Polkadot (DOT) is an open-source project founded by the Web3 Foundation that envisions a “Decentralized Web 3.0,” where users have full control over their data and identity. DOT focuses on true interoperability, allowing cross-blockchain transfers of data.
The project has four main objectives in order to set the foundation for a decentralized internet: facilitating communication between public and private blockchains, providing a highly scalable environment, promoting network upgrades without forking, and adopting community-driven governance.
The DOT token
As stated in Polkadot’s white paper, DOT is the native token for the network and serves three main purposes:
- Participation in Polkadot’s governance, such as voting and protocol upgrades.
- Staking in the network to strengthen network security.
- Bonding in the Polkadot network to create parachains.
What is Polkadot and how to claim DOT tokens on OKEx was originally published in OKEx Blog on Medium, where people are continuing the conversation by highlighting and responding to this story.