Polkadot (DOT) Staking
How to Stake DOT in Atomic Wallet
The process of DOT staking with the Atomic Wallet is straightforward. Check our step-by-step guide on how to stake DOT.
First, you need to download and install the app. Then, follow these steps:
Step 1. Open Atomic Wallet.
Step 2. Get DOT. Buy DOT on any exchange and send it to your Atomic Wallet or simply exchange it right in the app.
Step 3. Then click on DOT from the coin list.
Step 4. Click Stake.
Step 5. You will see the staking interface: your available balance for staking, staked and unbonding DOT, and rewards. Click Stake to proceed.
Step 6. Here you can choose the validator by clicking on the name and see your yearly earnings. Check the info and click Stake.
Step 7. That’s it! Your DOT is now staked. You just need to wait — the reward is automatically generated with every block. Click Claim to withdraw it to your address from time to time.
DOT is a blockchain protocol that is designed to connect specialized blockchains into a seamlessly unified network. It is part of the blockchain vision for the world wide web that is no longer in the hands of internet monopolies. Polkadot has several advantages that make it stand out in the unified blockchains space.
One of its advantages is scalability. Polkadot is one of the most scalable blockchains around. That’s mainly because it is a sharded blockchain. This means that the network can process multiple transactions on multiple chains, thereby eliminating the challenges that come with systems that process transactions one at a time. This has given Polkadot massive potential for growth going into the future since a higher rate of adoption does not impact its ability to perform optimally.
It Is Specialized
Blockchain technology architecture does not offer a single solution for every problem. Highly specialized blockchain offers the best way forward as solutions to the complex problems that the world faces today. Polkadot takes this approach and offers specialized roles to a different chain. This means it is positioned to provide high-quality services while at the same time raising the bar on security and efficiency. When using Polkadot, developers can create customized solutions fast and with a high degree of efficiency in previously impossible ways to achieve.
Working In Sync
While Polkadot uses parallel chains for maximum efficiency, these chains do not work in isolation. Essentially, solutions on the different chains work like smartphone apps in that they serve different purposes but can efficiently communicate with each other. Polkadot’s interoperability and cross-chain communication ability mean that it opens the way to develop complex blockchain solutions. For instance, it can develop complex financial solutions to communicate with data provision services for a complete package.
Polkadot has communities that govern the network based on the rules they set themselves. This is done transparently and plays a role in the governance of the entire network. Polkadot’s decentralized governance structure means that individual teams can try out new ideas that allow for faster deployment of new governance tools.
The Polkadot Blockchain, like every other technology, requires regular upgrades. By design, Polkadot is designed to be upgraded without the need for a hard fork. This means it can be upgraded quickly as new technologies emerge.