Polkadot
DOT
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OrganizationsPolkadot Intro
Polkadot(DOT )is a multi-chain platform that enables the transfer of any type of data or asset across different blockchains, fostering a new era of interoperability and scalability for multiple blockchains to work together under one decentralized system.
It was launched by Dr. Gavin Wood in 2020, who is also the co-founder of Ethereum. One of Polkadot's key features is its shared security model. Unlike other blockchain networks where each chain must provide its own security, Polkadot's relay chain provides security to all parachains, ensuring a high level of safety and resilience against attacks. Polkadot also introduces the concept of cross-chain composability, allowing developers to build applications that can interact with multiple blockchains seamlessly.
On 15 June 2023, Gavin Wood proposed the concept of Polkadot 2.0. Whole Polkadot ecosystem will no longer limited to the existing parallel chains and relay chains, the focus is on the more fundamental resources required by the blockchain - the computing core (Core), viewing Polkadot as a multi-core computer. In addition, Polkadot may possibly cancel the existing slot auction method in the future, and adopt a more flexible resource allocation method centered on the core: the purchase of Coretime. For example, "bulk purchases" and "instant purchases" of the "core" on a monthly basis, and this will bring new supply and demand changes to DOT, as well as improvements to the economic model.
In 2024, Polkadot continued to advance the implementation of Polkadot 2.0, launching new governance mechanisms and resource management strategies to better support projects within the ecosystem. The team introduced new development tools and frameworks to encourage more developers to participate in creating decentralized applications (dApps). Additionally, Polkadot established partnerships with several projects both within and outside its ecosystem, promoting practical applications of cross-chain interoperability, such as integration with Chainlink, enhancing the functionality of smart contracts.
Above are only for introduction, not intended as investment advice.
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Q&A about Polkadot Tokenomics
DOT holders can:
- Act as a validator, collator, nominator or fisherman.
- Participate in the governance of Polkadot.
- Make bids for block inclusion as a collator for a parathread.
- Participate in decisions on global upgrades and changes to Polkadot.
DOT serves three key functions in Polkadot: governance, network operation and parachain creation through bonding.
1. Governance: DOT holders have full control over the platform, including setting network fees, funding projects, and exceptional events such as network upgrades. Governance decisions are embedded in Polkadot’s code, enabling direct participation.
2. Network Operation: DOT facilitates Polkadot’s consensus mechanism. By staking or bonding DOT, holders help validate transactions and maintain network security.
3. Buy Coretime: To create new parachains, DOT must be bonded. These DOT are locked and are released once the parachain is removed.
Supply: Polkadot has an available supply of nearly 1.5 billion DOT tokens.
Inflation: Polkadot uses DOT rewards to incentivize participation and security. On the Polkadot network, inflation is set to be 10% annually. New DOT tokens are issued as rewards to validators and nominators, maintaining network security and encouraging network participation.
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