What is Polkadot cryptocurrency?

Today, there is real excitement around the platform and the Polkadot token, because it is a truly revolutionary project that can change the face of the blockchain technology world. Polkadot (DOT) has come to the attention of investors since its launch. After explosive growth in 2021, it ranks in the top 10 cryptocurrencies in terms of capitalization. Currently, experts and investors are actively talking about this platform. Some crypto experts even speculate that it might outperform Ethereum. 

Based on current statistics and progress, Polkadot really has the potential to change the entire world of the crypto industry.

If we speak without complicated technical terms and do not go into details, then Polkadot is a project on its own blockchain, to which any other blockchain can be “connected” with the help of special technological solutions. Before we move on to talk about the technological features of the platform and make a detailed review of Polkadot as a cryptocurrency, it is necessary to learn some information from its history of creation. The idea of ​​creating the Polkadot project came from the developer Dr. Gavin Wood, who is a famous person in the world of blockchain technologies, and in general in the IT sphere, about whom there is a lot of information on the Internet. The Polkadot project was launched thanks to the ICO held in 2017, which raised $ 145 million in investmentsUnfortunately, the code of the wallet for which the funds were collected was hacked, as a result of which $ 90 million was stolen. Despite this, the developers did not despair and did not abandon their project - its implementation took place at the expense of the remaining funds and additional rounds of funding. Today, the developers have managed to implement many of their plans, which instills confidence in investors.

Polkadot is not just a blockchain, but a platform for creating other blockchains, which allows them to be combined into a single network.

Polkadot cryptocurrency
Polkadot cryptocurrency

Investing in Polkadot 

Now there is not a single person who would not have heard of cryptocurrency. The creation of cryptocurrencies was due to the increasing restrictions of the fiat system, but in the process of using crypto, it began to be considered as a tool for investment. At the moment, they write about digital money more and more often. Below we will consider the most popular ways to invest in cryptocurrency.

How to invest in Polkadot in Nigeria?
How to invest in Polkadot in Nigeria?

Investing through online platforms 

An investment platform is an information system that allows you to conclude agreements between investors and owners of any business.

Investment business on the Internet is somewhat different from similar activities in offline life. Let's list the main features:

  • no time, national or other restrictions;
  • you do not need to monitor the movement of funds on the account every second;
  • you can start with a small investment (a great option for those who want to experiment, try their hand at investing).

On online platforms, you can also use a demo account. This account, in fact, is an analogue of a real account, with the exception that when working on it you do not risk your money. All operations (buying, selling financial instruments, placing pending orders, etc.) are performed in real time at real prices that are currently in the market, but for virtual money. Demo accounts are indispensable for testing trading systems, as well as for running trading robots. A demo account is an obligatory step in the process of training a trader. In addition to the elementary skills of handling the interface of the trading terminal used, it provides a novice trader with irreplaceable experience in the real market. Only after achieving stable results in trading on a demo account, you can proceed to trading for real money.

How to buy Polkadot in Nigeria through an online trading platform?
How to buy Polkadot in Nigeria through an online trading platform?

Basic rules for trading on a demo account:

  • Working on a virtual account, set yourself the same size of the deposit with which you plan to trade in real life in the future.
  • Set realistic goals for yourself and don't chase super profits.
  • Treat this kind of trading like a real job. Keep a trade journal and a trader's diary. Strictly follow all the points of your trading system and strictly follow the rules of money management.

When working on investment platforms, you use a CFD agreement. CFD for cryptocurrencies is a standard contract for the difference in price, where the underlying asset is digital currencies. 

CFDs for cryptocurrencies became one of the first derivatives on the digital currency market for a reason. The market and its participants needed a tool that could satisfy the needs of speculation, investing and hedging.


The essence of mining in simple words lies in complex mathematical calculations that are performed on specialized equipment. Everyone who decides to earn digital money registers in the system and becomes users of the blockchain system. Only by registering in the system and receiving an electronic wallet (where the money will go), a person gets the opportunity to mine. In the process of mining, certain numerical values ​​are selected, which form a new block chain in the blockchain system.Each chain is provided with a cryptographic inscription, which contains information about the time of creation and about the creators. For each chain found, the miner receives a reward - several units of cryptocurrency, which he is mining. The amount of currency dropped into the wallet depends both on the type of digital money mined and on the contribution that the miner made to the formation of the blockchain chain.

What do you need to do to start mining?

  • Determine the choice of cryptocurrency.
  • Determine the choice of mining.
  • Install and configure all required software. If necessary, collect and configure computer equipment.
  • Register and verify a cryptocurrency wallet.
  • Start mining in the chosen way.

At the moment, there is no mining usual for early cryptocurrencies in the Polkadot environment. The system uses the Proof-of-Stake protocol, which means that you can earn money on the stacks.

For example, you can invest a large amount in DOT tokens - build a stack, which makes it possible to become one of the validators (of course, if the nominee is approved). The validator certifies the "purity" of operations on parachains and enters data about them into the basic chain, Relay Chain, receiving a stable payment for their work.

The Polkadot ecosystem operates according to the Nominated Proof of Stake (NPoS) algorithm
The Polkadot ecosystem operates according to the Nominated Proof of Stake (NPoS) algorithm

Crypto exchange and crypto wallet

A crypto exchange is a platform where you can trade cryptocurrencies.

The most important step in cryptocurrency trading will be exactly the right choice of crypto exchange. When choosing a crypto exchange, pay attention to the main criteria that professionals in the cryptocurrency world very often pay attention to:

  • Trading volume: This is considered by many to be the most important metric. The logic is simple - the higher the trading volume, the more users. The more users there are, the higher the trust. The higher the trust, the better the exchange.
  • Opportunities for trading. Now exchanges are acquiring more and more functionality and the presence of additional functions that distinguish them from competitors play an important role.
  • Features of regulation, how long it works. It is also an important factor for work.
  • Support service. If you suddenly have any problems (and this happens from time to time, especially with newbies), contacting support will be the only way to resolve the problem.
  • Commissions - On small volumes, the commission may seem insignificant - when you get to large amounts, the commission takes a significant part of your trading balance.
Buy DOT. The DOT cryptocurrency is Polkadot's own token
Buy DOT. The DOT cryptocurrency is Polkadot's own token

Please note that after you have chosen the most optimal crypto exchange option for yourself, you will also need a crypto wallet.

A crypto wallet is a key instrument in the circulation of digital currencies.

Wallets can be divided into two types: hot and cold. Hot ones are those that are connected to the Internet and provide the ability to work with cryptocurrency online. They are easy to enter, easy to use and have a wide variety of settings. As for cold crypto wallets, these include all solutions that are not connected to the Internet.

Invest in Polkadot
Invest in Polkadot

Polkadot perspectives 

Polkadot is not just a cryptocurrency, but a unique platform with extensive functionality and a wide range of applications. As a rule, if there is a technologically attractive product behind a coin, this can provide stable growth in the rate. Polkadot's forecast is generally optimistic. According to many experts and crypto traders, good growth should be expected from DOT, as developers will actively develop their platform. Given its versatility and the scale of its possible use, Polkadot has prospects for a significant rise in price. The Polkadot crypto asset is one of those crypto assets that have managed to get serious development over the past year. Behind the project are cool developers who make big plans for the future and are actively improving it. thereby generating interest among users, investors and developers. According to existing forecasts, the value of this coin may well reach the $ 100 mark.

Polkadot perspectives
Polkadot perspectives

Thanks to the constant developments taking place in the DOT ecosystem, as well as in the general cryptocurrency market, we can see how DOT reaches new heights.At this stage, the project is not fully implemented, but if the creators of Polkadot manage to implement all the conceived functions into it, then such a project opens up large opportunities for the entire field of blockchain technology. That is why it is worth paying attention to the Polkadot cryptocurrency in the near future, because it looks like a promising tool for making money on the course. 

You can buy a cryptocurrency and also invest your capital at any time and in any country, at the moment the purchase of Polkadot is available in Nigeria too.

The financial services provided by this website carry a high level of risk and can result in the loss of all your funds. You should never invest money that you cannot afford to lose