#14 --- $4.99
[Crypto Ranking & Price from CoinMarketCap 8/11/23]
What Is Polkadot (DOT):
Polkadot (DOT) is an open-source sharded multi-chain protocol, connecting & securing a network of specialized blockchains, allowing cross-chain transfer of ANY data/asset types, not just tokens; thus allowing blockchains to be interoperable with each other. DOT was designed to provide a foundation for a decentralized internet of blockchains, (also known as Web3); controlled by its users, & to simplify the creation of new applications, institutions, and services.
Polkadot (DOT) is a layer-0 metaprotocol, that underlies & describes a format for a network of layer 1 blockchains, known as parachains. This makes DOT capable of autonomously & forklessly updating its own codebase via on-chain governance according to the will of its token holder community.
DOT's sharded multichain network allows the processing of many transactions on several chains in parallel (“parachains”). This parallel processing power improves scalability.
Polkadot can connect public, open, permissionless networks, oracles, & future technologies; as well as private, permissioned blockchains. This allows these independent blockchains to trustlessly share information & transactions through the Polkadot Relay Chain, & makes it possible to build applications that get permissioned data from a private blockchain & use it on a public blockchain.
Polkadot’s native DOT token serves three clear purposes:
- staking for operations & security
- facilitating network governance
- bonding tokens to connect parachains
Polkadot has four core components:
- Relay Chain: Polkadot’s “heart,” helping to create consensus, interoperability & shared security across the network of different chains
- Parachains: independent chains that can have their own tokens & be optimized for specific use cases
- Parathreads: similar to parachains but with flexible connectivity based on an economical pay-as-you-go model
- Bridges: allow parachains & parathreads to connect & communicate with external blockchains like Ethereum
How Polkadot (DOT) Is Unique:
Custom blockchains are quick & easy to develop using the Substrate framework & Substrate blockchains are designed to be easy to connect to Polkadot's network. The network is also highly flexible & adaptive; allowing the sharing of information & functionality between participants. DOT can be automatically upgraded without the need for a fork in order to implement new features or remove bugs.
The network has a highly sophisticated user-driven governance system where all token holders have a vote in how the network is run. Teams can customize their own blockchain’s governance on Polkadot based on their needs & evolving conditions. Nominators, validators, & collators all fulfil various duties to help secure & maintain the network & eradicate bad behavior.
[In both Proof-of-Work & Proof-of-Stake systems, blockchains compete with each other over resources to secure their networks, & blockchains are easily attacked until they develop a significant community to support their network.] Polkadot takes a different approach by letting blockchains pool their security, which means that the blockchains’ security is aggregated & applied to all. By connecting to Polkadot, blockchain developers can secure their blockchain from day one.
For these reasons DOT is 1 of Ethereum's top competitors & is considered to be an "Ethereum Killer".
Polkadot (DOT) Faucet to Earn Free DOT Crypto:
SITE DESCRIPTION: This site offers the most crypto options by far to claim from, more than any other site I've found! There are over 60 different kinds of crypto to claim, (and Dutchy occasionally adds new tokens so make sure to check from time to time). Claim by either running AutoFaucet or by trading/swapping the Dutchy Tokens u earned by completing offers, or won in 1 of the handful of daily/weekly/monthly contests & giveaways!
This site also doubles as a Micro-Wallet & Exchange, where you can purchase crypto or trade small amts. of coins, (this is how I found this site the most useful, as I describe how a few paragraphs below).
WAYS TO EARN: You earn by rolling the dutchy token faucet every 30min., rolling the coin of the month faucet every 30min., viewing 5-40sec. PTC ads, taking surveys, visiting shortlinks/websites, or completing other tasks available on the offer wall page to earn tokens. There are also multiple contests & giveaways to get coins for free such as, random coin rains every hr., daily/weekly/monthly contests for things, & occasionally other random/promotional opportunities to earn!
I've found that the quickest way to earn from this site is by completing surveys & taking advantage of any promotional claiming boosts offered for the week. Claiming from the coin of the month faucet every 30min. is also a good way to stock up on a coin quickly.