What is Polkadot (DOT)?
Irene avatar
Written by Irene
Updated over a week ago

Polkadot (DOT) is an open-source protocol that allows any data or asset type to be transferred between different blockchains, making them interoperable with each other. Being a sharded multichain network, it can process multiple transactions on several chains simultaneously.

Launched by Web3Foundation, a platform that strives to build a new decentralized web, Polkadot is highly flexible and adaptive and doesn't need to fork to be upgraded. It also makes developing custom blockchains and connecting them to Polkadot's network is quick and easy.

The two primary functions of the DOT token are earning rewards via staking and having a say in how the network will develop. There's no maximum number of DOT.

Check out this article to choose the most convenient way to buy cryptocurrencies, including DOT.

Important: please note that DOT deposits and withdrawals are currently not supported. You can buy, exchange and store DOT. If you'd like to receive or send it, you'll have to first exchange it for a currency which supports crypto deposits and withdrawals – you can always check with the list in this article.

In compliance with the Financial Promotion Act which came into force on 8 October, 2023, at 8 AM UTC, some account functionality is temporarily limited for the Cryptopay customers with verified UK residency.
Check what services are available: Service availability in the UK

The world of crypto is vast and intricate - if you feel overwhelmed, check out Cryptopay Learn. It is a perfect place to start for beginners trying to understand the basics of crypto. For more experienced crypto enthusiasts, this is also an excellent opportunity to brush up on their knowledge. The more you learn, the more you earn!

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