Over the last decade, the crypto industry has undergone a significant transformation which has given rise to numerous innovative blockchain solutions, and Polkadot is one of them. Essentially, Polkadot is a next-gen blockchain that has a capacity to host countless other networks as well as communicate to external blockchains. The Relay Chain is the primary blockchain of Polkadot, which uses a proof-of-stake protocol and ensures smooth operation of the entire network.
Then, on top of it, users can build their own data structures and parachains with their unique features and ability to communicate with one another. Polkadot also utilizes bridges that let it interact with other blockchains such as Ethereum. Basically, interoperability is the essential aspect of Polkadot.
DOT is a utility token of the Polkadot blockchain, which serves as a means of conveying value on the network. Additionally, the token grants governance rights to its holders that give them a chance to propose changes to the platform. Staking is another function of DOT, and everyone who locks their tokens in a special smart contract can receive DOT rewards.Polkadot Payment benefits:
- Secure Blockchain
Polkadot blockchain runs on a secure proof-of-stake protocol that maintains the stability of the network and significantly minimizes the chance of an unplanned hard fork.
DOT is an inflationary currency which means that it does not have a maximum supply and is available in large numbers.
- Traded at Large Exchanges
Since the Polkadot coin has an ample supply, investors can buy it at many exchanges, including Binance and Kraken.