You can buy and Stake DOT with Bitbuy. To get started, simply visit the “Staking” page once you are logged in, and click Stake beside Polkadot.DOT is the native token of the Polkadot network ( “Polkadot”). The Polkadot Network is a blockchain network designed to support various interconnected, application-specific sub-chains called “parachains” (short for parallelized chains). Dr. Gavin Wood (the co-founder of the Ethereum network) and Robert Habermeier are the co-founders of Polkadot. The development of Polkadot is overseen by the Web3 Foundation, an independent non-profit organization.
DOT serves three primary functions. The first function of DOT is to entitle holders to control the governance of the platform. Some functions that are included under the governance mechanism include determining the fees of the network, the addition or removal of parachains and exceptional events such as upgrades and fixes to Polkadot. Second, DOT is used to facilitate the consensus mechanism that underpins Polkadot. For the platform to function and allow for valid transactions to be carried out across parachains, Polkadot relies on holders of DOT to play active roles. Participants put their DOT at risk (via staking) to perform these functions and are rewarded for doing so. Finally, DOT can be locked (or “bonded”) for a set time period in order to facilitate the creation of a new parachain in the network.
To learn more about Polkadot, view our Crypto Asset Statement.