Yesterday saw the first vote on Polkadot, a referendum that will focus on choosing the new token name once it is transferable:
There is a referendum to redenominate DOTs 1:10, 1:100 or 1:1,000 on Polkadot. If passed, from 43,200 blocks (approx. 72 hours) after DOT tokens become transferable, the DOT token shall be denominated according to whichever option received the most votes.https://t.co/nW8W4W1SUr
— Polkadot (@Polkadot) July 13, 2020
In a previous vote, it was established that the DOT token had to be multiplied x100 and thus the balance of all budgets was increased.
The vote was positive, but with a few dissenting votes within the Polkadot community, making it clear that it could not be increased by 10 times or 1000 times, but only by 100 times.
Considering that the previous vote did not have tokens as a reference, meaning that the network had not yet been launched, it was decided to open a second vote that will focus both on the name of the new token and on how to actually dilute the supply.
As far as the name is concerned, there will be a grace period during which it will remain unchanged so as not to create confusion once the tokens are transferable.
This change will take place at block 43,200.
The options to vote on will be 4:
- No change from the initial supply, hence remaining with a total of 10 million DOT with an initial price of $32;
- Multiply the supply by 10 times and thus reach 100 million DOT, but with a token price of $3.20;
- Multiply the supply by 100 times to 1 billion DOT, but with a token price of $0.32;
- Multiply the supply by 1000 times to 10 billion DOT, but with a token price of $0.032.
It will now be up to users to vote in the next 2 weeks via the platform.
Each token holder will be able to vote one or more options but also all or none and will be able to change the vote until the end of the vote. The only cost the user will have to pay is the transaction fee.
When the result of this vote will be available then the team will provide further details on how the token management and the token supply will evolve, according to the wishes of the community.
