Bill Laboon, a W3F Analyst has highlighted the significance of DOT holders – not the Web3 Foundation (W3F), not a marketing agency, nor developers – in determining the direction of “Polkadot 2.0”. Laboon emphasized the community consensus that is operational in the Polkadot ecosystem.
Polkadot Community Consensus and Voting Outcomes
Notably, Laboon’s remarks followed an announcement on the Polkadot OpenGov blog, revealing that a majority of DOT holders voted in favor of defining Polkadot 2.0. This highlights that DAO (Decentralized Autonomous Organization) is dictating the direction for growth.
It’s very cool that DOT holders – not W3F, not a marketing agency, not even developers – decided the definition of “Polkadot 2.0”. https://t.co/d3jskqHKFH
— Bill Laboon | Web3 Foundation (@BillLaboon) June 6, 2024
As per the voting, 77.1% representing 69.2 million DOT holders voted in favor while 20.6 million DOT holders, that is, 22.9% were against. The features these DOT holders decided upon were Agile Coretime, Asynchronous Backing, and Elastic Scaling.
The Asynchronous Backing is already released and Agile Coretime which is live on Kusama is being processed for Polkadot. Meanwhile, Elastic Scaling is in the works. Reports suggest that JAM will now serve as Polkadot 3.0.
According to CoinMarketCap data, Polkadot’s price is up 0.06% to $7.21 in the past 24 hours. This may be due to the community’s positive reaction to the release of Asynchronous Backing.
Future Prospects for Polkadot
Based on the Polkadot sophisticated governance system, all stakeholders have a voice. It is for this reason that any proposed network upgrade is coordinated on-chain and enacted independently without forking the network. This is to ensure that Polkadot’s development remains future-proof and community-driven.
Interestingly, top market analyst Michael van de Poppe had tipped Polkadot for growth given the project’s integration of many great features. Notably, van de Poppe highlighted the JAM protocol, which is a next-generation engine that can speed up transactions.
Given Polkadot’s suitability to promote AI scalability through its multi-chain architecture, it remains to be seen if the community will pivot in that direction soon.
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