The Web3 Foundation has resigned as an administrator of the Polkadot network
Polkadot became decentralized after community approval of removing administrative powers from the Web3 Foundation organization behind its development. The co-founder of the project, Gavin Wood, drew attention to this.
The Polkadot network was launched at the end of May, but until then it had operated in a limited mode using the Proof of Authority mechanism, as Web3 was responsible for the validation of the blockchain and was able to intervene if necessary.
These measures were aimed at reducing the possible negative impact of bugs and security breaches on the recently launched network. As expected, over time, the validation was moved to a decentralized model with community participation. It is now represented by 197 validators, using about half of the DOT tokens in circulation.
Thus, the approval of the proposal for a limitation of administrative powers not only marked the transition of Polkadot to a fully fledged network, but also the last time it allowed for the testing of its management mechanism. After voting the Polkadot network lost the mark “CC1” or “candidate chain 1”, which confirms its current status.
Earn ETH and try your luck with our fair crypto lotto Ethex.bet!