Polkadot Price DOT

    About Polkadot

    This is a platform that facilitates cross-blockchain transfers of all kinds of assets and data. By merging several blockchains, this protocol seeks to attain high scalability and security. DOT acts as the platform`s management token and can be utilized to secure the network or bond new chains.

    How it works

    Polkadot applies a proof-of-stake unanimity system, instead of the proof-of-work mechanism used by bitcoin, to safeguard the network, double-check transactions, and develop and distribute new DOT. There is a couple of ways DOT holders can interrelate with the staking mechanisms, depending on the time, the funds they wish to invest, and technical skills. By wagering and participating in this portfolio, it will be possible to get DOT rewards.

    What is Polkadot Staking?

    Staking is basically the process of storing funds in a blockchain wallet to support the operations of a blockchain system in exchange for a payout.

    Polkadot's network is powered by the Nominated Proof-of-Stake (NPoS) protocol. DOT holders who wish to stake their digital assets can do it as a validator, which needs a node to be up and running 24 hours a day, seven days a week, or by nominating a validator.

    How does Polkadot Staking work?

    Polkadot staking is essentially the process of submitting DOT tokens in exchange for a payment for serving as a validator. The Polkadot blockchain employs a consensus technique known as Nominated Proof-of-Stake (NPoS).

    This means you may either go the technical, complicated path and stake directly as a validator with a node running 24 hours a day, seven days a week—or you can go the easy approach and nominate another validator, in which case you are the nominator.

    Stakers usually receive DOT, Polkadot's native token, as a reward. Nominators help choose the most trustworthy validators to keep the platform running smoothly.

    Release Time: 2019-05-05

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