Don’t fret. We’ve compiled a FAQ for you below—dive in and explore.
Polkadot is a decentralized and open blockchain platform that connects diverse blockchains with each other. Polkadot can be thought of as a set of independent chains like Ethereum, Bitcoin, Ethereum Classic, etc. Along with this, it has other crucial additions such as pooled security and trust-free interchain transactability.
The Polkadot network is scalable by design and there is no upper limit to the number of chains that it can accommodate. What this also means is that Polkadot can handle a seemingly infinite number of transactions.
The company behind Polkadot is the Web3 Foundation. The three co-founders are Dr. Gavin Wood, Robert Habermeier, and Peter Czaban. Dr. Wood was the co-founder of Ethereum and created the Solidity language. Habermeier is a Thiel Fellow and a long-term member of the Rust community. Czaban is the Technology Director of the Web3 Foundation.
Polkadot can connect any previously existing blockchain as long as it matches any two criteria:
Polkadot is governed by DOT token holders. Token holders can perform one of the following roles:
Most recent update: October 28, 2021
This overview provides a summary of certain risks involved trading any crypto asset and is not exhaustive. Investors are encouraged to conduct their own research prior to trading any crypto asset.
No securities regulatory authority has expressed an opinion about the Crypto Contracts or Polkadot, made available on the CoinSmart Platform, including an opinion that Polkadot is not itself a security and/or derivative. Changes to applicable law may adversely affect the use, transfer, exchange or value of your crypto assets and such changes may be sudden and without notice.
Prior to listing Polkadot on the CoinSmart Platform, Simply Digital Technologies Inc. (SDT) conducted due diligence and determined that Polkadot is unlikely to be a security or derivative under Canadian securities legislation. Our analysis including reviewing publicly available information concerning:
Like all crypto assets, there are general risks associated with Polkadot including: volatility risk, liquidity risk, short history risk, demand risk, forking risk, code defects, regulatory risk, electronic trading risk and cyber security risk. For additional information of general risks associated with crypto assets, you may refer to the Risk Statement. Further, Polkadot’s development is centralized when compared to Bitcoin since it is dependent on the efforts of Web3 Foundation and Parity. Informal governance by Web3 Foundation and Parity may result in new changes or updates to DOT that impact its value.
As a reminder, this Crypto Asset Statement is not intended to be exhaustive of all risks associated with trading Polkadot and we encourage you to conduct your own due diligence to determine whether trading Polkadot is right for you.
SDT is offering Crypto Contracts on crypto assets in reliance on a prospectus exemption contained in the exemptive relief decision Re Simply Digital Technologies Inc. dated December 21, 2021 (the Decision). Please be aware that the statutory rights in section 130.1 of the Securities Act (Ontario), and, if applicable, similar statutory rights under the securities legislation of each other province and territory in Canada, do not apply in respect of the Crypto Asset Statement to the extent a Crypto Contract is distributed under the prospectus relief in the Decision.
Polkadot is an asset that is available to be staked. Simply put, staking is a way to use your crypto to earn more crypto. The reward is paid out in the same currency as your asset that is staked. Eg: If you staked DOT, your reward is paid in DOT. Reward APY after fees is up to 12.53%. Lock up period 28 days and warm up period yes – 1 day. Minimum amount to be staked is 144 DOT.
To learn more about risks please refer to our Platform Risk and for fees please see our Fee Schedule