Polkadot- Blockchain for Web3 interoperability
Polkadot is a sharded blockchain that unites an entire network of purpose-built blockchains, allowing them to operate seamlessly together at scale.
Polkadot Architecture- It consists of
Rely Chain- It is the heart of Polkadot which is composed of a small number of transactions and is responsible for the network’s security, consensus, and cross-chain interoperability.
Paracahin- Parachain is nothing but a parallel chain that has its tokens and economies.
Bridges- It is a special blockchain that allows Polkadot shards to connect to communicate with external networks like Ethereum and Bitcoin.
Consensus Mechanism-
It uses NPoS (Nominated Proof of Stake)to select the validators to participate in its consensus mechanism. Nominators require a minimum of 250 DOT to participate. Nominating validators requires 2 action
Locking tokens on-chain
Selecting a set of validators, to whom these locked tokens will automatically be allocated.
Validators play a crucial role in adding new blocks in the rely chain and all para chains.
Main features of Palkadot
Transaction per second -1000
Block Production- 2 min
Number of validators- 297
Avg fee per transaction- $1
DOTUSD prices surged more than 60% from the Nov low of $4.82.It hit a high of $7.77 and currently trading around $. The pair is holding well above the short-term (21 and 55-day EMA) and long-term moving average (200-day EMA).
The near-term resistance is around $10, any indicative breach above will take the pair to $14/$16. On the lower side, immediate support is $6.15, and any violation below targets $5.60/$4.80
Indicators ( Daily chart)
CCI(50)- Bullish
Directional movement index – Bullish
It is good to buy on dips around $6.15 with SL around $4.80 for TP of $10/$14.
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