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Introduction

Polkadot is a scalable heterogeneous multi-chain.

Polkadot first appeared in 2016 when Gavin Wood published the white paper outlining the technical vision and rationale behind it. Polkadot aims to create a blockchain architecture that is scalable (can grow with demand), where different blockchains with varying functions can co-exist and communicate with each other in a strong shared security system, laying the foundations for the next generation of the internet. DOT is the native token of the Polkadot network in a similar way that BTC is the native token of Bitcoin. DOTs serve three key functions in Polkadot, (i) to be used for governance of the network, (ii) to be staked for operation of the network, and (iii) to be bonded to connect a chain to Polkadot as a parachain. Learn More

 

Polkadot Wallet

Wallet is an application that can conveniently save and transfer DOT, and at the same time can stake, vote and use applications on the Polkadot network via the wallet.

🔸imToken is a wallet to create Polkadot and Kusama wallets and claim DOTs:

  • Claim your DOTs from the crowd sale
  • And create new Polkadot and Kusama accounts & backup via Mnemonic

🔸imToken wallet helps to grow your balance:

  • Send & receive KSM (& later also DOT)
  • Check your transaction history & portfolio prices
  • Stake/bond & unbond KSM & DOT

🔸Be part of the network by participating in Polkadot and Kusama governance and staking:

  • Vote on proposals and vote for council members
  • View active validator set & nominate validators

🔸Wallet to stake DOT

  • imToken on Mobile - Provides secure and trusted digital asset management services to millions of users 

🔸Before creating a wallet, please learn how to backup your wallet

🔸How to claim DOT

 

What are DOTs?

DOT is the native token of the Polkadot network in a similar way that BTC is the native token of Bitcoin or ether is the native token of the Ethereum blockchain.

 

What are the uses of DOTs?

DOTs serve three key functions in Polkadot

(i) to be used for governance of the network 

(ii) to be staked for operation of the network 

(iii) to be bonded to connect a chain to Polkadot as a parachain

DOTs can also serve ancillary functions by virtue of being a transferrable token. For example, DOTs stored in the Treasury can be sent to teams working on relevant projects for the Polkadot network.

 

Polkadot Addresses

🔸 Initial creation: Users can create private keys and addresses from random numbers or mnemonic words. However, the account does not exist yet on-chain.

🔸 Activate account: To activate an account, the user needs to deposit - 0.01 KSM / DOT. This deposit is paid by the account sending you tokens. The one “creating” you pays for your creation.

🔸 Reap account: Going below 0.01 causes an account to be reaped. Your account will be wiped from the blockchain's state to conserve space. You need to recharge 0.01 DOT to reactivate the account.

 

Use 

Staking

Polkadot uses NPoS (Nominated Proof-of-Stake) as its mechanism for selecting the validator set. It is designed with the roles of validators and nominators, to maximize chain security. Actors who are interested in maintaining the network can run a validator node. At genesis, Polkadot has a limited number of slots available for these validators, but this number will grow over time to over one thousand.

The system encourages DOT holders to participate as nominators. Nominators may back up to 16 validators as trusted validator candidates.

Validators assume the role of producing new blocks in BABE, validating parachain blocks, and guaranteeing finality. Nominators can choose to back select validators with their stake.

The staking system pays out rewards equally to all validators regardless of stake. Distribution of the rewards are pro-rata to all stakers after the validator payment is deducted. In this way, the network incentivizes the nomination of lower-staked validators to create an equally-staked validator set.

 

DOT Staking Tutorial

How to use imToken to stake

 

Study

Polkadot is a platform with low barriers to entry for flexible, autonomous economies acting together within Polkadot’s shared security umbrella. Polkadot is a revolution, not just in blockchain technology but also towards enabling fairer peer-to-peer digital jurisdictions. Learn More

 

Polkadot Block Explorer

Polkadot Block Explorer is a web tool that provides detailed information about Polkadot blocks, addresses, and transactions. 

 

Community 

 

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