Skip to main content

Updated – 22nd November 2024

Founded by the Web3 Foundation, Polkadot is a multichain network that can process a high volume of transactions on numerous chains in parallel. In other words – it’s a highly scalable blockchain. But that’s not all. The Polkadot platform provides unparalleled economic scalability by facilitating a common group of validators to secure various blockchains. It enables an entirely decentralized web where users are in full control.

Polkadot’s Price in India has seen immense growth in the past few months, with its highest price going near Rs 3800 in the month of May. As of 5 January 2022, 1 Polkadot’s price in India is nearly ₹2,385.00. Looking at its rapid rise and favourable market trends, Polkadot’s price in India will surely reach even further heights in the near future.

What is Polkadot?

Polkadot is a decentralized blockchain-powered, open-source protocol that promotes the inter-chain transfer of any asset or data type. This includes more than just tokens – it covers an extensive variety of blockchains interoperable with each other.

This interoperability feature helps in achieving Polkadot’s goal to build a fully decentralized and private web controlled by its users and seeks to simplify the development of new applications, services, and institutions.

Polkadot’s native token DOT serves three main purposes: creating parallel chains by bonding, providing network governance, and operations.

How Does Polkadot work?

The Polkadot protocol joins public and private chains, oracles, future technologies, and permissionless networks, thereby allowing these independent blockchains to exchange information and transactions without the need to trust other stakeholders through the Polkadot relay chain.

Polkadot comprises four main components:

  • Relay Chain: The relay chain is considered as Pokadot’s heart, and helps to create consensus, shared security, and interoperability across the network of different chains.
  • Parachains: Also known as Parallel Chains, these are independent chains that can possess their own tokens and be adjusted for specific purposes.
  • Parathread: This is similar to Parachains, but these are with seamless connectivity, which is flexible based on a pay-as-you-go economic model.
  • Bridges: Bridges allow Parathreads and Parachains to communicate and connect with external blockchains such as Ethereum.

The Polkadot network utilizes the Nominated Proof of Stake (NPoS) mechanism in order to select validators and nominators and also increase chain security.

How to Invest in Polkadot?

If you want to invest in Polkadot, you can purchase it via one of the several available crypto exchanges in India. Various exchange apps are readily available, making it effortless and quick to invest and hold Polkadot. All you require is an account on a crypto exchange platform like WazirX.

The WazirX app is equipped with several features. It displays the most current value of Polkadot and other tradeable cryptocurrencies and has powerful charting tools to give investors and traders essential information on a cryptocurrency’s value.

How to Buy and Sell Polkadot in India?

Polkadot cryptocurrency can be easily traded in India through a variety of platforms that offer purchasing and selling of Polkadot as a service. You can start by signing up at a cryptocurrency exchange platform in order to purchase and sell cryptocurrencies like Polkadot.

WazirX is a leading crypto exchange in India that allows trading in cryptocurrencies such as Polkadot. With its QuickBuy option, you can begin investing in crypto for as low as 100 rupees in less than a minute.

Is Polkadot Legal in India?

Investing and trading in cryptocurrencies isn’t illegal in India, so anyone can buy or sell cryptocurrencies such as Polkadot. However, Polkadot and other cryptocurrencies are unregulated in the country. Laws are expected to be passed soon for the regulation of this sector.