Polkadot Supply Deliberation Vote Results are Out

Nivesh Rustgi Altcoin News published July 28, 2020 | modified July 28, 2020

polkadot network image

Polkadot Supply Deliberation Vote Results are Out

The users of Polkadot [DOT] token 2.47 million DOT (that’s 86%) voted in favour of the redomination vote up at 100x. As mentioned earlier on CoinGape, the re-domination vote has changed the value of 1 DOT from $100 to $1 Now. This effect has been termed as a “stock-split.”

Only a third of the total number of token holders voted. The distribution of DOTs does not change, and DOT holders still own an equal share of the network as before. The number of tokens has effectively risen to a larger amount from 10 million to 1 billion. The main benefit according to the developers is to avoid using small decimals when dealing with DOT and achieve an easier calculation system.

Polkadot official page tweeted,

From 43,200 blocks after DOT tokens become transferable, or approx. 72 hours later, DOTs shall be denominated at 1:100. This will occur in approx. one month.

Polkadot is a promising smart contract platform with governance and decisions relying entirely on votes from token holders. The project aims to be truly decentralized. It can lead the way forward for the DeFi ecosystem as well. Melody He, co-founder at TheSpartanGroup tweeted,

@Polkadotwith its @AcalaNetwork parachain is very promising. In my mind, @Polkadothad a clear wInning strategy to be the second most successful DefI chain.
Do you think the network can compete with Ethereum and Solana? Please share your views with us. 
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Nivesh Rustgi 1181 Articles
Nivesh from Engineering Background is a full-time Crypto Analyst at Coingape. He is an atheist who believes in love and cultural diversity. He believes that Cryptocurrency is a necessity to deter corruption. He holds small amounts of cryptocurrencies. Faith and fear are two sides of the same coin. Follow him on Twitter at @nivishoes or mail him at nivesh(at)coingape.com
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