Polkadot co-founder Gavin Wooden has announced an 18.9 million DOT ($777 million) development fund simply forward of the community’s launch of the auctions for the preliminary batch of parachain slots.
Here is an overview of Polkadot using data from the Polkadot website:
“Polkadot is a network protocol that permits arbitrary data—not simply tokens—to be transferred across blockchains. This implies Polkadot is a real multi-chain application environment where things like cross-chain registries and cross-chain computation are doable. Polkadot can switch this data throughout public, open, permissionless blockchains in addition to non-public, permissioned blockchains.
“This makes it doable to construct purposes that get permission data from a personal blockchain and apply it to a public blockchain. As an example, a school’s private, permissioned academic records chain may send a proof to a degree-verification smart contract on a public chain.“
Polkadot “unites a network of heterogeneous blockchains called parachains and parathreads.” These chains “connect to and are secured by the Polkadot Relay Chain” they usually can “additionally connect with exterior networks through bridges.”
According to a tweet published last Sunday (October 17), Polkadot’s treasury has allocated more than 18.9 million DOT (value around $777 million on the time) to a development fund that will likely be disbursed through neighborhood governance. Wooden stated that the cash could be spent on the Polkadot community for “building, improving, educating” and anything else that could help Polkadot and its ecosystem.
In line with a report by Cointelegraph, Polkadot’s treasury funds could be spent if approved by the governance council, which votes on proposals that are put forth by the community. At current, the council consists of 13 independent members, with plans to develop to 24 members in the future.
Whereas earlier governance votes have generated lackluster responses from the community in the past, Wood’s announcement of nearly a billion dollars in funding could be the ticket to spur higher engagement.
The first set of parachain slot auctions is anticipated to start on November 11.
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