Polkadot is a protocol designed to securely connect blockchains to a central network. The purpose of the Polkadot protocol is to allow multiple blockchains like Bitcoin (BTC) and Ethereum (ETH) to talk to each other without an intermediary, allowing value and data to be exchanged. Polkadot uses a multi-chain network to process more than 1,000 Transactions Per Second (TPS). The Polkadot protocol has four main components, the relay chain, bridges, parachain and parathreads.
Polkadot’s native token, DOT, is used for two purposes within the Polkadot network. DOT token serves as a governance token, allowing token holders to vote of the future of the protocol. DOT tokens can also be staked to verify transactions made on the network.
Check out our guide to Polkadot (DOT) on Swyftx Learn, to find out more.
The chart presented above shows Polkadot’s live price in Australian Dollars (AUD). Swyftx users can utilise these price charts to conduct in-depth crypto technical analysis and understand Polkadot’s performance.
These are candlestick charts that make it easier for investors to track the price movements of Polkadot. Check out our guide to candlestick charts to learn more about reading candlesticks.
These charts also provide information on Polkadot’s market cap, 24hr trade volume and global rank.
Currently, blockchains face many issues, making it impractical in many real-world use cases. The Polkadot Protocol aims resolve blockchain issues including interoperability, scalability, governance, and data privacy.
Polkadot aims to connect a global network of blockchains on a single ecosystem, allowing data to be transferred across blockchain networks.
Polkadot (DOT) was created by Gavin Wood, who is best known for co-creating Ethereum. Woods goal of Polkadot was to “unite an entire network of diverse blockchains into a single ecosystem”. The project was launched and developed by the Web3 Foundation in May, 2020.
When trading Polkadot with Swyftx, your investments are automatically stored in a Polkadot wallet, integrated with your Swyftx account. All Swyftx users have a crypto wallet where they can store all their crypto investments.
If you are wanting to hold onto your assets for a long period of time, we suggest using a cold wallet. Cold wallets keep your investments offline and safe from any potential threats and hackers.
Polkadot’s current price is determined the same way digital currencies and fiat currencies (e.g. AUD) prices are determined. The polkadot price is determined the same way traditional assets like stocks and fiat currencies are determined. DOT price is influenced by supply and demand. When there is an increase of people wanting to buy Polkadot, the price of DOT will likely increase. However, a lack of demand will cause the price to fall.
The supply of Polkadot also affects the assets price. Low demand but high supply will cause Polkadot’s price to fall. Whereas an excess demand for DOT will result in a price increase.
Swyftx’s comprehensive security framework ensure’s all our users can trade DOT and other digital currencies in a safe and secure environment.
Some of the safety measures we have in place include:
To further combat fraud and scam issues, Swyftx also leverages the same dataset and suite of solutions trusted by regulators, law enforcement and payments providers in Australia.
To create a Swyftx account, provide some personal details including name, email and phone number. To activate your account, you’ll need to verify your ID by submitting a copy your identification (I.e. driver’s license or passport).
Once your account has been verified, you can deposit Australian dollars via numerous payments methods including: credit or debit card, bank transfer, OSKO, PayID, POLi, crypto deposit.
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