Polkadot (DOT) is a cryptocurrency of the decentralized network of , the purpose of which is to create "bridges" between different blockchains so that they can operate independently and according to their own rules, but at the same time rely on the safety and reliability . The coin is in high demand and is in the top 10 in terms of market capitalization. Despite the fact that now, against the background of the fall of the entire market, the price of DOT has also decreased, its prospects are beyond doubt. Therefore, i will tell you how you can buy and earn Polkadot (DOT).
DOT Purchase Methods
You can get Polkadot (DOT) cryptocurrency most quickly and conveniently by purchasing it through one of the services specially designed for this. The main ways to buy:
Cryptocurrency exchanges (Binance, OKEx, Huobi, FTX, Bybit, Cex.io)They allow you to purchase the necessary coins for fiat, stablecoins or other cryptocurrencies. Often, a purchase with a debit or credit bank card is also possible. Crypto exchanges have high security and functionality. It is recommended to choose among the most popular sites that have proven themselves in the market.
Wallets (Exodus, Atomic Wallet) Many crypto wallets are equipped with built-in exchange feauture or a tool for buying crypto from a card. Thus, you can quickly acquire the necessary assets without performing unnecessary transfer operations from one wallet to another wallet.
Polkadot Staking (DOT) The network uses the NPoS (Nominated Proof-of-Stake) consensus mechanism. The main roles is ensuring security are played by validators and nominators. Any user interested in maintaining the network can run a validator node. DOT token holders are encouraged to participate as nominees.
Validators take on the responsibility of creating new blocks, validating parachain blocks (connected blockchains) and guaranteeing completeness. The nominees, on the other hand, support the selected validators with their rate. The reward is distributed evenly among the participants after deducting the payment to the validators.
How staking works in Polkadot:
Role definition - validator or nominator.
Nomination of candidates for validators. Each nominator can provide a list of suitable candidates.
Selection of validators within one epoch (4 hours).
Distribution of bet rewards. For each pool of validators, a list of nominees and their bids is kept. The validator is rewarded twice: once in the form of validation fees (if the commission rate is higher than 0%) and once for nominating himself as a nominee.
Polkadot Staking Reward Tool:
https://www.stakingrewards.com/calculator/polkadot
To become a nominee, you need to go to the user interface and view the active validators and information about them: the amounts of DOTs placed on them, the amounts of their own bets, the amounts of commissions, the points they earned in the current era, and the block numbers they last produced. The "Account actions" section allows you to place bets and nominate. Section "Payouts" - to receive rewards from bets. The Waiting section contains a list of all pending validators that are waiting for nominators to enter the active set of validators. A validator can stay in line for a very long time if they do not receive enough support from the nominees' bets.
To become a validator, you need to run a cloud server running Linux or another operating system. Recommended hardware requirements: 64GB RAM, Intel Core i7-7700K CPU @ 4.20GHz, NVMe SSD (80GB - 160GB is enough to start). Then you need to install the latest version of Rust. The next step is to install and configure the Network Time Protocol (NTP) client, build the Polkadot binary.
Deposits on Binance, Huobi, and other exchanges
There is an opportunity to earn Polkadot (DOT) through the interface of popular crypto-exchanges, even a beginner can handle this. For example, on Binance, you will find this coin under Flexible Savings. This type of deposit means that you can withdraw the invested assets at any time, unlike fixed deposits with funds blocked for a specific period.
Where to store the received coins
Polkadot (DOT) supports many popular wallets including:
Exodus
Atomic
Math wallet
And also the official apps:
Parity
Polkadot-js
Both of the options support staking.
Conclusion
We talked about how to get and earn Polkadot (DOT) cryptocurrency - the methods are relevant in 2021, and everyone can choose from them the option that is optimal in terms of complexity and profitability. It depends on the ultimate goals of the process. Staking is chosen by users who want not only to make money, but also to support the network by assisting in verifying transactions and forming the blockchain. For potential earnings on the growth of the rate, buying DOT and storing it in a reliable wallet is suitable.
