Polkadot Governance Mechanism is made in a way that the majority of the stake can command the network. They have proposed novel mechanisms by virtue of which the changes on the Protocol should be agreed with stake-weighted referenda.
For those who do not understand Stake-Weighted Referenda: Referenda are simple and inclusive stake-based voting schemes. Thus, the stake holders vote with their DOT and therefore there is distributed participation of stake holders in global governance. Thus, the network is designed in a way to adapt to user needs. This is one reason for why Polkadot (DOT) is gaining reputation as a newfound network for staking.
The Layer-1 blockchain Polkadot is already very popular about staking. More than $3 billion dollars worth of DOT are at stake. DOT token holders who have staked are already making passive income. They have reported a positive return in USD, BTC and Ether over the past 3 months.
Sydney Ifergan, the crypto expert, “The positive news about Polkadot (DOT) is not a marketing hype. They are truly becoming the staker’s favorite.”
The detail is data driven and therefore it helps to check in to the staking report of Polkadot for more verifiability and credibility of data. Several interesting projects are nested on the Polkadot Network.
Polakdot (DOT) and Bitfinex
In the past month, Bitfinex launched the staking rewards for Polkadot. This they have been doing as a part of their commitment to building an open financial system. Those tokens which are staked in Bitfinex will be held in the platform by making use of the exchange’s in house custody solution. Just like other tokens, the DOT will also remain under the tokens control.
Polkadot (DOT) Building the Ecosystem
Deeper Network expressed that they completely embrace net neutrality and believe that fair, private, and secure access to an uncensored internet is a fundamental human right.
In response Polkadot tweeted: “Participation in the Substrate Builders Program marks the beginning of Deeper Network’s pivotal role in the Polkadot ecosystem and opens up a new world of possibilities for Deeper Network to expand upon its own blockchain ecosystem.”
Excitement is building up as the community are nearing the first community conference that is set to be launched on December 03, 2020. The event is expected to bring the teams and the people who code towards building the ecosystem.
Polkadot is already getting branded as an Ethereum Killer. The major reason being it being built by the Ethereum Co-Founder Gavin Wood.
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