What is DOT?
DOT is the native token of Polkadot network.
DOT token is used for
- Staked for running the network (proof of stake).
- Bond to connect a parachain to Polkadot.
How could value accrue to DOT token?
- Network fees (can be changed through governance)
- Proof of stake
What is Polkadot
Polkadot is a proof of stake blockchain that enables fast transactions and crosschain transfers.
How it works
Polkadot takes the approach of several blockchains connected to the meta-blockchain. Contrary to for example Ethereums approach of one blockchain and tokens launching on top of it.
- Shared security
- Upgrades without forks
- Relay Chain – Polkadot mainchain
- Parachains – Sovereign blockchains that can have their own tokens
- Parathreads – Blockchains connected with a pay-as-you-go model.
- Bridges – Allows all the above to interact with other chains like Ethereum and Bitcoin.
Nominators – Select trustworty validators and staking dots.
Validators – Secure the relay chain by staking dots.
Collators – Collecting shard transactions and producing proofs to validators.
Fishermen – Report bad behavior to validators.
DOT Presale price: $0.29