The first token-based vote in the Polkadot network was approved in favor of multiplying the DOT offer by 100.
As announced on Monday The community accepted the proposal to give DOTs a more “ergonomic” value with 86% of the votes cast. Only 4% of the votes were cast against a change, While the 10-fold and 1000-fold options brought 20% and 24% together, token holders expressed several preferences.
The vote lasted two weeks, with 2.86 million of a total of 5.4 million tokens that took part in the vote. Parity Technologies and Web3 Foundation, the two main players in the development of Polkadot, abstained from initial plans to rename the tokens without the token holder’s vote.
The DOTs only had another name unit, the Planck, with 100 million Plancks that correspond to a DOT. The name is said to have been “useless for practical purposes”, because its value is many orders of magnitude smaller than a penny.
The results of the vote would bring Polkadot’s offer to about five times that of Ethereum (ETH), and based on the prices leaked from Polkadot’s recent token sale, each token would be worth $ 1.25. Since this is just a renaming, no changes are made to the actual supply, since each DOT is simply converted to 100 DOT.
The changeover takes place 72 hours after activation of the DOT transmission. What should happen around 1pm? UTC of August 18. Therefore, this change is expected takes place on August 21.
Silent token sale
As Cointelegraph previously reported, Polkadot is currently in the middle of a public token sale for DOT 300,000, which was originally valued at $ 125.
The team does not appear to comment or advertise the sale. probably due to restrictions related to Regulation S in the offers.
This did not prevent the project from increasing 3925 BTC at the end of this letter. worth over $ 4 million.
Token sales started shortly after, on July 21. when the network lost its crutches in the form of special administration keys.
Gavin Wood, co-founder of Polkadot and Ethereum, is a strong supporter of formalized governance systems in blockchain.