beginingCryptocurrenciesAltcoinsIs Polkadot the future of decentralized internet?

    Is Polkadot the future of decentralized internet?

    Polkadot is a protocol that aims to enable communication between different blockchains. The idea of an interconnected decentralized internet is well accepted in the crypto community and in 2021 DOT shows positive price dynamics. In this article, we will describe in simple terms how Polkadot works and what its native DOT tag is. At the end you will find a short guide to buying DOT without registration.

    How Polkadot Connects Blockchain?

    Currently, all blockchains exist separately from each other: their protocols are different and do not allow direct exchange of value and data. As a result, we have different ecosystems related only to things like Wrapped Bitcoin (WBTC)—an ERC-20 token that represents the value of Bitcoin on the Ethereum network. The founder of the latter Vitalik Buterin even called it shameful:


    So what would the crypto world look like if all coins were interconnected? What if we could combine Ethereum with Cardano and Bitcoin with Binance Chain?

    This is what Polkadot has been working on for the past few years: cross-chain interoperability where blockchains can communicate in a trustless manner. This will allow an Ethereum-based smart contract to trigger a payment in Bitcoin and cross-chain exchange between Litecoin and XRP will be possible. Polkadot, often referred to as the “internet of blockchains,” was launched in 2016 by Gavin Wood, an Ethereum co-founder with a Ph.D. in software engineering. One of the things Wood is known for is the invention of Solidity, the language in which Ethereum's smart contracts are written.

    Polkadot unites the blockchain with its relay chain, parachain and connectors called bridges.

    The relay circuit  is Polkadot's key network layer, a ledger that tracks all transactions that occur between blockchains.

    The parachains  are second level. These include individual user blockchains that run in parallel with the relay chain and benefit from its security while also allowing for increased scalability. Crypto companies can buy parachains, easily set them up and customize them according to their needs. Besides the interoperability of blockchains, this is Polkadot's second major use case.

    The bridges  are designed by Polkadot to connect to established blockchains such as Ethereum or Bitcoin. Break and break smart contracts will help Polkadot communicate with these networks.

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    What is DOT Token?

    DOT is the birthmark of Polkadot. It allows managing, betting and connecting.

    Management. Users use DOT to vote on network upgrades, new features and fees. Votes are weighted according to token amount: the more DOT you have, the more you can contribute to community decisions. The governance model helps Polkadot upgrade without forks.

    Betting. The Polkadot Relay chain is based on a Proof of Stake consensus mechanism and users stake DOT to help secure the network. The bettors are nominators,  who choose  validators  – those who install blocks. There is also  fishermen,  that detect and report malicious reward validators. The collators  link parachain transaction data to the Relay chain.

    Connection.  To buy a parachain and control it, you need to "bind" some DOT. Linking connects tokens to the relay chain when a new parachain is started.

    Polkadot aims to build a multi-chain universe where all blockchains can work together. This could lead us to Web3 – a decentralized internet. The community welcomes such a vision: in the last year, Polkadot climbed to the Top 9 position by market capitalization ($17.7 billion as of August 2021).

    How do I buy Polkadot?

    If you are considering buying Polkadot, give it a try  ChangeNOW . Here you can do this without registration, KYC and hidden fees in just a few minutes. Buying DOT is possible for over 200 crypto coins.

    Here's the quick guide:

    1. Use it  the calculator, for  to see what price we offer. All fees are already included in the estimated rate. The final amount you will receive can only be different if the coin prices change during the swap (which is 5 minutes on average though).

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    2. Enter your DOT address. You can also change the amount here if you want.


    3. Check the details and confirm:


    4. Now send the specified amount of crypto to the specified address. If you have a mobile wallet, scan the QR code and the amount and address will be inserted automatically. After depositing, the exchanged amount will be in your wallet in a few minutes.


    Why ChangeNOW?

    No registration and KYC for cryptocurrency exchange. No emails or passwords - exchange crypto in a few clicks.

    No hidden fees. All fees are already included in the estimated rate you see in the calculator. To learn more about our fees, see  here .

    No custody.  You don't need to store crypto on our platform to exchange it. Deposit the amount you want to exchange and we will send the exchanged amount back to you.

    It's fast. The exchange takes an average of 5 minutes.

    No upper limits. In most of the pairs you can change as much as you want. The bottom line for each is a few US dollars.

    The community trusts us. We have  4.6/5 stars  on Trustpilot and so on  we partner  with platforms like Binance, Trezor and Simplex.

    Buy Polkadot with a credit card

    You can purchase DOT with a ChangeNOW credit or debit card. Click the tab  "Buy/Sell Crypto"  in the calculator and select one of the dozens of available fiat currencies:

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    After clicking "Buy" you will be prompted to choose between 3 different Fiat Partner Supplier Services. After choosing the one with the best price, make sure it really is the best by considering the fees.

    If you are buying cryptocurrency on ChangeNOW for the first time, you will need to go through a KYC check - the documents are checked automatically and it will usually take you no more than 5 minutes. Once you use a service, you won't need to do any more KYC in it. You may be asked for a new Guardarian KYC, but in return they are no registration, which eliminates login password issues.

    The Future of the Decentralized Internet?

    Many enthusiasts see the future of the Internet as decentralized: the services people use are based on an immutable blockchain that governments or corporations cannot influence. The development of distributed ledger technology was the first step towards this world and now it is necessary to connect the built platforms. That's what Polkadot does. His efforts were appreciated by the community, which is reflected in the price of the DOT. In case you share this vision and see DOT as a good investment, buy some without registration at  ChangeNOW .

    If you want to learn more about crypto projects that contribute to the idea of a decentralized internet, discover  Storj , the decentralized file storage.

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