Polkadot prices DOT

Polkadot was founded by the Web3 Foundation, a Swiss foundation established to facilitate a fully functional decentralized network as an open-source project. Its founders are Gavin Wood, one of Ethereum's co-founders and former CTO of the Ethereum Foundation, along with Robert Habermeier and Peter Czaban. Polkadot was launched on May 26, 2020, as a Proof of Authority (PoA) network. Initially, its governance was limited to the Sudo key, an administrative super-user account held by the Web3 Foundation to issue necessary commands and updates for the network's launch. Contributors began joining the network, indicating their intention to participate in the auditing and consensus processes. The Sudo key served as the central authority but was disabled on July 20, 2020, transferring governance to DOT token holders. From that point, Polkadot has been entirely controlled by its community. Polkadot currently has 1 billion DOT tokens, following a redenomination from the initial maximum supply of 10 million in August 2020. This redenomination multiplied all balances by 100 without affecting the distribution or ownership shares, similar to a stock split.

Polkadot is a decentralized, multi-chain network capable of processing multiple transactions across parallel chains, unlike sequential chains (one transaction after another) in other networks. This parallel processing improves scalability. The network is highly flexible, adaptable, and easy to develop, allowing for seamless integration with different blockchains within minutes, enabling efficient information and function sharing among participants. It also features an advanced decentralized governance system, enhancing security and allowing stakeholders to create governance systems for their blockchains.

Polkadot uses a unique governance system based on the Proof of Authority (PoA) protocol, which relies on a consensus algorithm called Nominated Proof of Stake (NPoS) to select validators and nominators, increasing the overall security of the chain. Participants are rewarded proportionally to their contributions. Consequently, DOT tokens cannot be mined traditionally. Instead, they are obtained through a staking process similar to Cardano ADA. To earn DOT tokens, one must already own a certain amount (a dynamic amount), enabling participation in network governance and earning rewards for voting and maintaining network security.

DOT can be acquired from various cryptocurrency exchanges, given its popularity and high market value. It is available for trading against both traditional and other cryptocurrencies.