rename – How it affects you

rename – How it affects you

Polkadot is an open source network that works on developing a scalable multi-chain network protocol that allows specialized blockchairs to communicate with each other in a safe, non-trusted environment. This is the flagship project from the Web3 Foundation of Switzerland, which aims to facilitate a fully functional and user-friendly decentralized web.

Polkadot aims to solve the problem of blockchain interoperability by facilitating the free exchange of any type of data across any type of blockchains; thus, making it easier than ever to create and connect decentralized applications, services and organizations. Along the way, he also works to solve problems commonly identified in blockchain, such as governance and falsification of problems.

Rename a DOT ticket

The Polkadot community has just held its first-ever vote to decide on the latest denomination of its native DOT ticket. As evidenced by the DOT renaming proposal on Polkassembly, the change is aimed at giving people more ergonomic or legible units and achieving a simpler accounting system by using whole numbers instead of small decimals.

The vote on the DOT ticket denomination followed a referendum previously held on Kusama, Polkadot’s “canary network”, on whether or not DOTs should be renamed Polkadot in a 1: 100 ratio. The non-binding referendum was made to measure community sentiment in anticipation of the launch of Polkadot.

After two weeks of voting time, the result came out with 86% of DOT holders who participated in favor of dividing each DOT into 100 DOTs, which was consistent with the referendum result. In fact, it will lower the price per DOT by about 100x compared to pre-renamed values.

So if you own 10 DOTs before the renaming, you’ll see 1000 DOT on your wallet after the renaming.

However, the change will not affect the share of all DOT holders in the network.

The renaming will take place on block number 1,248,328, which is estimated to be 4:40 PM (UTC) on the 21st August.

All activities – trading, deposit, and withdrawal – related to DOT will be paused starting from 2 hours before renaming takes place. Any open bookings and withdrawals during this period will be canceled.

Visit our Knowledge Base page to learn more about Polkadot on Bitfinex.

Important Note

This blog post is not an offer for sale or soliciting an offer to purchase DOTs or any other digital tickets. Any purchase or sale of DOTs on Bitfinex will take place in accordance with the terms and conditions for use of Bitfinex only