Polkadot seems to be a very controversial project. All participants if ICO will receive their tokens when and if the Genesis block is be launched in 2019. The DOT price at that moment was 0.109 ETH, so available 5 million tokens were sold for 485,331 ETH.Īll tokens are still illiquid – you can’t buy or trade them. ICO of Polkadot was so successful, that tokens were over on the third day. So the risk of price inflation may appear. But there are no words – «there will be only 10 millions tokens and no new tokens will be created». Yes, the whitepaper says that investors can buy 5 millions from total 10 millions DOT. Tokens give possibility to add new parachains or to remove non-active ones.Īnother important thing about DOT tokens is that there is no information about limits. The system uses game theory and rewards those DOT owners who behave in honest ways. The ecosystem has no miners and use proof-of-stake algorithm so holders manage all exceptional events such as protocol upgrades and fixes. DOT owners have full control over the protocol. The token in Polkadot ecosystem is called DOT. These are specific links to blockchains with their own consensus such as Ethereum. These are «parallel blockchains» which make transactions real and transfer them to the original blockchain. Also it guarantees consensus and security. It is the centre of system, which makes transaction exchanges between chains enabled. The ecosystem of Polkadot consists of three different components: That’s why some information below has no confirmation, except theoretical. The last but not least from the general information - Polkadot’s Genesis block will be launched only in Q3 2019. We will tell about it later, but you can check DOT on COIN360 to know the actual situation with this token, if you wish. In October 2017 the successful ICO was performed. Then, in mid-2017 Web3 Foundation was created, which manages the project, together with Parity Technologies. The idea was presented by Gavin Wood, co-founder of Ethereum and founder of Parity Technologies in the end of 2016. It is really a project of the future – digital world, internet of things and web decentralization. It enables the internet where independent blockchains can exchange information and trust-free transactions via the Polkadot. Polkadot helps to connect private and public blockchains and other networks in the Web3 ecosystem. The mission of Polkadot is to change the existing internet structure into Web3: a completely new and decentralized web. And the important thing is – without any system-wide upgrades or hard forks. It creates space where data from different blockchains can be operated and exchanged fast and securely. Speaking simply – it is a network that connects blockchains. The official website says that it is «a multi‐chain technology».
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