What is Polkadot (DOT)?

Polkadot (DOT) is a decentralized multichain blockchain protocol. Founded by Gavin Wood, the co-founder of Ethereum, in 2016, Polkadot is designed to maintain interoperability between multiple blockchains by facilitating cross-chain transactions. It is also considered the foundation for a decentralized internet of blockchains called Web3. The network of Polkadot comprises a leading blockchain, i.e., a "relay chain'' and user-created parallel chains (or "para chains""). The connecting layer between the relay chain and para chains is called a "bridge"" that connects two blockchain networks and allows data transfer. Being a layer-0 meta protocol, Polkadot can autonomously update its codebase according to the decision of its token-holding community. Its native token, DOT, serves the following utilities: Users can stake DOT for verification and mining in the Polkadot network, participate in network governance, and bond tokens to connect parachains. The total number of DOT tokens that can ever exist is infinite.

How does Polkadot (DOT) work?

3 core chains primarily make the Polkadot next-generation multichain blockchain. The Relay chain, Bridges and Parachains. The relay chain is the base chain of the DOT network for finalizing any transaction. It is responsible for maintaining network security and cross-chain interoperability, along with ensuring that the system works as a whole.

The Parachains are user-created sovereign blockchains with their tokens and specific use cases. These chains hook into the relay chain and take advantage of its security for verifying the transactions. All parachains do a lot of work for the main relay chain, so the Polkadot network can support over 1,000 transactions per second. Bridges allow communication of parachains with external networks like that of ETH and BTC to set up interoperability.

The nominated proof-of-stake allows crypto investors to stake DOT tokens. This staking facilitates the users to work as validators, nominators, collators, and fishermen in the network. In return, the users get DOT rewards for performing their tasks successfully.

How to Buy Polkadot (DOT) in India?

There are many platforms where you can invest and trade Polkadot (DOT) in India. One such platform is Flitpay. To buy Polkadot (DOT) in INR, you have to sign up for the relevant application, where you will have to enter the required details and go through a small KYC verification process.

After the KYC approval, make sure you have correctly entered your bank details. Now, through the linked bank account, deposit the amount you want to buy Polkadot (DOT), and execute the Polkadot (DOT) purchase.

You can instantly convert your INR to Polkadot (DOT) and Polkadot (DOT) to INR and withdraw your INR through bank transfers whenever you want.

Flitpay also keeps introducing timely rewards for its users.

What to Do After I Buy Polkadot (DOT)?

DOT can be used to buy other cryptocurrencies after converting them to INR through crypto exchange platforms like FLITPAY. You can also hold DOT till it reaches a high price and then can sell it through the FLITPAY OTC order facility. Users can earn significant profit from buying it at a lower price and selling it at a higher price.

Besides that, DOT can also be staked in a supported wallet to be elected as a validator and win DOT rewards.

Why Use Polkadot (DOT)?

There are various reasons to use Polkadot (DOT). It is a multichain network which means that it can join various blockchain networks with one another. Since other cryptocurrencies are built on independent blockchains, they can't communicate with one another. But Polkadot's blockchain network allows them to interact. If developers who own DOT and want to build their Blockchain network, the Polkadot network facilitates that too. Its shared security model enables developers to focus on creating dApp and smart contract functionality without having to worry about the mining and validation process. It intends to offer developers a building tool that avoids developing a blockchain from its beginning.

FAQs

What is Polkadot (DOT)?

Polkadot (DOT) is a cryptocurrency that works on nominated proof of stake (NPoS). It connects and secures a network of specialized blockchains to facilitate unrelated blockchains for the cross-chain transfer of any data or asset types.

What is the Polkadot (DOT) price in India?

Check out the LIVE! INR price of Polkadot (DOT) token in India on Flitpay.

Which is the best platform to buy Polkadot (DOT) in India?

The best crypto exchange in India to buy DOT or your favorite cryptocurrencies is Flitpay. Flitpay supports instant UPI and bank deposits and bank withdrawals with a minimum deposit and withdrawal limit of INR 100.

What are the Benefits of Polkadot (DOT)?

Polkadot (DOT) joins multiple blockchain networks with each other. Its shared security model gives the facility to developers to build a blockchain on its network without worrying about miners and validators.

Is it safe to invest in Polkadot (DOT) in India?

Yes, investing and trading Polkadot is Safe in India. Flitpay is one of India's most secure cryptocurrency exchanges to invest in DOT crypto. It offers the most real-time prices and advanced investing features.

Is Polkadot (DOT) a Good Investment?

Polkadot (DOT) forms the base of Web3.0 and many other advanced technologies. Its ability to allow cross-chain transfer of data has made it one of the best performing crypto assets in a short period. But cryptocurrencies can be highly volatile at times hence one needs to be careful while making any investment decision.