The process of handing over the control of Polkadot over to the users in a way making it possible for the redenomination vote to take place was made possible on the denomination day. In the process, removal of the superuser Sudo module, which is pronounced as “sue-do” made the handing over of the control possible.
Polkadot recently tweeted: “At block number 1,248,328 on August 21st at 16:48 UTC, the DOT token underwent a redenomination from its original sale. ‘𝘕𝘦𝘸 𝘋𝘖𝘛 ’ is now 100x smaller than ‘DOT (old)’. Therefore, your DOT balance is now 100x higher and the price per DOT is 100x lower.”
The denomination day did not change anything because the percentage of the DOT a user owns relative to the total supply will remain unchanged. This in turn will not affect the total value of the user’s position. DOT holders will still own an equal share of the network like before.
Now, the Sudo has been removed and the fate of Polkadot is 100% with the stakeholders in the decentralized network. Those who own DOT tokens will be able to participate in the governance.
The denomination day enabling governance is a good thing for the stakeholders and the network as a whole. The Polkadot’s governance which is now in the hands of the thousands of individuals and organizations who spread far wide across the world is better than the governance staying with a small group of founders like in legacy protocols.
Sydney Ifergan, the crypto expert tweeted: “Together Everyone Achieves More. This is something that Polkadot (DOT) realizes well. True decentralized governance gets adoption knocking at the door.”
Polkadot (DOT) Decentralized Governance
Decentralized network DOT governance made 100% redenomination of the DOT token. This happened because of the first vote by Polkadot’s decentralized decision making system.
Of note, nearly, one-third of the tokens which voted in the process represented a resounding success for the Polkadot’s decentralized on-chain governance.
One of the users who tried to understand the new governance model tweeted: “So in normal people terms. Nothing has changed. Except for the fact that one dot has been stretched out into 100 dots. Those 100 dots are still worth the price of one dot. More dots for everyone. A mathematical illusion to give everybody a sense of true ownership.”
Polkadot is now set to bring in innovations to the DeFi World. DOT tech is great as it has greatly enhanced the DAO/voting system and the bridge coin/ERC20 assets.
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