What you need to know about the Boca DOT
Original title: "what is the purpose of the boca DOT? | Polkadot Wiki"
Source: PolkaWorld
What does DOT do? What about the DOT lock? How do I get the DOT? What's the difference between DOT, KSM and test network tokens?
If you want to know these questions, read on.
This article is part of the "DOT" section of the Polkadot Wiki and covers DOT in detail. Polkadot Wiki is an official introduction to Polka written by Polka, which PolkaWorld is gradually translating and serializing.
What is the DOT?
DOT is the local token for Polkadot, just as BTC is the local token for Bitcoin, or Ether is the local token for the Ethereum blockchain.
The smallest unit of measure in a Substrate network (e.g., Polkadot, Kusama, etc.) is Planck (see & NBSP;Planck Length , the smallest possible distance in the physical universe). If you compare DOT to bitcoin or ether, you might compare Planck to Satoshis or Wei. Kusama token (KSM) is equal to 1E12 Planck, and poka DOT is equal to 1e10 Planck.
Polkadot
Note: This change occurred in block 1248328. Previously, DOT had the same denominations as 1E12 Planck, the same as Kusama. This denomination is not approved at this time, please indicate "DOT (old)" if it must be used. See NBSP; for more details; The DOT & have spentAmount of change .
Kusama
DOT serves three key functions in Polkadot :(I) for network administration, (ii) for network operation, and (iii) for being bound to connect parallel chains to Polkadot.
DOT can also be used as a negotiable token to provide accessibility features. For example, the DOT stored in the Treasury can be sent to a team working on a project for the Polkadot network.
In & have spentUse of DOT and KSM in Boca and Kusama In this video, you'll see some further explanations of these concepts.
DOT for governance
The first function of the DOT is to empower the holder to control the governance of the platform. The governance mechanism includes functions such as determining network charges, adding or removing parallel chains, and special events such as upgrading and repairing the Polkadot platform.
Polkadot allows any DOT holder to participate in governance. For more information about how holders participate in governance, and their rights and responsibilities, see NBSP;Management page.
DOT is used for consensus
DOT will be used to promote consensus mechanisms in support of Polkadot. In order for the platform to function properly and for efficient transactions between parallel chains to occur, Polkadot will rely on the active role of the holders of DOT. Participants will put their DOT at risk (by pledging) to perform these functions. For malicious participants, the DOT pledge serves as a deterrent, and they will be punished by the Internet for dropping their DOT slash fines. The DOT required to participate in the network will vary depending on the activity being performed, how long DOT has been pledged, and the total number of DOT pledged.
DOT for binding
DOT can be bound for a period of time to add a new parallel chain to the network. DOT is locked during the binding period, and when the binding period expires and the parallel chain is deleted, DOT is released back into the binding account.
Vesting
The DOT can be in a kind of compartment, called vesting. As with other types of lockers, these funds cannot be transferred, but can be used for other parts of the agreement, such as voting in governance or as a verifier or nominee.
Vroomed funds are cast on a linear release schedule and a set number of tokens are unlocked from each block. Although the token is released in this way, it is not automatically reflected in the chain because the lock is NBSP;inert Of, need an extrinsic information to update.
There are two ways to create a Vrooming schedule.
One approach is as part of the chain's creation configuration. For Polkadot and Kusama, the chain standard Creation script reads the status of the Polkadot Claim contract existing in the Ether lane block chain, and creates a Vesting plan for all portions registered as "vesteth" at creation.
The second method is via a kind of external information type in a Vroompallet: Vested_transfer. vested_transfer The function allows anyone to create a Vrooming plan by transferring a portion of cash, as long as the account being created for the granting plan is not already scheduled and the transfer is at least partial. MinVestedTransfer Capital, which is designated as the chain constant.
The Vesting plan has three parameters: locked and & NBSP; per_block And & have spent Starting_block. The configuration of these three fields determines the amount of money initially locked, the slope of the unlock line, and the block number at the beginning of the unlock.
Lazy Vesting
With & have spentsimple payouts Again, Vrooming is lazy, meaning that someone has to explicitly call an external function to update the locks on an account.
vest Extrinsic updates the lock of the caller. vest_other Update the lock-up for the funds placed in the Target account.
These extracinsics are open at Vroompallet.
Get the test network DOT
DOT needs to trade over the Polkadot network. There is no value in testing the DOT except to allow you to experiment with the network.
For Westies
The current test network is called NBSP;Westend , which you can find in Riot's chat room & NBSP; # westend_faucet:matrix.org In the hair & have spent ! drip To get Westend's local token.
You can also pass NBSP;To be a verifier To make your own WNDs (test web DOT).
Kusama tokens,
Unlike DOT (WND), Kusama tokens are not given away for free. Kusama tokens can be passed by NBSP;Mapping application (If you had DOT at creation in Kusama) or pass NBSP;The Ministry of Finance To obtain.
DOT of boca Main network
The DOT is not distributed free of charge on the Boca Main network. If you bought DOT in early 2017, you can find it by NBSP;Boka mapping program Let's map DOT.
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