Polkadot surges US$6.85 making a favorable trend in the cryptocurrency market and promising plenty of opportunity in the future
A favorable trend can be seen in the most recent price analysis of Polkadot (DOT), as an increase in price was seen over the previous twenty-four hours. The recent bullish trend that the market has been following for the past several hours has resulted in a sharp increase in price. Polkadot surges by US$6.85. At the time of writing this article, the price of a Polkadot was US$7.49, holding a market capitalization of US$8,679,920,895.
Polkadot is a web3 platform having complete control over the protocol. The Polkadot project has already generated more than $144.3 million through Web3 Foundation during its own ICO in October 2017. DOT’s price was $6.30 in August 2020, and it fluctuated between $4 and $5 for the remainder of the year.
A proof-of-stake (PoS) enabled Polkadot to upgrade its version to v9270, which made surges in prices. The Relay Chain, which is where validators provide consensus for a transaction, is the main blockchain of the Polkadot infrastructure. With little capability for other applications, the Relay Chain is designed to coordinate the management and operation of the entire Polkadot infrastructure in cryptocurrency.
Contrarily, a para chain is an application-specific chain atop the Polkadot architecture that is approved by the Relay Chain’s own validators. These chains are known as para chains because they follow the Relay Chain side by side. Developers can create their own blockchains and applications on this platform.
On the network, all of these para chains are capable of communicating with one another. In a nutshell, this cross-chain technology makes it easier to move both assets and data between blockchains. Hence, users are not required to rely solely on one system for all of their cryptocurrency transactions.
The Polkadot network serves three main objectives:
Governance: Polkadot holders have full control over the protocol, such as choosing which protocol events (updates and fixes) occur through voting.
Staking: By keeping money in a virtual wallet, users can gain DOT tokens by carrying out blockchain operations. Holders of DOT can interact with the staking mechanism in four different ways.
Bonding: DOT holders have the ability to temporarily block a particular quantity of tokens. A single day’s polkadot price never makes investors decide whether the coin is experiencing an upward trend. However, seeking last week’s trend, the Polkadot coin turned to be fruitful for the investors.
The 1Inch Network or PolkaSwap are two decentralized exchanges which allow users to buy Polkadot tokens. If users plan to purchase Polkadot using dollars or another type of fiat money, they should use cryptocurrency exchanges. Many exchanges that let users purchase and sell DOT include:
Binance.US
Coinbase
Kraken
PolkaDot Storage options
To keep the tokens safe, one must properly store their investment. There are various storage choices to preserve the Polkadot:
HardWallet: A hard wallet looks similar to a flash drive or USB disc. The private and individual crypto keys are kept on a small, physical device that plugs into any computer or laptop. As they aren’t connected to the internet or a network when not in use, they are referred to as “cold.”
Cryptocurrency Exchanges: A few exchanges, like Coinbase, have built-in storage that they use to hold user cryptocurrency. But, depending solely on an exchange for storage can be dangerous, so you might want to look into other options for long-term storage.
Paper wallet: Although less common now than it once was, this type of storage is still a good option. One can write down keys or apps to download a QR code using a paper wallet. If they misplace it, they can get it back.
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