Exscudo added support for Polkadot (DOT) tokens in Channels and on our exchange. Before Polkadot’s main-net even launched. We did it through the use of colored coins technology and with the help of a private DOT investor.
Thus, we became the first platform in the world to fully support Polkadot DOT. But why is this important at all?
You see, DOT isn’t just another shitcoin. Though some people haven’t heard about it, DOT is a project with a lot of potential. We are talking Ethereum kind of scale potential. And for a good reason, after all, DOT is founded by some of the key figures in Ethereum development.
Let’s talk about why Polkadot support is actually a big deal.
TABLE OF CONTENTS
What Is Polkadot?
You see, without going into technicalities, Polkadot is a blockchain that connects blockchains. Two biggest achievements in the blockchain space that came before now were Bitcoin and Ethereum. Bitcoin is a decentralized value exchange system. Ehtereum is a virtual supercomputer and smart contracts platform. Both technologies inspired millions to join the crypto space.
But they both have limitations. Nobody has yet been able to create a blockchain that does everything well.
This is where Polkadot comes in. Because they don’t try to. Instead, they aim to provide an environment where blockchains can connect. Where they can trust each other.
Polkadot aims to provide a shared security model where all blockchains can exchange data. And where they can trust exchanged data just as much as they can trust information within themselves.
This might solve the problem of blockchain-maximalism, where every network strives to be the best at everything.
Creating such a project is not an easy thing. But the Polkadot team just might be able to pull it off. You see, the project is actually founded by the man who co-founded Ethereum and was a key person in Solidity development. Actually, he pretty much wrote the language. Dr. Gavin Wood.
And for those who don’t know, Solidity is a programming language that powers Ethereum smart contracts.
Wood also served as Ethereum CTO and founded Parity Technologies — the company that wrote a client for Ethereum and develops advanced technological solutions for blockchain projects.
Polkadot ICO Wasn’t Very Open
Besides a private funding round that nearly gave Polkadot a billion-dollar evaluation, the project also held an ICO. The event was fairly private and not everybody could participate.
It is also reported that the entry threshold was higher than what is comfortable for many investors. Thus, not everybody who wanted to buy DOT had the chance to do so in the official sale.
Why This Is a Big Deal For Exscudo
After the sale, a lot of people needed to wait for the network launch if they were to buy DOT. It is estimated to happen in April 2020. Though seeing as some delays have occurred before, there is a chance it will be postponed.
This is where our deal comes in. We offer a unique chance to purchase DOT tokens right now. This deal is completely legitimate and safe.
Furthermore, users who buy DOT tokens on our Exchange or in our Channels app (which is the only wallet app in the world to support DOT at the time of writing) can exchange it right away. Or send it to friends withing our ecosystem.
The only thing users can’t do before Polkadot main net launch is sent DOT outside of the Exscudo ecosystem.
But you may ask: “I’ve seen DOT IOU for sale in other places. And where is the guarantee that I get my DOT later?”
We Offer Something Called Supply Futures
Most other platforms do, in fact, offer IOUs. But these are merely price speculation futures. Users who buy them don’t get an actual token.
Supply futures, on the other hand, entitle that the deliverable asset (DOT) must be handed over to the investor on the date of expiration (Polkadot network launch) at the price stipulated by the contract.
In laymen’s terms, it means that we effectively allow users to Preorder DOT right now. There is a very big chance that this deal will remain exclusive to us until Polkadot launches the main-net and enters exchanges.
Obviously, this is good for us because we can drive traffic to our platform. It’s good for the users because they have access to a unique deal. And it’s good for Polkadot because of extra publicity. Win-win-win.
We hope that if you were on the fence about buying DOT tokens, this article helped clear your doubts. It is not our intention to persuade you into buying DOT just because you can. The aim of this article is to explain the importance of DOT accessibly at this early stage.
Always make investment decisions based on your own research and common sense. And never invest anything that you don’t feel comfortable loosing.