Polkadot- Blockchain for Web3 interoperability

Polkadot is a sharded blockchain that unites an entire network of purpose-built blockchains, allowing them to operate seamlessly together at scale.

Polkadot Architecture- It consists of

Rely Chain- It is the heart of Polkadot which is composed of a small number of transactions and is responsible for the network's security, consensus, and cross-chain interoperability.

Paracahin- Parachain is nothing but a parallel chain that has its tokens and economies.

Bridges- It is a special blockchain that allows Polkadot shards to connect to communicate with external networks like Ethereum and Bitcoin.

Consensus Mechanism-

It uses NPoS (Nominated Proof of Stake)to select the validators to participate in its consensus mechanism. Nominators require a minimum of 250 DOT to participate. Nominating validators requires 2 action

Locking tokens on-chain

Selecting a set of validators, to whom these locked tokens will automatically be allocated.

Validators play a crucial role in adding new blocks in the rely chain and all para chains.

Main features of Palkadot

Transaction per second -1000

Block Production- 2 min

Number of validators- 297

Avg fee per transaction- $1

DOTUSD prices surged more than 60% from the Nov low of $4.82.It hit a high of $7.77 and currently trading around $. The pair is holding well above the short-term (21 and 55-day EMA) and long-term moving average (200-day EMA).

The near-term resistance is around $10, any indicative breach above will take the pair to $14/$16. On the lower side, immediate support is $6.15, and any violation below targets $5.60/$4.80

Indicators ( Daily chart)

CCI(50)- Bullish

Directional movement index - Bullish

It is good to buy on dips around $6.15 with SL around $4.80 for TP of $10/$14.

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