We are pleased to announce the arrival of two more tokens to BTSE Exchange – DOT and ATOM. Both tokens will be made available for spot trading in addition to deposits and withdrawals.
We are excited to announce Polkadot, otherwise known as DOT, to BTSE Exchange available for spot trading. Polkadot is a decentralized token built particularly for DeFi services and BTSE is pleased to make DOT available to all our users.
We are also adding the listing of ATOM to our spot exchange. ATOM is a token used by the Cosmos consensus hub as a part of a Layer 1 blockchain ecosystem.
What is Polkadot?
There is currently a massive majority of DeFi users only on Ethereum and thus 95% of decentralized finance is using only one chain for all their needs and services. This leads to numerous long-term repercussions including a congested network, exponential fees, lack of innovation, and a dependency on one chain which can make things easier for attacks. Polkadot is a separate, decentralized blockchain by the Web3 Foundation that will allow for cross-blockchain transfers of any data type including currency, tokens, or information.
Polkadot also allows people to easily create Layer 2 chains on the network, which scales innovation in DeFi and creates a broader crypto network that doesn’t rely on one single chain. This is a bridge to true interoperability that is needed for the future of DeFi. Other features within Polkadot are the ability to prevent forks for the purpose of maintaining its community in addition to the bonding of parachains. The DOT token is directly involved in the features of bonding, with other main features including governance and staking.
Atom, otherwise known by its official name Cosmos, is a distributed ledger technology that uses multiple parallel blockchains that operate on a Byzantine Fault Tolerance consensus. Cosmos was created from the ground up to work as an independent ecosystem. This ecosystem can run on its own or with other DeFi chains like Ethereum and Polkadot. As a chain like Ethereum needs other chains to operate on a Layer 3 level (interoperability), Atom can already achieve this.
Atom has a lot of major players working under its ecosystem as well like Band Protocol, Binance Chain, and Kava.
The multiple blockchains that makeup Cosmos are called zones, which help govern the ecosystem through a process called inter-blockchain communication (IBC). The main blockchain in the system is called Cosmos Hub, which is a multi-asset proof of stake cryptocurrency, which is manifested by the token named Atom. This token helps the system adapt and upgrade as necessary.
Our aim is to create a platform that offers users the most enjoyable trading experience. If you have any feedback, please reach out to us at firstname.lastname@example.org or on Twitter @BTSE_Official.
Note: BTSE Blog contents are intended solely to provide varying insights and perspectives. Unless otherwise noted, they do not represent the views of BTSE and should in no way be treated as investment advice. Markets are volatile, and trading brings rewards and risks. Trade with caution.