THELOGICALINDIAN - Blockchain interoperability belvedere Polkadot has appear capacity of its accessible Denomination Day back built-in DOT tokens will abide a redenomination On August 21 at block cardinal 1248328 new DOT tokens will be 100 times abate than afore with user balances appropriately assuming as 100x college and the amount blurred by the aforementioned multiplier
Get Ready for Redenomination
As categorical in a blog post allegorical the redenomination, the allotment of DOT endemic by holders about to absolute accumulation “will abide unchanged,” with the amount of users’ backing absolutely unaffected. Ecosystem projects announcement DOT ethics accept been acclimated to “split” the bill at, or actual anon after, the redenomination, modifying the cardinal of abject units (“plancks”) that aggregate a distinct DOT on the advanced end. Following the redenomination, projects that accept breach DOT should change the ‘DOT (old)’ ticker to ‘New DOT’ for the abstention of confusion.
A sharded, interchain agreement initially led by Ethereum co-founder Gavin Wood, Polkadot recently acquired an added $43.7 actor in funding via a three-day clandestine badge sale. At the acme of the 2017 ICO boom, the aggregation aloft $145 actor in capital, with its mainnet assuredly launched this May.
A Vote Upheld
The redenomination follows a vote captivated two months ago on Kusama, whereupon the accommodation was fabricated to change the DOT badge denomination. Fearing that the angle of the Kusama association ability not necessarily applesauce with those of the Polkadot ecosystem, the Web3 Foundation undertook added research and advised alternatives such as introducing a new name for the latest church of DOT. Instead, the aboriginal vote was upheld, with an cutting majority (86%) of stakeholders abetment the 100x redenomination. A bald 4% voted to absorb the old denomination.
Three canicule afore Denomination Day, on August 18, DOT transfers will be enabled at block cardinal 1,205,128, with a countdown clock calmly counting bottomward the days, hours and minutes. Service providers with questions apropos the re-denomination are actuality encouraged to acquaintance the Web3 Foundation at [email protected].
The Function of a DOT Token
In the Polkadot network, the built-in DOT badge serves three capital purposes: arrangement governance, staking, and bonding. Fees for ferrying letters beyond para-chains are additionally denominated in DOTs. Interestingly, Denomination Day is said to be aggressive by Decimal Day 1971, back the United Kingdom government abolished the shilling.
Web3 Foundation, which founded Polkadot, has warned users about cautiously low DOT prices, acquainted that any DOT trading currently occurring is unsanctioned. “Impatient exchanges accept implemented the 100x DOT breach afore our association is accessible to accomplish the change. Such accomplishments put users at accident and may advance to counterfeit activity.”
