The price of the Polkadot cryptocurrency saw a major fall on Friday. The price of this digital currency slipped 4.09 percent or Rs 32.97 in the crypto market. After this fall, the price of Polkadot included in the top 10 digital currencies has come down to Rs 774.5. At this price, its market capitalization has also come down to Rs 718.3 billion.
What is Polkadot?
Polkadot is an open-source sharding multichain protocol that allows the cross-chain transfer of any type of data or assets, not just tokens, creating a wide array of interoperable blockchains. Polkadot is a sharded multichain network, which means that it can process multiple transactions on multiple chains (parachains) in parallel. As far as returns are concerned, this cryptocurrency has given a return of 625.46 percent in the year 2021. Its all-time high price has been $55.11. Polkadot is one of the top 10 cryptocurrencies. You can buy Polkadot from many cryptocurrency exchanges. After setting up your trading account on an exchange you will be able to buy or sell Polkadot.
Founded by Web3 Foundation
Polkadot was founded by the Web3 Foundation, a Swiss foundation that was established as an open-source project to build a fully functional and user-friendly decentralized web facility. According to coinmarketcap.com, its founders are Dr. Gavin Wood, Robert Hebermeyer, and Peter Jabain.
DOT tokens serve three purposes
Polkadot's native DOT token serves three clear purposes: providing network administration and operation and creating parachains (parallel chains) by bonding. Wood is the president of the Web3 Foundation, best known for his influence in the industry as the co-founder of Ethereum, the founder of Parity Technologies, and the creator of the smart contract coding language called Solidity.
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