Buy Polkadot DOT (€6.23)

Polkadot is a protocol which aims to be a connection between all the different blockchains that currently exist in the crypto world. These blockchains (such as Bitcoin, Ethereum, Tezos, Vechain etc.) cannot communicate with each other and Polkadot tries to be a 'internet of blockchains'. This can be compared to the rise of the computer. Computers were already revolutionary when they operated separately from each other but when computers could also communicate with each other and work together the great possibilities of the technology only became clear. The name Polkadot has everything to do with the well-known Polkadot pattern. All the dots in the pattern are single and can be compared to the individual blockchains or computers. Polkadot is the network that tries to connect all these dots.

Polkadot can be bought easy and fast at Anycoin Direct. Want to know how? Read the guide down below.

Step 1: Create an Account

You will need an Anycoin Direct account to buy cryptocurrencies, but you can also sell and swap between coins in over 25 cryptocurrencies.

Step 2: Placing an order

Once you have created and logged into your account, you can start your order at Anycoin Direct. The easiest way to buy crypto is by using the Anycoin Vault. From here you can buy, sell, and trade over 30 different cryptocurrencies. Select the amount of Polkadot you would like to buy and finish the transaction. Available payment methods at Anycoin Direct are iDeal, Bancontact, Credit card, SEPA, Giropay, SOFORT and VISA.

Step 3: Buy, sell or trade Cryptocurrencies

After the order is finished, you can find your crypto in your Anycoin Vault or personal wallet. Buy, sell, or trade cryptocurrencies easily whenever you want.

With the Vault, you can keep all your tokens safely in one place. In the Vault, you can easily swap DOT without paying the blockchain network fee. The Vault is an additional feature we offer to our customers. Currently, Polkadot (DOT) is available in the Anycoin Vault. You can easily create an Anycoin Vault in your account dashboard. From the Vault overview you can easily buy, sell and swap Polkadot.

DOT is a native coin of the Polkadot network that has 3 main functions: Governance, Staking and Bonding.

Governance

All DOT token holders get to vote on decisions that affect the network, from referendums on making changes to electing council members who want to make the network more future-proof. The more DOT tokens you have, the greater your voting power and thus more say in the direction of the network.

Staking

DOT token holders can help secure the Polkadot network by striking their tokens as validators and nominators. Validators participate in mining the blockchain blocks while nominators support these validators. By supporting these important security functions, and thus the network, they receive even more DOT for their cooperation.

Bonding

When a new blockchain wants to join the network through a parachain, a bonding fee of 10,000 DOT must be paid to discourage new blockchains from unwanted behavior. Also, the DOT tokens used for the above strike are 'bonded' and thus cannot be reached by the owner. Only after 28 days will people then be able to access these tokens again. This is to somewhat prevent stability and a 'fire sale' of tokens.

Polkadot has a pretty famous founder, namely Gavin Wood. This is one of the fathers of the Ethereum network, which he got out of after he felt Ethereum was not going the way he would like to see it go. In response to this, he founded Polkadot. Polkadot is now run by Web3 Foundation and developed by Parity Technologies, both of which were also co-founded by Gavin Wood.