Introduction to Polkadot
Polkadot is a scalable layer zero blockchain solution. Polkadot aims to bring interoperability so that different blockchains with different functionalities can communicate in a shared, secured environment. A practical example would be a contract event on the Ethereum network that would result in a payment on the Tezos network, cross-chain swap of Cosmos to Solana using smart contracts, with no third party or intermediaries.
DOT is the official coin of the Polkadot ecosystem. DOT is to Polkadot what ETH is to the Ethereum network. DOT has three main functions on Polkadot.
- Governance of the network
- Staking for the operation of the network
- Creating parachains by bonding DOT Learn more
AirGap Polkadot Wallet
AirGap Polkadot Wallet is a convenient way to store and transfer DOT while storing your private key offline. AirGap also provides an interface to stake and delegate your DOT to a validator.
When you create a Polkadot account, The account does not exist yet on-chain.
To activate an account you need an existential deposit, which is 1 DOT. After depositing a minimum of 1 DOT, your address becomes recorded on-chain.
When your account goes below 1 DOT, it will be reaped, thereby wiped from the blockchain's state to conserve space. Going below 1 DOT causes an account to be reaped. It can be reactivated by redepositing at least 1 DOT. AirGap prevents your account from going below 1 DOT to avoid this scenario.
How to set up a DOT account.
This guide uses XTZ as an example, but the same steps can set up Polkadot in AirGap. Step by step guide on how to set up all available protocols in AirGap
How to stake DOT