The primary token-based vote on the Polkadot community handed in favor of multiplying the DOT provide 100-fold.
As introduced on Monday, a proposal to present DOTs a “extra ergonomic” worth was accepted by the neighborhood with 86% of the votes forged in favor. Solely 4% of the votes had been forged towards any redenomination, whereas 10x and 1000x cut up variants gathered 20% and 24% respectively as tokenholders expressed a number of preferences.
The vote lasted two weeks, with 2.86 million out of a complete 5.Four million tokens becoming a member of within the vote. Parity Applied sciences and Web3 Basis, the 2 important entities creating Polkadot, abstained from the vote after preliminary plans to redenominate the tokens with out the token holders’ vote.
The DOTs solely had one other named unit, the Planck, with 100 million Plancks equaling one DOT. The denomination is alleged to have been “ineffective for sensible functions,” as its worth is many orders of magnitude lower than a cent.
The outcomes of the vote would put Polkadot’s provide to about 5 occasions that of Ethereum (ETH), and in response to the leaked costs in Polkadot’s newest token sale, every token could be price $1.25. Since that is merely a redenomination, no modifications within the precise provide are made as every DOT merely turns into 100 DOTs.
The redenomination is ready to happen 72 hours after DOT transfers are enabled, which ought to occur round 1 PM UTC on August 18. The change is thus anticipated to happen on August 21.
Quietly launched token sale
As Cointelegraph reported beforehand, Polkadot is at the moment within the midst of working a public token sale for 300,000 DOTs, initially valued at $125.
The staff seems to be not commenting or publicizing the sale, doubtless resulting from restrictions associated to Regulation S choices.
That didn’t preclude the venture from accumulating 3925 BTC as of press time, price greater than $Four million.
The token sale was launched shortly after on July 21 the community misplaced its crutches within the type of particular admin keys on July 21.
Gavin Wooden, co-founder of Polkadot and Ethereum, is a powerful supporter of formalized governance methods in blockchains.