Polkadot Hits Self Reported Market Cap of $6.89 Billion (DOT)

Polkadot (DOT) traded 2.1% lower against the U.S. dollar during the 1 day period ending at 10:00 AM E.T. on August 11th. One Polkadot coin can currently be purchased for about $4.65 or 0.00007691 BTC on cryptocurrency exchanges. Polkadot has a total market capitalization of $6.89 billion and $72.15 million worth of Polkadot was traded on exchanges in the last day. Over the last week, Polkadot has traded 2.7% lower against the U.S. dollar.

Here’s how related cryptocurrencies have performed over the last day:

• Aidi Finance (BSC) (AIDI) traded 2.2% lower against the dollar and now trades at $0.0000 or 0.00000000 BTC.
• Zoo Token (ZOOT) traded 2.2% lower against the dollar and now trades at $0.0652 or 0.00000239 BTC.
• CareCoin (CARES) traded down 2.2% against the dollar and now trades at $0.0809 or 0.00000297 BTC.
• Kitty Inu (KITTY) traded up 1.9% against the dollar and now trades at $95.84 or 0.00338062 BTC.
• Hokkaidu Inu (HOKK) traded up 1.2% against the dollar and now trades at $0.0004 or 0.00000001 BTC.
• Jeff in Space (JEFF) traded down 2.2% against the dollar and now trades at $2.75 or 0.00010076 BTC.
• Lumi Credits (LUMI) traded down 0% against the dollar and now trades at $0.0128 or 0.00000021 BTC.
• AXIA Coin (AXC) traded down 0.1% against the dollar and now trades at $13.43 or 0.00048094 BTC.
• MVP Coin (MVP) traded up 1% against the dollar and now trades at $0.0567 or 0.00000094 BTC.

Polkadot Coin Profile

Polkadot’s genesis date was August 18th, 2020. Polkadot’s total supply is 1,479,609,370 coins. The Reddit community for Polkadot is https://reddit.com/r/polkadot and the currency’s Github account can be viewed here. Polkadot’s official message board is forum.polkadot.network. The official website for Polkadot is polkadot.network. Polkadot’s official Twitter account is @polkadot and its Facebook page is accessible here.

According to CryptoCompare, “What is Polkadot?Polkadot is a blockchain network often described as a “blockchain of blockchains,” as it allows users to launch and operate their own blockchains on top of the main Polkadot blockchain. This main blockchain, called the relay chain, does not support smart contracts, but other blockchains connected to it can support them.As a result, Polkadot is set to become a growing ecosystem of cryptocurrencies that competes with other smart contract networks such as Ethereum, the Binance Smart Chain, and more. It was launched in 2020 and brings a number of technical features that help it reach its goal.The user-created blockchains, called parachains, benefit from the same security of the relay chain where transactions are permanent, but can be customized by the users. Polkadot’s design allows it to become a network of blockchains with secure transactions and varying features, all while using the resources of its relay chain.Polkadot’s design is new and unique, but developers and users are able to experiment in a real economic environment called the Kusama network. Kusama can be seen as a sandbox for users and developers to test early versions of what will be launched on Polkadot in a network with a valuable cryptocurrency traded on the open market.Polkadot will also include bridges, which allow the Polkadot network to interact with other blockchains. Through bridges, Polkadot users will, for example, be able to swap tokens without a centralized exchange.What Is DOT Used For?DOT is the native cryptocurrency of the Polkadot network and serves as its governance token. DOT holders can stake their tokens to vote on network upgrades and help decide the future of Polkadot by actively participating in its governance.DOT holders can influence the project’s governance by voting on changes, and by electing the Council members. These are responsible for proposing changes and determining which ones are made to the software.Staking DOT also yields returns as holders are at the same time securing the network and validating transactions. Polkadot rewards DOT stakers with newly minted tokens based on the amount they are staking.DOT can also be bonded to connect a chain to Polkadot as a parachain. The token has the ability t be locked for a specific period to secure a parachain slot in the network.Who Created Polkadot?The Polkadot project was founded by Ethereum co-founder Gavin Wood, along with Peter Czaban and Robert Habermeier in 2016. Wood is the developer behind Solidity, the coding language used to write smart contracts on Ethereum and has experience as a research scientist at Microsoft.Wood is the president of the Web3 Foundation, a non-profit organization that conducted Polkadot’s token sales. The foundation was co-founded with Pete Czaban and received 30% of the proceeds. IT oversees the allocation of funds to further the development of Polkadot.The Web3 Foundation also maintains Polkadot’s open-source code and supports its use.”This page refers to the new DOT which is 100x smaller than the old DOT (the DOT token underwent a redenomination from its original sale on 21 August 2020 at 16:40 UTC, block number 1,248,328)””

Polkadot Coin Trading

It is usually not presently possible to purchase alternative cryptocurrencies such as Polkadot directly using U.S. dollars. Investors seeking to acquire Polkadot should first purchase Ethereum or Bitcoin using an exchange that deals in U.S. dollars such as Changelly, GDAX or Coinbase. Investors can then use their newly-acquired Ethereum or Bitcoin to purchase Polkadot using one of the aforementioned exchanges.

DOT/USD price chart by TradingView