Polkadot (DOT) Is Now Fully Decentralized After Community Governance Removes Web3 Foundation Admin Rights

2020-7-23 23:16

Polkadot (DOT), a blockchain aiming at scalability, security, and connecting other blockchains, is now fully decentralized following a successful vote through community governance. The majority sees the blockchain drop admin rights by Web3 Foundation to introduce a token governance system on the platform.

A tweet sent out at 8.03 AM GMT, Gavin Wood, co-founder of Parity Technologies, lead developer of Polkadot, confirmed the transition to a permissionless network at block #799,302 opening up a new governance future for the community.

@Polkadot is now permissionless. pic.twitter.com/x34ojfehVR

— Gavin Wood (@gavofyork) July 21, 2020

The enacted governance proposal introduces an improved “community governance system,” which allows DOT holders to vote and influence decisions on the development of the Polkadot blockchain directly. The governance system also enables the community to vote on changes on the DOT token, such as the recent redenomination proposal of the genesis tokens.

The permissionless blockchain also dropped the admin rights held by Web3 Foundation, making the blockchain fully decentralized. To fully release the blockchain to the community, the vote also struck off the “Chain Candidate 1 (CC1)” tag for its mainnet network.

From Permissioned to Permissionless

After being in the works for the past three years, the Polkadot mainnet finally launched in May, limiting some features to agents and the admin. This permissioned proof of stake (PoS) blockchain allowed Web3 Foundation to take charge of the blockchain in case of a problem or maintenance issue on a newly launched mainnet.

Over the weeks, the community governance has gained more power from the admins through the proof of stake, with nearly 200 validators currently controlling half the DOT supply.

In 2020, the developers and Web3 Foundation have taken massive strides in ensuring the blockchain becomes decentralized. Chainlink selecting to build on Polkadot (only after Ethereum), the development of a Bitcoin Parachain that brings BTC and BTC-backed assets on Polkadot and the launch of staking services – supported by Coinbase and Bison Trails – shows a bright future for the blockchain, Gavin said.

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