DOT is the native token of the Polkadot network ( “Polkadot”). The Polkadot Network is a blockchain network designed to support various interconnected, application-specific sub-chains called “parachains” (short for parallelized chains). Dr. Gavin Wood (the co-founder of the Ethereum network) and Robert Habermeier are the co-founders of Polkadot. The development of Polkadot is overseen by the Web3 Foundation, an independent non-profit organization.
Polkadot is designed to facilitate the transfer of data between multiple unrelated blockchains. This process works through the interaction of three types of blockchains. The first is called the “relay chain,” which is the main blockchain of Polkadot. The relay chain helps map addresses to account information, coordinate communications and provide consensus through a pooled security mechanism utilizing a proof-of-stake (“PoS”) protocol. All validators stake their DOTs and produced blocks directly on the relay-chain. The relay chain lacks features like smart contracts and instead is designed to be a minimal protocol to connect other network participants and provide transaction finality. The second type of chains are the parachains. Parachains are used to collect and process transactions while using the relay chain for finality. Polkadot does not restrict the design and structure of parachains. Parachains can be application-specific or support particular features such as privacy or scalability. The third type of blockchains are known as “bridges.” Bridges allow Polkadot to communicate with other blockchains, like the Ethereum network and the Bitcoin Network.
Participants put their DOT at risk (via staking) and are rewarded for doing so. There is no maximum supply of DOT and Polkadot has been programmed to allow for annual inflation of about 10%.
DOT serves three primary functions. The first function of DOT is to entitle holders to control the governance of the platform. Some functions that are included under the governance mechanism include determining the fees of the network, the addition or removal of parachains and exceptional events such as upgrades and fixes to Polkadot. Second, DOT is used to facilitate the consensus mechanism that underpins Polkadot. For the platform to function and allow for valid transactions to be carried out across parachains, Polkadot relies on holders of DOT to play active roles. Participants put their DOT at risk (via staking) to perform these functions and are rewarded for doing so. Finally, DOT can be locked (or “bonded”) for a set time period in order to facilitate the creation of a new parachain in the network. There is no maximum supply of DOT and Polkadot has been programmed to allow for annual inflation of about 10%.
To learn more, check out Polkadot’s Whitepaper: https://polkadot.network/PolkaDotPaper.pdf
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Investors can easily invest in Polkadot (DOT) by creating an account with Bitbuy, adding funds to their account directly through e-Tranfser or bank wire, and buying the Polkadot coin directly through the Bitbuy platform. Experience problems or need questions answered along the way? Do not fear, Bitbuy is here. Our customer support team will ensure your investment journey is smooth sailing throughout.
What is so great about this digital token is that it is not difficult to buy, sell, and trade. In fact, It’s easy and convenient, especially if you’re working with the Bitbuy platform! Unsure how or where to begin?
Buying Polkadot in Canada as well as other digital currencies is simple and secure with Bitbuy. Here is how it works:
If at any point you need help signing up, verifying your account, adding funds, or buying and selling Polkadot, just contact customer support for same-day assistance.
Bitbuy is one of the best and most secure places to buy Polkadot(DOT) in Canada. Here is why:
Every transaction you make on Bitbuy is encrypted using SSL (Secure Socket Layer) technology with two-factor authentication solutions implemented throughout. Bitbuy operates with a 99% cold storage reserve for all digital currencies in custody and executes daily encrypted and distributed backups for disaster recovery. Here at Bitbuy, it is crucial users know that their digital assets are is safe with us.
Bitbuy offers some of the lowest buying and selling fees in Canada. You can check out our trading fees and processing times before you buy DOT.
Buying cryptocurrency directly from individuals is slow and risky. Cryptocurrency exchange platforms like Bitbuy make the process faster and far more efficient.
We pride ourselves in our exceptional customer support which sets us apart from other digital asset marketplaces. Simply submit a request under Bitbuy Support to be paired with one of our experts. We believe that exceptional customer support is an essential part of simplifying cryptocurrency for everyone.
Interac e-Transfer is the most popular way to pay online in Canada. Canadians want to buy Polkadot (DOT) with Interac, but banks do not make it easy. Bitbuy exists to simplify the process when you want to buy DOT in Canada with Interac. You can use your bank account directly to fund your Bitbuy account, which you then use to buy and sell cryptocurrencies in Canada.
Looking for a place to store your DOT? Bitbuy is the perfect place to start. Bitbuy has a built in wallet in each user’s account that you can use to store your DOT safe and securely.
Website (instructions for the mobile app below)
When you log into your Bitbuy account you will be automatically directed to the ‘Accounts’ section of your account. Click 'Express Trade' located at the top of the page if you are already logged in. To facilitate the trade click the 'Sell' button which will appear in red.
Click the drop-down and search DOT to begin the sale.
Enter the amount of DOT that you wish to sell. The dollar value of your sale will be displayed below under ‘Transaction summary'. When you are ready, click the 'Sell' button to complete the transaction.
Sign into your Bitbuy account and you will be automatically directed to the 'Accounts' section. If you are already logged in, click on 'Accounts' in the bottom right corner of the navigation bar.
Locate DOT and click on the 'Sell' button.
Enter the amount of DOT you wish to sell. The value of your sell will be displayed at the bottom of the page. When you are ready to continue, click the 'Place Sell Order' button to complete your transaction!
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