Polkadot was launched in 2016 by Gavin Wood, the former co-founder of Ethereum. The aim of Polkadot is to allow blockchains to communicate and be interoperable with each other, thus maximizing their capabilities. The project accomplishes this through parachains, which are project-specific customizable blockchains that feed into the main blockchain (the relay chain). DOT is Polkadot’s native token and serves three main purposes through staking for operations and security, bonding tokens to connect parachains, and facilitating network governance.
1. Create an Account
Visit the Netcoins website and click on the sign-up button. Or download the Netcoins app from the app store for mobile. Enter your email address, create a strong password, and agree to the terms and conditions. You will receive a confirmation email, click on the link to verify your email address.
2. Fund It
Choose your preferred funding method: bank wire transfer, interac e transfer, crypto deposit, or cash deposit. Follow the prompts to transfer funds into your Netcoins account. The process is quick and incurs no fees.
3. Start Trading
How Much DOT Can I Buy?
You don’t need to buy a lot of DOT to get started! Our minimum purchase amount is 1.2 DOT. Enabling anyone to gain exposure no matter how many dollars they have to invest.
Why Buy Polkadot (DOT)?
Designed for interoperability, Polkadot offers crypto projects an opportunity to work together and leverage one another. For security reasons, blockchains tend to operate independently from one another with minimal communication. Polkadot allows for trustless communication between blockchains, meaning that communication can be accomplished without relying on trust or compromise of security. An application of this would be platforms communicating to facilitate a cryptocurrency swap, showing a strong use case in the DeFi (Decentralized Finance) space.
Polkadot has also implemented sharding, which allows them to break their blockchain into separate “shards” (or database partitions). When fully operational, this allows Polkadot to achieve 1 million transactions per second, resulting in reduced fees and faster transaction speeds.
What Sets Polkadot Apart?
Polkadot is different from traditional cryptocurrencies, which tend to operate individually. Their use of parachains set them apart from rival currencies like Bitcoin and Ethereum, whose blockchains operate independently and are considered closed-loop networks.
Parachains (or parallel chains) operate on top of the Polkadot network and carry the benefits of the Polkadot network while maintaining independence through their unique tokens and specific use cases. The seamless ability to build on the Polkadot network and communicate with other blockchains.
If you want to learn more about Bitcoin, Ethereum or Crypto Staking, follow our educational blog!
Could Polkadot (DOT) Be a Good Investment?
Polkadot is a project solving critical and prominent issues in the crypto market. Its emphasis on communication and scalability makes Polkadot one of the largest cryptocurrencies by market cap (the total value of all DOT tokens combined). Importantly, an investment in DOT is an investment in the future growth and success of the Polkadot network. That’s because Polkadot’s native token, DOT is used for facilitating network governance, bonding tokens to connect parachains, and staking, which relates to operations and security.
FAQs
Why is KYC (Verification) required?
Netcoins Inc. is a licensed money service business under FINTRAC, and a registrant under the Provincial Securities Commissions, and adheres to the strict guidelines set by them for Money Transmitter Businesses and Securities Registrants. We are required to have a Know-Your-Client (KYC) process and compliance program in place. KYC is a process that allows us to verify the identity of our customers.
What do I need to provide for your verification process?
You will have to provide your email address, phone number and personal information including your first name, last name, address, date of birth and a piece of identification (like a driver’s license). Most users are verified at this point through our automated process. If you don’t pass the automated KYC process, you will have to go through an additional document verification stage. This is important and required as we are a regulated money service business.
How can I fund my account?
Your Netcoins account can be funded with a crypto deposit, Interac e-Transfer, or a bank wire transfer. Once you have funds in your Netcoins account, you’ll find that it’s super easy to buy DOT in Canada.