Polkadot Governance News #22 SEP24: Wishing for a Change in Polkadot’s Inflation
Welcome to another edition of Polkadot Governance News. As you already know, there are several tracks for various proposals. One of them is Wish For Change, which we haven’t talked much about yet.
Wish For Change is for signaling that the network wants something to change. The network can be represented by its users, developers or investors, the topics can be anything. So let’s say people want to change the inflation rate of the DOT token, wish for change is ideal for that.
Nowadays, there are 3 referenda discussing 3 different ways on how we should apply new inflation rules for the DOT token.
- 10% constant total inflation
- 8% constant total inflation
- 8% total inflation in the first year, then gradually decreasing
At the moment, it seems that most voters are in favor of reducing annual DOT inflation from 10% to 8% and then gradually reducing inflation, possibly following a linear model, which is currently being adopted.
Let’s delve into other topics as well. Read on and enjoy!
1. Referenda Digest
1. Polkadot Referenda 1180: Action Research for OpenGov
- The research project aims to study OpenGov by surveys, interviews and case studies to collect data and analyze it using statistical and thematic analysis methods.
- The researchers from the Universaldot Foundation want to understand how these systems work in practice and identify ways to improve them, which will result in the research report and an open-access publication of the findings.
- Requested amount: 6 700 DOT
Polkadotters opinion: In our opinion, there is no need for such a survey when OpenGov is already working and continuously evolving through community participation. Investing in such research at this stage is a waste of money, as the system itself is actively improving through organic feedback and adaptation. NAY.
2. Polkadot Referenda 1173: Polkadot Community Foundation <> Ledger - Giveaway to Increase 𝕏 Followers
- Polkadot Community Foundation and Ledger are partnering for a giveaway of 50 Ledger Flex units by interacting on Polkadot’s and Ledger’s 𝕏 accounts.
- The giveaway aims to drive tens of thousands of crypto-enthusiasts to follow the Polkadot and Ledger 𝕏 Accounts, raise awareness and create excitement around Polkadot and the new Ledger Flex device, and give back to the community.
- The giveaway will last for 2 weeks from the announcement date, and 50 winners will be randomly selected.
- Requested amount: 20 506 DOT
Polkadotters opinion: The giveaway structure and collaboration with Ledger will certainly generate a lot of interest and positively impact the growth of the Polkadot community. We are in critical times and this kind of engagement/brand awareness might be a good thing, with great targeting. In some other market conditions, we would probably be against it, but now it makes perfect sense. AYE here.
3. Polkadot Referenda 1171: Educational content maintenance proposal by Cryptonitas
- Cryptonitas is a YouTube channel dedicated to educating the Spanish-speaking community on how to use the network, offering 89 educational videos, focusing on utility rather than speculation or prices.
- To demonstrate how many users and how much DOT are moving on-chain thanks to Cryptonitas’ content, they created pool #61.
- The goals for the next year are to produce truthful and high-quality tutorial videos, provide user support, and have more than 200,000 additional staked DOT in pool #61.
- Requested amount: 16 612 DOT
Polkadotters opinion: AYE. There is a need for a few quality Spanish channels and Cryptonitas is one of them. They have provided consistency and erudition and that’s why we support them.
2. Community Spotlight
In the Community Spotlight, we focus on key members of the Polkadot ecosystem commenting on recent referenda.
In this edition we are joined by Jimmy Tudeski, one of the delegates from the 1st cohort of the Decentralised Voices programme. Jimmy is one of the OGs in the Polkadot ecosystem and also runs his Polkadot validator called Stakenode.
Let’s have a look at his opinion on the ref. 1169 Showcasing Polkadot’s Capabilities: The Spammening.
https://polkadot.subsquare.io/referenda/1169
Jimmy Tudeski: “I find it as a creative way to stress-test Polkadot in a real-world scenario. By pushing the network to its limits with sustained, high-volume transactions, we can gain valuable insights into how well Polkadot can handle peak usage and ensure readiness for future growth.
Even though transaction throughput isn’t the best technical measure of Polkadot’s scalability, it does have value when it comes to communicating Polkadot’s capabilities to a broader audience.
Showcasing a simple, high-transaction benchmark can serve as a compelling way to demonstrate that Polkadot is more than capable of handling workloads similar to what others promote as cutting-edge..”
3. Polkadot Forum View
1. Unifying Polkadot address format
Jakub Panik has introduced an idea on the Polkadot Forum to unify address formats across the ecosystem, aiming to address the confusion caused by different SS58 address prefixes used by various parachains. With over 150 registered entries in Polkadot using distinct formats, the fragmentation creates significant UX challenges, particularly for new users and developers who struggle with different addresses across chains.
The proposal suggests creating a unified address format with chain-specific prefixes to prevent mistakes, such as sending assets to the wrong chain.
The proposed solution would allow users to recognize and use a single address across compatible Polkadot parachains, with a separate format for non-connected chains. While this initiative will require updates to wallets, dApps, and exchanges, it promises a more streamlined user experience.
Panik emphasizes the importance of community input and collaboration to ensure a smooth transition, with detailed resources and guides planned to assist developers and users during the implementation phase. This proposal aims to simplify interactions in the ecosystem while maintaining security and clarity.
4. Meme Time
Some influencers and crypto experts claim that Polkadot has a low TPS metric. Yes, they are right! In some way…
Delegate your DOT or KSM to Polkadotters for easy participation in the on-chain governance via Talisman or Nova wallet
- Strengthen Polkadot by nominating your DOT tokens to POLKADOTTERS, community builders for the Polkadot ecosystem
- Support Polkadotters Shrimp and Polkadotters Octopus on Polkadot and be a part of a more secure Web3 future
