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What is Polkadot wallet?
Initially debuted in May 2020, Co-Founder of Ethereum, Dr. Gavin Wood, launched the Polkadot (DOT) decentralized blockchain ecosystem, aiming to bring a host of different mind-blowing functions and features to the entire blockchain ecosystem. Polkadot is a high-performance blockchain that aims to bring a global network of computers together, further enabling other users to build their blockchains on top of it.
This idea is very much similar to Ethereum , which is currently the most used blockchain ecosystem. Polkadot operates with two different parts to its blockchain, known as relay chains and para chains. The relay chain is the primary network where all transactions are handled and processed, while the para chain is the ecosystem that enables users or companies to operate their blockchains.
While Polkadot is the entire blockchain network or ecosystem, it is essential to note that DOT is the native token that powers this blockchain. One reason why Polkadot stands out is the fact that it is not directly a competitor to other blockchains like Ethereum or Atom, for example.
Polkadot is here to help with some of the issues with cross-chain communication and interoperability. This means that it will allow applications and products from different blockchains to run on top of the Polkadot ecosystem. Hence, most, if not all, blockchains in the future will be able to talk with each other and enable a seamless integration of applications.
The main man behind Polkadot is Dr. Gavin Wood, who was also a Co-Founder of Ethereum but went on to create a product that will benefit the entire crypto space. This was because he saw a need for blockchains to communicate with each other. Dr. Gavin Wood is also the founder of Web 3 and Parity, the next layer of the internet known as web 3.0, the new internet of value. Another exciting thing about Polkadot's founder is that he also wrote the programming language known as Solidity, which Ethereum and other projects built on top of it use.
What is a Polkadot wallet?
Having a Polkadot Wallet is very important for storing, sending, and receiving DOT tokens regularly. As a user, it is also vital that you choose the most suitable wallet for your needs. There are two main types of Polkadot (DOT) wallets that you can choose from: a full node or a light wallet. So what's the difference between these two types of wallets?
A full node Polkadot wallet aims to keep everything updated with the blockchain at all times. These wallets will always connect to the internet and Polkadot ecosystem to ensure that every transaction and sync is current. While this might be a good thing for some users who do many transactions or want to ensure that they are always in sync with the entire blockchain network, there are downsides. Full node Polkadot wallets tend to use a lot of resources such as RAM and processing power. This means that they are best suitable for people who have high-end devices to manage the load that will be put on the system.
On the other hand, Polkadot light wallets tend to be the opposite and are most suitable for people who lack the necessary resources. Light wallets connect to the blockchain and only download and sync the necessary transactions. They do not download the entire transactions, nor do they sync the entire blockchain network. Subsequently, this can be less time-consuming and pretty fast for users to see their balances and transfer funds with an update in a matter of seconds.
Light wallets such as the Atomic wallet are very fast and fetch the needed transactions. However, they still need to interact with full node wallets from time to time. This is necessary because full node wallets will have all the complete network information from the blockchain that is needed by the light wallet. Essentially, they both work together to provide the necessary information to users at a given time. Regarding transaction times, the Polkadot network is high-speed, and sending DOT has a relatively low transaction cost of approximately 0.5874 USD or less depending on the transaction.
Polkadot wallet Features
Your Polkadot wallet comes with a wide range of features that you can use depending on whether a centralized exchange wallet or a personal Polkadot wallet is chosen. A personal wallet has more features and is considered much safer than an exchange wallet. There are critical differences between the two as well, which will be discussed further in this article.
First and foremost, one of the most important and pressing topics in the crypto space of owning your private keys is the main difference between a personal Polkadot wallet and a centralized exchange wallet. Private keys are essential pieces of information that allow the holder to access a particular wallet from anywhere in the world, allowing users to send, receive or check their balances. Using a centralized exchange wallet does not present the opportunity for a user to protect their private keys. These are solely in the hands of the centralized exchange, but on the other hand, with a personal wallet, it is the latter, and users are in total control of their private keys.
One other key thing to note is that when using a centralized exchange wallet, every bit of information and data about a user is stored on a centralized server belonging to the exchange. For privacy reasons, this is certainly not safe, and in the event of a hack or security breach, vital user data can be leaked into the wrong hands. A personal Polkadot wallet prevents these issues from occurring since it is non-custodial. Your data is stored on your device and not on any centralized server belonging to a centralized exchange entity.
When utilizing a decentralized Polkadot wallet, there is no need to verify or register to use an account. You create a new account and store your mnemonic seed phrase securely and create a password to use and store your DOT tokens. A centralized exchange wallet is the latter since it is required that users create an account and verify themselves. Some individuals might not have an issue with this. However, persons who have privacy concerns and prefer decentralization might consider using a personal Polkadot wallet instead.
On the other side of the spectrum, a decentralized and centralized Polkadot wallet has in common that it is updated when transactions are sent and received. This means that both these wallets will be connected to the blockchain and synchronize the latest DOT transactions. Finally, another similarity between these two wallets is the ability to buy, exchange and store a wide range of other cryptocurrencies in one place.
Nonetheless, every single feature correlates with both wallets, and some features that the Atomic decentralized Polkadot wallet is capable of, some of which a centralized exchange wallet is lacking. These include but are not limited to:
- Built-in exchange with over 300 different cryptocurrencies
- Purchase DOT with a credit card
- Password, PIN, and Fingerprint security (mobile wallet)
- Mobile and Desktop platform availability
- QR code scanning to easily send and receive DOT
- Display your DOT balance in your local supported currency
- Password/fingerprint required on each transaction
How to store Polkadot wallets Safely?
Security is one of the most talked-about concerns with cryptocurrencies, and storing your DOT tokens safely is crucial. Some numerous strategies and principles can be adapted to store your Polkadot DOT tokens in your decentralized wallet securely. It is vital to get familiar with what is known as a mnemonic seed phrase , private keys , public keys , and passwords as it relates to your wallet.
First things first, upon creating a new wallet, you will be asked to write down 12 secrets words that are all jumbled to prevent being easily memorable. This is known as a mnemonic seed phrase that can be used to unlock your Polkadot wallet from anywhere in the world. You must store your 12 words secret key safely by writing it down in a book that is locked away from the public.
Additionally, to keep your information safe, you should never store your 12 words phrase digitally since this will leave your information vulnerable to attacks and hacks. Your mnemonic seed phrase should be treated as a top priority at all costs because if you lose your secret phrase, you will no longer be able to access your wallet.
Private keys are the next crucial aspect of storing and securing your Polkadot wallet safely. Private keys are a set of secret numbers that allows you to view, send or receive cryptocurrency balances. Once you have access to your private keys, you can access your wallet and undergo any of the aforementioned actions. As a result of this, it is critical that you treat your private keys with the utmost security and never reveal them to anyone.
Moreover, to further enhance security, you should never store your private keys digitally, such as copy and pasting them. It is safe to type or write down your private keys so that you will not need to open your wallet at all times to view them. If you accidentally expose your private keys, you should create a new wallet and move your funds as quickly as possible to be safe.
Public keys are the following security aspect that is quite similar to private keys but is entirely safe to share. Your public keys are the name suggests, are 'publicly' shared when you want to receive funds, or you have to send funds to another person's wallet. It is entirely safe for you to store or share your public keys digitally.
Nonetheless, if you have privacy issues regarding your account balances, you should never share your public keys with individuals you do not trust. Anyone who has access to your public keys will be able to view your account balances, but there is nothing else that they will have the authority to do.
Finally, upon creating a Polkadot wallet, the last step is to create a password for your account. Protecting your password is just as crucial as other security measures since your password is used to open your wallet every time you wish to log in. Like with any other password, you should create easy to remember for you but difficult for other individuals to guess. If you want to create the safest password, it is best to use upper and lowercase letters, numbers, and special characters.
Top 5 things to know about Polkadot
Polkadot has many interesting facts that are worth learning about. Here are five of the most important things to know about Polkadot at the time of writing:
Polkadot (DOT) has limitless scalability-In the cryptocurrency space, scaling is one of the most important and talked about aspects that will enable mass adoption. This allows many users on a network as they build and carry our transactions. Polkadot's blockchain has limitless scalability, which means that it will forever handle any amount of transactions and user load in the future.
Upgrade capabilities and cross-chain Transactions- Polkadot can be upgraded without drastic changes to the network and complicated fork procedures. Transactions from other blockchain networks are also supported since Polkadot has what is known as cross-chain capability.
Polkadot's (DOT) founder significantly contributed to Ethereum- Polkadot's Founder and CEO, Dr. Gavin Wood, invented the entire programming language for the Ethereum blockchain known as Solidity. Until this day, the entire Ethereum blockchain and other Decentralized Applications (DApps) utilize this programming language.
There are three different parts to the Polkadot blockchain ecosystem-Polkadot's blockchain is broken down into different networks or levels. There is what is known as the relay chain that handles all transitions and is the leading network. The para chain is the other part of the blockchain that allows users to build on top of Polkadot's ecosystem. Finally, there is also what is known as a bridge that allows other blockchains to interact with the Polkadot ecosystem.
Polkadot is here to help enforce decentralization and contribute to blockchain's future-While there are numerous so-called 'Ethereum killers,' Polkadot is not directly competing with Ethereum but here to help blockchains to communicate with each other through its cross-chain functionality. Developers who use Polkadot can also build Ethereum's code and community but run their applications on DOT's network.
Our final thoughts on the Polkadot wallet and its ecosystem is that it's a fantastic technology that will undoubtedly contribute to changing the world of blockchain. With pioneers in the space like Dr. Gavin Wood, DOT's future is undoubtedly a bright one that will present new opportunities for users, developers, and other projects.
Many market analysts project DOT tokens to be worth a lot in the next 3-5 years, and there are price projects for as high as 309USD and 184USD per DOT. While these projections are not a certainty, Polkadot (DOT) is undoubtedly a worthwhile project that is cut out to do very well. Furthermore, Dr. Gavin Wood, who is steering the team, has many titles under his belt and is no stranger in the crypto space.
Numerous features are viable when using a Polkadot wallet. However, these features will vary depending on the type of wallet. Decentralized wallets will have more features than centralized wallets and allow users to manage and store their DOT outside of a centralized entity. If you currently wish to receive or store DOT tokens, you can safely do so with the Atomic Polkadot wallet.
Our decentralized wallet is non-custodial. It allows users to store all their information offline on their devices. Additionally, a user will have complete control over their private keys and other information. The Atomic Wallet is also fully decentralized and provides access to over 300 different assets along with DOT. Additionally, you can purchase Polkadot (DOT) with a Visa/Mastercard, send and receive or exchange DOT for other cryptocurrencies vice versa.
Most importantly, Atomic Wallet is 100% free to use from just about anywhere in the world! Download Atomic Wallet for free on all your devices, whether you use iOS, Android, PC, Mac, or Linux. We constantly update our wallet with the latest features and cryptocurrencies, too, so you are getting the best of both worlds. Stay tuned to our blog and subscribe for more cryptocurrency news and market updates!