Buy Polkadot (DOT) in Australia

Dr. Gavin Wood, co-founder of Ethereum.

The Polkadot project started as an idea for a shared blockchain in the Polkadot whitepaper created by one of the co-founders of Ethereum, Dr. Gavin Wood, along with Peter Czaban and Robert Habermeier. Polkadot was developed and eventually released to the public in 2020. The Web3 Foundation oversees Polkadot. It is the primary research organisation for developing and maintaining the Polkadot blockchain network.

DOT is used for governance, security and bonding.

The three main functions of DOT on the Polkadot network are:

1. Governance: DOT acts as a governance token. DOT Holders can vote on the Polkadot protocol's future and decide how the network should operate.
2. Security: Polkadot (DOT) tokens provide financial incentives to validators for maintaining the network’s security. The validators verify and process transactions.
3. Bonding: Developers can bond DOT tokens to lease a slot on one of Polkadot’s parachains. Bonding is the process of locking up DOT tokens by staking them for the duration of a project’s leasing period. DOT holders can also bond DOT to nominate parachain projects and earn tokens.

You can purchase Polkadot on Independent Reserve.

We are Australia’s trusted cryptocurrency exchange. Create an account now and buy Polkadot (DOT) instantly with as little as $10 when you deposit $100 Australian dollars and over.

Choose PayID or NPP (Osko) as your payment method for instant deposits. Alternatively, deposit money using a bank transfer (EFT), which can take 1 to 2 days to process. Unfortunately, we do not take credit or debit cards.

Yes, we have world-class security to protect your crypto.

After buying Polkadot with us, you can simply leave it, and we will store it safely for you. You can also transfer Polkadot to your preferred crypto wallet.

We take security seriously; it is at the forefront of everything we do. Independent Reserve has the highest protection measures in place to ensure that your cryptocurrency is kept safe. We offer 2-factor authentication (2FA) and ISO 27001 certification to protect your crypto.

Learn more about our platform’s security features.

Connected chains can share common resources and scale.

Each blockchain has its own protocol consensus mechanism which makes it difficult for them to interact with each other. By connecting blockchains, Polkadot allows different chains to pool their resources and unique functions. It also enables them to scale so that more transactions can be processed at a faster rate. Improved functionality between blockchains will help drive the industry forward so that decentralised products can reach mass adoption.

Parachains and parathreads delegate their consensus and security computations to Polkadot’s Relay Chain for fast and congestion-free transactions.

Parachains are independent blockchains with their own tokens, governance and specialised use. They help scale Polkadot’s network and allow for parallel transactions. Parathreds are essentially the same but use the network in a different way. The main difference is their economic model.

Parachain slots are won at auction and leased for up to 96 weeks at a time. Whereas parathreads are used on a pay-as-you-go basis and are better suited to projects that do not need to be continuously connected to the network. The cost to perform transactions is higher on parachains and scales to meet the demands of the network.

No, Polkadot has an inflationary supply.

Polkadot is an inflationary coin, which means it does not have a cap on the maximum amount of tokens that can be produced. The circulating currency grows by 10% every year.

Polkadot holds parachain auctions, which requires DOT to lease space on the Polkadot blockchain.

Polkadot uses a nominated Proof-of-Stake (NPoS) system

Polkadot’s NPoS consensus algorithm verifies transactions, secures the network, and creates new DOT tokens. DOT holders, or “nominators”, can participate in staking by delegating their tokens to validators of the network. Validators are responsible for verifying transactions and adding new blocks to the blockchain.

All consensus systems reward good behaviour and punish bad behaviour. NPoS is no different. If the validator is chosen to produce a block, they will receive rewards for their good performance, which they will share with their nominators. They will also share the loss if the validator receives sanctions.

Polkadot provides interconnectivity between blockchains.

Most blockchains operate in a closed ecosystem to prevent outside influence. Investors who want to swap cryptocurrencies would have to use a centralised and decentralised crypto exchanges to the trade. Polkadot solves this issue by allowing independent blockchains to work together without intermediaries, like institutions or private companies.