BitGo now offers secure storage and staking for Polkadot. This gives new and existing DOT holders yet another way to securely access the rapidly growing DeFi ecosystem.
What is Polkadot?
Launched in 2020 by Ethereum co-founder Gavin Wood, Polkadot is a network of blockchains. In a sign of how energetic the ecosystem has become, nearly three quarters of the DOT in existence was transferred during Q2 2022 alone, signifying high demand. As of August 2022, Polkadot has 500,000 users.
Polkadot operates under a nominated proof-of-stake protocol that intends to create an interoperable network of blockchain ecosystems, or a ‘chain of chains’, as Wood has described it. In a future where multiple blockchains achieve widespread adoption, Polkadot enables communication between them and allows data to be transferred across different blockchains.
To do this, Polkadot relies on parachains and bridges. Parachains are application-specific, highly customized blockchains that connect to the Polkadot Relay Chain. This is a very unique implementation not seen on other blockchains. Parachains don’t have their own consensus layer. Instead, through their connection to the relay chain, they utilize Polkadot’s security and proof-of-stake validation.
One of the reasons why Polkadot has implemented such a unique architecture is because it believes it will achieve higher scalability. Gavin Wood argues that in the future the throughput will get up to 1,000,000 transactions per second. To put this in perspective, Ethereum currently supports 12–15 transactions per second.
Polkadot also maintains a strong presence with developers, with the second-largest community of developers behind Ethereum.
“Launching Polkadot support in both hot wallets as well as qualified custody allows BitGo’s 700+ institutional clients in over 50 countries to seamlessly and safely access the DOT ecosystem. More than ever before, we’re seeing growing demand for institutional-grade custody solutions from the Polkadot community and industry,” said Bryce Trueman, Product Manager at BitGo.
Protecting your DOT
To protect these coins, we’re using a security standard called Threshold Signature Scheme (TSS). Our TSS solution combines the best features of multi-signature wallets with the best features of MPC.
BitGo’s TSS is a unique implementation that still distributes multiple key shares, yet offers more accountability than traditional MPC solutions. Moreover, unlike some MPC options, TSS is open source and has been peer-reviewed, further proving its effectiveness. TSS also allows us to continue using purpose-built hardware security modules (HSMs), which are significantly more secure than other alternatives on the market.
Get started
For existing BitGo clients, head to the wallet dashboard and create a new DOT wallet. For new BitGo clients connect with our team by filling out this form.
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BitGo is the digital asset infrastructure company, delivering custody, wallets, staking, trading, financing, and settlement services from regulated cold storage. Since our founding in 2013, we have been focused on accelerating the transition of the financial system to a digital asset economy. With a global presence and multiple regulated entities, BitGo serves thousands of institutions, including many of the industry's top brands, exchanges, and platforms, and millions of retail investors worldwide. For more information, visit www.bitgo.com.
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