Gavin Wood, the 41-year-old founder of Polcadot, has revealed plans to invest about 4 774 million (approximately Rs 5,800 crore) to develop an open source crypto network. To fund the development, Wood plans to use the passive native token of Polcadot (DOT) – which has seen some growth in recent times. According to the Gadgets 360 crypto price tracker, Polcadot is currently trading at $ 1,009 (approximately Rs. 3,246) on October 20th. Wood revealed in a tweet that there are currently 18,936,300 DOT tokens inactive in the Polkadot Treasury.
These tokens can be “burned” or removed from the circulation, but instead, Wood plans to use them to further develop the Polkadot architecture. The founder also hinted that changes in the network would be based on ideas suggested by Polcadot investors and supporters.
Of – Polcadot The treasury currently has 18,936,300 dots (dots, not dollars – do the math), ready to spend on * your * ideas, building, improving, educating and, indeed, anything else that values polcadot governance.
– Gavin Wood (avgavofyork) October 17, 2021
“The dot network in the treasury comes as a natural part of the protocol. Fee, slash and suboptimal stacking configuration are all contributing factors. If it is not used, it burns slowly, “Wood explained on his Twitter thread.
According to the founder, Polcadot usually burns 239,988 DOT tokens per month, amounting to दश 10 million (approximately Rs 75 crore).
The public reaction to Wood’s tweet seems to support his idea of using passive dot tokens to expand the network.
Is burning $ DOT Prices may be good for appreciation, but it’s good that they are used to fund ideas that bring the ecosystem forward.
If you have ideas, share them, fund and create.
– ManOnTheDOT (anManOnTheDot) October 18, 2021
Wow it is impressive that the DOT treasury is already sufficient and in fact the DOT is currently burning. https://t.co/Vm1wKsegm3
– Jeremy H. (azspazvt) October 18, 2021
I don’t know if it doesn’t bother you …. https://t.co/95hPajXURl
– gEm.HUNTER (g_hunt7r) October 18, 2021
Wood’s announcement comes just weeks before Polcadot’s first para-chain slot auction, which starts on November 11th.
The auction will allow several blockchain projects to be integrated into the management, security and decentralized mechanisms of Polcadot cryptocurrency, news portal Medium said in a report.
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