Gavin Wood explains the boca First "vote" : will change the Boca process to define the final denomination of the token DOT

Original title: Gavin: Historic Moment in Boca, Your Vote determines DOT final denomination!

PolkaWorld  NBSP;

PolkaWorld reading:

Gavin 刚刚更新 Medium 文章，阐述了波卡的第一次「投票 」，针对如何处理 DOT 面额提出四个选择供大家选择：保持不变、DOT 拆分 10 倍、DOT 拆分 100 倍、DOT 拆分 1000 倍。

This vote is not a chained vote, the sudo module is not yet removed, the chained vote is not yet turned on, so Gavin calls this vote a poll, but this poll is valid, and its results will really affect the monetary unit of the DOT.

It is important to note that the vote no wave of card management concept of the so-called conviction (tokens for voting by locking a period of time "and leverage"), the DOT is for 1 ticket. Web3 foundation through such forms, to collect the opinions of the scrip holders and first choice, & have spent 72 hours after the DOT open transfer after (probably in order to avoid the risk of otc DOT) before implementing this vote on the chain.

Now DOT holders can vote and view their votes here:https://polkadot.js.org/apps/#/poll

Here's Gavin's full text:

A vote has begun on the final monetary unit for a process that will change Polkadot and define its local token DOT. The vote will affect all Polkadot stakeholders. If you've mapped and claimed your DOT on the main web, or you plan to do so, then you can, and should, vote!

Two months ago, there was a vote on Kusama, Boca's "crazy Cousin." The result of the vote was a simple, nonbinding statement that the Kusama community was in favor of changing the denomination of the DOT token, essentially multiplying the entire system balance by 100. The result was a resounding "yes", despite a sizeable minority against. Some also questioned why the denomination adjustment was 100 times, rather than 10 or 1,000.

Although the vote clearly received a significant amount of support, the Web3 Foundation believes that Kusama's voting population may be very different from Polkadot's, and therefore the results of the vote cannot be promulgated and enforced blindly. In other words, the foundation promises to do further research and, if it makes sense, re-launch the poll on Polkadot using real DOT tokens.

research

The Foundation contacted a variety of community members and Polkadot stakeholders to identify potential practical issues regarding denomination changes. The research objects include potential stakeholders of the token ecosystem, such as exchanges and some mature community leaders. The results were fairly simple:

• & have spentInfrastructure providers are generally optimistic about the practical issue of post-launch denomination changes, although (clearly) they would prefer to do so prior to launch.

• & have spentCommunity leaders say that some community stakeholders may rely to some extent on DOT denominations remaining the same after the 2017 sale to avoid misunderstanding of what "DOT" means.

We prefer to vote on denominations, the results of which are more or less immediately effective. Unfortunately, our research shows that this may cause some substantial problems in the Boca community.

We considered three options:

1. & have spent Leave DOT unchanged and introduce a new name for the new denomination (such as XPD) and encourage everyone to switch to the new denomination. The downside is that you lose the "DOT" name.

2. & have spent Try "year" to distinguish the old DOT from the new DOT -- DOT 2017 vs. DOT 2020. It's not clear that this really provides enough clarity to avoid any problems.

3. & have spentProvide a "grace period" after enabling the transfer to avoid any confusion or ambiguity on the original DOT denomination on day 1. This means changing face values when the system is fully "activated".

After a long discussion, the Foundation decided that the only option it could reasonably support was option 3.

proposed

In the next few days, we will begin the final "binding" vote on the reproposal. We encourage all members of the community to discuss and present their views (politely).

A vote will be held for simplicity and convenience. We offer four options and can vote through the Polkadot JS UI and any built-in support wallet. Voting begins now and will last for two weeks. All DOT holders can participate.

The vote will be a simple Approval vote with four options. Here are some important tips:

Gavin explains what the Approval vote is, and if you are interested, search approval Voting for more information

• & have spent & have spentVoters can approve any combination of the four options without having to choose just one! (Note: multiple choices can be made at the same time)

• & have spent & have spentThe probability of approving all options is equal to that of disapproving any option, and it does not affect the outcome.

• & have spent & have spentinAll voters can change their votes as many times as they like until the polls close.

• & have spent & have spentThere are no fees for this vote other than transaction fees, which can be charged from any remaining and expending account. (If you currently have all your money locked up in Staking and no money available to send out transactions and you want to vote, please contact a Web3 Foundation representative.)

• & have spent & have spentLocked funds, such as those for Staking, will also be counted.

• & have spent & have spentUnable to self-determine voting lockup period, all DOT counts used for voting are the same.

• & have spent & have spentVoting is based on a single account. A single account must all vote in the same way.

• & have spent & have spentThe vote will not affect NBSP; Polkadot platform for any economic mechanism. Return of Staking, inflation, effective market value and the base balance of each account will remain completely unchanged. This will "only" have information about what units we will use to mark the balance into DOT tokens for presentation purposes.

After the 43,200 blocks that DOT tokens can be transferred (approximately 72 hours), DOT tokens should be priced based on the option that received the most approval. Grace periods will be the best time acceptable to ecosystem stakeholders.

The four options for voting are:

• & have spent & have spentThere is no change to the earlier definition of sales for 2017, which means there will be a total pie starting from the creation block; 10 million pounds/NBSP; The DOT.

• & have spent & have spentSplit the amount by a factor of 10 from the initial sale, which means there will be a cake starting with the creation block; 100 million the DOT. It is obvious that the price of DOT would be low ^ NBSP; 10 times.

• & have spent & have spentSplit the amount by a factor of 100 from the initial sale, which means there will be a cake starting with the creation block; 1 billion the DOT. Obviously, the DOT price would be low ^ NBSP; 100 times.

• & have spent & have spentSplitting the amount by a factor of 1,000 from the initial sale would mean that there would be a cake starting with the creation block; 10 billion the DOT. Obviously, the DOT price would be low ^ NBSP; 1000 times.

If we adopt the previous 2017 sales price of $32 per DOT, the prices for these four options would be $32 (unchanged), $3.2, and $0.32, respectively; And & have spent At $0.032.

Changes will occur entirely under the chain, mainly at the user interface level, as the chain logic only tracks the Plank unit at the bottom (the lowest face value of the Poca) and does not care about the face value displayed. If the change actually occurs, the foundation will provide further updates, alerting community banknotes holders to areas and technical details and Suggestions that need attention.

Welcome to NBSP; Riot [1] & have spent To participate in the discussion of the bill. In & have spent Polkadot JS Apps [2] & have spent To map and vote. More information about Boca can be found on the official website. V0.8 client code can be found in & NBSP; It is released on the GitHub Release page.

Refer to the link

[1] Riot: & have spenthttps://riot.im/app/#/room/#polkadot-watercooler:web3.foundation

[2] Polkadot JS Apps: & have spenthttps://polkadot.js.org/apps/#/claims

[3] website:https://polkadot.network/

[4] making the releases page:https://github.com/paritytech/polkadot/releases

Original: https://link.medium.com/yFdZgW6x57

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