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Introducing Polkadot - now available to buy and sell on Skrill and NETELLER

Jun 30, 2022

A new addition to Skrill and NETELLER services.

Polkadot launched in May 2020 and was founded by Dr. Gavin Wood (a co-founder of Ethereum) alongside Robert Habermeier and Peter Czaban. All three individuals are well-known figures in the crypto space.

Polkadot currently has a market cap of over $10bn. This confidently places it in the top 20 digital assets when comparing the market cap.

Your referrals can trade over 40 cryptocurrencies through their wallets, now including Polkadot.

All they need to do is deposit into their account and then select which cryptocurrency they would like to buy. They can check live cryptocurrency rates via Skrill and NETELLER.


What’s special about Polkadot?

The future of blockchain is that there will be many working alongside each other, and some competing against each other. In any case, they must interact with one another.

This sounds simple, but it’s easier said than done. We have seen many examples of interchain bridges that connect different blockchains being exploited. A recent notable example is the Wormhole bridge exploit in February 2022, when an attacker managed to steal more than $300m of digital assets.

Polkadot’s mission is to tackle this exact issue. Its objective is to become the ‘Layer 0’ or ‘L0’ to many layer blockchains, or as their team terms them, ‘parachains’. This would enable the latter to communicate without relying solely on trust and be fully interoperable, all the while maintaining the security guarantees that the Polkadot L0 provides.

This also allows for the launch of app-specific parachains that are fast, cheap, and easy to manage. Each parachain is launched via an auction mechanism that bonds DOT tokens for a prolonged amount of time, which is one of the mechanics that can impact the circulating supply.

So far, around 18 parachain slots have been awarded, each supporting their own base token. Polkadot has a further 23 new slot auctions scheduled between June 2022 and February 2023, which would bring the total number of parachains to 41.

Each parachain is tailored to a different application, and the total number of supported parachains by the relay chain, another term for the Polkadot L0, is estimated to be between 100 and 250 according to Messari research.

According to Coinbase research, of the 18 initial parachains, eight are decentralised finance (Defi) chains, three are smart contract platforms, five are Web3 infrastructure chains, one is a blockchain for composable NFTs and one is dedicated to tokenising real-world assets.

Available for customers in the following markets: Argentina, Australia, Austria, Belgium, Brazil, Bulgaria, Chile, Costa Rica, Croatia, Czech Republic, Denmark, Estonia, Finland, Greece, Hong Kong, Hungary, Indonesia, Ireland, Italy, Latvia, Lithuania, New Zealand, North Macedonia, Netherlands, Norway, Peru, Poland, Romania, Serbia, Slovakia, Slovenia, Sweden, Switzerland, UK and Taiwan.