Skip to content

The Web3 Foundation is currently excluding Polkadot from 100 names

May 17, 2020

The Web3 Foundation has delayed its proposal to rename Polkadot’s offer 100 times (DOT) after a community referendum in the Kusama network.

While the referendum, called the pole assembly, largely supported the proposal, Web3 noted a “not inconsiderable amount of opposition, even from some within the ranks of the Web3 Foundation and Parity“”

The Web3 Foundation did not rename DOT

The Web3 Foundation has announced that it “cannot sponsor the switch in good faith” after asking the community to contribute to its proposal to increase the DOT offering 100-fold.

The Web3 Foundation is currently excluding Polkadot from 100 names
The Web3 Foundation is currently excluding Polkadot from 100 names

The proposal outlined a plan for Plancks, the subdenomination dots, like Bitcoin Satoshis (BTC) to adjust the value of points from a trillionth of a point to a ten billionth.

To prevent the change from affecting owners, The DOT offer would also increase 100 timeswhile maintaining the total participation of each DOT owner in the network.

Web3 argued that The term would offer “the ability to handle more units.” ergonomic or human readableas whole numbers instead of small decimal places. “

Record voter turnout in Kusama

The non-binding vote took place in the Kusama chain and received over 13% participation, the highest of all referendums in Kusama.

Based on the debate and voting activities on social media, Web3 concluded that “the Kusama community is broadly divided and has a fairly strong feel for the referendum.”

Although “a significant majority has been registered in favor of the switch”, Sufficient resistance was found so that the foundation could not implement the proposal.

Web3 advocates binding coordination across the Polkadot network

Given the results, The Web3 Foundation offers two options: “Do nothing and let the current name stay, or carry out a final vote and engagement in the Polkadot network itself. “

Identifying yourself as a proponent of chain guide The foundation recommends a network-wide referendum as the next best course of action. However, Web3 notes that a vote during the launch process after Polkadot was created “would be a fairly technical feat with great potential to create confusion everywhere”.

“Such as, It is not something that we will approve without a reasonable belief that it will not cause major problems. We will investigate the technical details of the matter, conduct a survey among the community’s key stakeholders and infrastructure providers, and monitor the usual social media channels on the matter to determine if this voting can be done safely, “added the foundation.

Do not stop reading: