When people hear Polkadot, they think about the DOT coin(Polkadot token). But what most people do not know, is that it’s not the coin that’s important here, It’s the network, the protocol, the blockchain behind the coin, this is what moves the coin and is responsible for the accelerated appreciation in its value.
Polkadot is a new generation blockchain protocol, developed by Ethereum co-founder Dr. Gavin Woods and his team. It aims to eradicate slow communication, in the blockchain network and facilitate data transfer across different blockchains. It plans to do this by bringing them all under one roof.
The unique design and structure of the polkadot network are what make this possible. The most critical parts of the polkadot network include: The relay chain, parachains, parathreads, and bridges
Relay chain: The heart of the polkadot network, it is the main communication hub between parachains and is responsible for the network’s shared security, consensus, and cross-chain interoperability.
Parachains: These are independent blockchains that will run on top of the Relay chain. Each parachain can have its own tokens and optimize its functionality for a specific use.
Parathreads: This is a more economical version of the parachain, similar to the parachain but is leased out for short periods of time for blockchains, that don’t need continuous connectivity to the network.
Bridges: Bridges will connect already running blockchains( such as BTC and ETH) to the polkadot network and allow the transfer of tokens between polkadot and outside networks.
Unlike other blockchains, polkadot is not trying to craft a niche that will rival or compete with the other cryptocurrency networks, rather it is trying to produce a safe, trusted easily deployable, and upgradeable environment, where different blockchains can link up and benefit from cooperation with each other.
The DOT coin is the main token of the polkadot network. First released in 2017 during polkadot’s ICO. Polkadot saw a surge in value after it received a vote of confidence from Binance and was listed on its homepage. The DOT coin experienced a bullish run that propelled it to an all-time high of $19.32 on the 16th of January, generating an ROI of over 500% in less than 3 months. This pushed it to the 4th spot in the cryptocurrency ranking.
Currently, Polkadot ranks 6th in the cryptocurrency ranking has a market capitalization of over $17 billion and trades at $20.2 on Crypto-exchange Bityard( a price higher than it’s previous all-time high).
The price of the DOT coin is still expected to rise exponentially, as multiple investors are interested in developing the polkadot network and different projects are been incorporated into the network daily.
How to Trade Polkadot
Bityard is a leading cryptocurrency/Derivatives trading platform, that offers different trading options for different cryptocurrencies including polkadot. Traders can buy or sell polkadot via different options which include: Spot trading, Contract trading, Copy trading
In this option, traders speculate on the rise or fall of prices and make a profit. This allows traders to make a profit on the settled difference between the opening and closing prices of an entry.
In contract Trading, traders can borrow capital to open trades with a larger margin to make a potentially higher profit. This market is open 24/7.
This is a trading option that offers instant settlement. As soon as a bid is placed and an equivalent ask offer is placed, the trade is closed immediately. A trader can choose to match the bid on an open order, by clicking on it and placing his/her bid. Or can create a new bid and wait for the order to be matched. This market is open 24/7. Bityard boasts more than 1 million transactions per minute and is capable of filling in large orders.
The latest development on the Bityard exchange platform. This allows users to copy the positions taken by verified traders and follow their trades. This option was developed factoring in beginners, who haven’t learned how to trade and individuals who are interested in trading but do not have the time. It is an easy way to make money using an experienced trader’s knowledge.
In conclusion, Polkadot is presenting a concept that will solve a lot of problems decentralized finance is currently facing, such as scalability and interoperation, and will revolutionize, how we think about blockchain. One can say Polkadot is a moving wave, that has come to change the face of the beach we call, the blockchain network.
Bityard Complex Contract, Simple Trade