About a month ago, we ran our first vote on the fledgling Polkadot network. As we all know, the results of the vote are in, and the results are obvious.
Since the participation rate of tokens only accounts for less than one-third of the total amount of tokens, and neither the Web3 Foundation nor Parity Technologies participated in the voting, the result of this denomination voting is the result of all DOT investors.
The purpose of denomination voting is to determine the final "definition" of DOT tokens: that is, how many Plancks constitute the denomination of a DOT. There are 4 options, and each account holding DOT can vote for any combination of them.
[Planck Planck: Planck is the smallest unit that constitutes the denomination of DOT, analogous to Bitcoin's Satoshi unit, a DOT consists of 10,000,000,000 Plancks (10 billion Plancks). ]
The 4 options include: (1) Keep the original denomination of DOT. Or do a "split" of the token, creating a new DOT:
(2) Split 10 times, (3) Split 100 times, (4) Split 1000 times. Its 10, 100 or 1000 new DOTs will be equal to the original old DOTs.
The final voting results are obvious to all: the community is very much in favor of the new DOT denomination, based on the original old DOT for a "stock split" of one hundred times. Specifically, 2.47 million DOTs (86%) out of 2.86 million DOT votes voted for this split. Only about 120,000 (4%) votes remained the same.
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The effect of this vote is not immediately apparent. Instead, to allow time for preparation, the denomination will be changed approximately 72 hours after enabling DOT transfers. In addition to unanticipated governance intervention, DOT transfers will start counting from block #1,205,128, which is expected to start on Tuesday, August 18th, at approximately 3pm Swiss time (CEST). (corresponding to 9:00 p.m. Beijing time.)
This means that the DOT denomination split time will be August 21, which will occur in the afternoon in Europe, the evening in China and the morning in the United States. Specifically, it will undergo a denomination change at block #1,248,328.
＃1,205,128 - ＃1,248,328 blocks, according to the block age of the Polkadot block, the average interval is 6 seconds, and the time interval from the start of the transfer to the start of the denomination change is equivalent to 72 hours.
The Web3 Foundation will work to ensure that everyone in the ecosystem is aware of the upcoming changes, and will work with ecosystem service providers to minimize possible losses during the transition, and provide technical assistance and advice to help those who need to prepare people.
If you are a service provider in the Polkadot ecosystem and are not sure what this means for you, please contact us viainfo@web3.foundationimage description
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https://polkadot.js.org/apps/#/democracy
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https://polkadot.js.org/apps/#/democracy
Author's note:
-- August 14, 2020
At the technical level, Polkadot's next plan is mainly to open transfers and smoothly split denominations.
Regarding the timing of starting the transfer, the execution of the transfer is actually a democratic vote
（https://polkadot.js.org/apps/#/democracy), the voting will be executed after about 4 days + 10 hours (the days are calculated based on the block). This implementation means: each vote contains a preimage, and after the vote is passed and executed, it means that the code contained in the preimage will replace the original version and become the latest version.
Regarding the time to start the transfer and the time to split the denomination, the execution of the preimage to start the transfer will be in the 1205128th block of the Polkadot network (about 6 seconds per block), that is, at 9:00 p.m. on August 18. However, according to the previous vote split by DOT denomination, according to PolkaBase’s earlier observations, it was originally expected to be 9:00 p.m. Beijing time at that time, and later estimated to be 10:00 p.m.
Because the time between each block of Polkadot is not necessarily 6 seconds, it may be too much or too little. It may be that the operation of the validator node will be greatly changed or changed due to the closer to the result of an important vote, which will cause the generation time of the block to become longer, so the transfer time will be several hours later than the time It is also possible that the corresponding split time will also be extended (when the Sudo module was kept before, the official had the experience of speeding up block generation by adjusting their own verification nodes, but now there is no Sudo, and the number of validators has expanded again. Therefore, the remaining time of all future voting based on the block height cannot be accurately estimated), but the time to start the transfer will generally not deviate from 9:00-10:00 on August 18th.
For denomination splitting, it will not affect Polkadot’s technology and economic system in essence. All Polkadot’s on-chain logic is based on the smallest unit-18 Planck, so the splitting is actually in the user terminal. Adjust the decimal point.
I just finished talking about the timing of the transfer, and then about the timing of the denomination split, review, the time to start the transfer is #1,205,128 blocks, and the time to execute the split is #1,248,328 blocks. Converted to block time is 72 hours. Therefore, the splitting time still depends on the time of the previous transfer, about 72 hours later, at 9-10 pm Beijing time on August 21.
For the platform's technical guidance on transfer and denomination splitting, please refer to the technical guidance.
PolkaBase will pay close attention to the staged launch process of the Polkadot mainnet. Please pay attention to the official account, assistants, and communities, so stay tuned!
Official article:
https://polkadot.network/the-results-are-in/
Transfer countdown:
https://polkadot.js.org/apps/#/democracy
Technical Guide (Original):
https://polkadot.network/denomination-day-ecosystem-project-guidance/
Technical Guide (Chinese):
https://mp.weixin.qq.com/s/DiZ61BUNun-YikKL6EgbLA
Compilation and finishing: Shawn PolkaBase
