantly affecting the Polkadot price. Within a few weeks, the price fell from over 20 USD to under 10 USD. A price increase followed in May 2022, but it did not last long, and by June 2022, the price entered a downtrend again. Since then, the Polkadot price has been moving sideways and has not yet regained the performance it had before the 2021 crisis (as of August 2023).

The crypto crisis in 2022 had various causes, including increased regulations in some countries and internal issues with certain cryptocurrencies and exchanges (such as the crash of the FTX crypto exchange). Overall, the crisis led to significant selling pressure and a substantial decline in prices.

Polkadot price: Current forecast

Due to the highly volatile nature of cryptocurrency markets and their ability to change rapidly, it is challenging to provide a reliable forecast for the Polkadot price. However, some experts remain optimistic about the future price of the DOT token. They believe that the Polkadot price could rise in the near future as the project continues to attract attention from developers and investors, and the demand for decentralised applications (DApps) continues to grow.

Potential of the crypto project influences the DOT price

Polkadot pursues a smart contract-based strategy that reduces the need for expensive crypto mining protocols, security protocols, and validations. Instead, the project focuses on creating a multi-chain architecture that enables interoperability and collaboration between different blockchains and decentralised applications (DApps). The ultimate goal is to build a decentralised internet based on any type of blockchain technology. Due to its numerous use cases, Polkadot has significant potential and provides access to the DeFi (Decentralised Finance) market, which increases its overall value and market price, influencing the price trajectory of the DOT token.

Partnerships and user behaviour crucial for price movement

The success of Polkadot is heavily dependent on its usage and acceptance, which in turn affects the future forecast of the DOT network. Through partnerships with other companies or projects, Polkadot can expand its reach and visibility, thereby increasing investor interest. As more projects and companies use Polkadot, the demand for DOT tokens also rises, as they are needed for application operation and staking on the platform. One of the key partnerships of Polkadot is with Chainlink, the leading oracle provider. An oracle is a service that provides external (real-world) data to the blockchain, which is then processed by smart contracts.

User behaviour on Polkadot is also important for price movement, as it strengthens or weakens trust in the platform. When Polkadot is successfully and securely utilised, it increases the confidence of investors and developers in the platform, which can have a positive impact on the price trajectory.

FAQs - Frequently Asked Questions about the Polkadot (DOT)

Want to learn more about Polkadot? Let’s look at common questions about Polkadot and DOT tokens.

  • How can you buy Polkadot?

    Potential investors can purchase Polkadot tokens through various trading platforms such as brokers, cryptocurrency exchanges, or derivatives. There is an option to buy DOT directly or invest in financial instruments based on Polkadot. Such products include certificates and ETFs that fluctuate in value based on the Polkadot price. Bitpanda is a simple, safe, and regulated platform  where you can securely buy and trade Polkadot.

  • Is it worth buying DOT?

    Cryptocurrencies like Polkadot always carry a certain level of risk due to their volatility, but they also hold high potential for attractive returns, especially with long-term investments. Due to its particular focus on security, Polkadot is of interest to many investors. However, past performance is not an indicator of future value development.

  • How is the Polkadot blockchain secured?

    The Polkadot blockchain is secured through a Proof of Stake consensus mechanism, where users stake DOT tokens to validate transactions and create blocks. There is also a network security layer called Nominated Proof of Stake, which allows DOT holders to nominate other users to act as validators and secure the network. Together, these mechanisms provide a high level of security and decentralisation for the Polkadot network.

  • What are the advantages and disadvantages of Polkadot?

    Polkadot offers numerous advantages as an innovative and flexible network with its multi-chain architecture. It enables seamless interoperability between different blockchains and scalability of applications and transactions. Through the DOT token, users also have a say in the development and governance of the network. However, there are also disadvantages, such as the limited availability on exchanges and the dependence on the development of other blockchains connected to Polkadot. Also, the overall cryptocurrency market can be highly volatile, and Polkadot is not immune to these trends.

  • What is the forecast for the future DOT price?

    It is difficult to provide a reliable forecast for the future price of DOT, as the cryptocurrency market is highly dependent on external factors and characterised by high volatility. However, some experts believe that DOT will continue to rise in the long term.

  • Is DOT a coin?

    DOT is a token, not a coin. Unlike a coin, which functions solely as a digital currency, a token typically has a specific function or offers a specific utility within a project (in this case, within the Polkadot network). Tokens sit on top of an existing blockchain and are   a digital asset that has diverse applications that go beyond just being a payment function.

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