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DeFi

What is Polkadot and how to claim DOT tokens on OKEx — Project spotlight

2020.07.13 OKEx

What is Polkadot?

Polkadot 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. Led by Ethereum co-founder Gavin Wood, Polkadot 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.

Core development of Polkadot

Polkadot first published its white paper in November 2016. After three years of development, the initial version of Polkadot was launched in May 2020. Polkadot’s development timeline is represented in the graphic below.

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.

Steps to claim DOT at OKEx

Following Polkadot’s initial launch, users can now claim DOT tokens if they participated in the token sale in June 2019. The following steps show how to claim and store DOT tokens on your OKEx account:

  1. Login to your account at OKEx and generate a new DOT deposit address.
  2. Create an account in Polkadot portal with the deposit address generated in OKEx.
  3. Use MyCrypto to retrieve your Ethereum address that holds DOT tokens from the sale.
  4. Enter the Ethereum wallet address obtained from MyCrypto into the Polkadot portal.
  5. Sign and confirm ownership of the Ethereum address holding the DOT tokens.
  6. Wait 10 minutes to receive your DOT tokens in your OKEx account.

For details, please refer to this guide and the tutorial video below.

https://www.youtube.com/watch?v=Vi7nSMsPY9s&feature=youtu.be

Future development

Following the initial launch of Polkadot in May 2020, the project team is actively exploring partnerships in the field of decentralized finance. In mid-June, the DeFi firm Interlay announced a proof-of-concept of a token redeemable for Bitcoin on Polkadot. In early July, Polkadot revealed the partnership with Cosmos and Terra to unveil Anchor, a DeFi savings product built on Terra.

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Disclaimer: This material should not be taken as the basis for making investment decisions, nor be construed as a recommendation to engage in investment transactions. Trading digital assets involve significant risk and can result in the loss of your invested capital. You should ensure that you fully understand the risk involved and take into consideration your level of experience, investment objectives and seek independent financial advice if necessary.


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Disclaimer: This material should not be taken as the basis for making investment decisions, nor be construed as a recommendation to engage in investment transactions. Trading digital assets involve significant risk and can result in the loss of your invested capital. You should ensure that you fully understand the risk involved and take into consideration your level of experience, investment objectives and seek independent financial advice if necessary.

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