The DOT token is now available on Bitso.
You asked for it, we listed it. For the last few weeks we have been working hard to bring your favourite tokens to our platform. Today it’s Polkadot’s (DOT) turn.
Polkadot is a next generation blockchain, which allows independent blockchains called “parachains” to communicate with each other.
What are parachains?
We could say that the Polkadot blockchain is divided in two: the core of the network, called the “relay chain”, and all the parachains within the ecosystem.
Parachains are independent blockchains that various projects can create for a specific purpose. This enables blockchains made specifically for gaming, finance, NFTs, etc. Once a parachain is made, it will have the possibility to connect to the relay chain and thus communicate with other blockchains within the network.
Anyone can develop a parachain, but not all parachains will be able to connect to the relay chain. This is because at the time of writing this (April 2022), Polkadot will only allocate 100 slots in the relay chain.
What’s the purpose of the DOT token?
The DOT token is the native token of the Polkadot network. Its main use cases are staking, governance in the blockchain and voting for which parachains will take a slot on the relay chain. DOT staking and voting are not currently available on Bitso.
Important: Bitso only supports DOT on the Polkadot blockchain. Any deposit from another network (BNB Chain, Polygon, etc) will result in the loss of your tokens.
Polkadot is a great project with a promising future. It was founded by Gavin Wood, who also co-founded Ethereum. For this reason and many more, we’re listing DOT at Bitso.
Stay tuned for new cryptocurrencies…