Enabling Balance Transfers Phase and Denomination Day
With the Council and Technical Committee in place, Sudo was removed. Now Polkadot is fully in the hands of the token holders. One of the first features to be enabled was token transfers with a runtime upgrade. To enable balance transfers, the community came together and voted on a runtime upgrade that would lift the restriction on balance transfers. Once the proposal passed referendum, there was an enactment period after which the change will automatically come into effect.
On August 21st at approximately 13:15 UTC (block number 1,248,328), the DOT token will undergo a redenomination from its original sale. ‘New DOT’ will be 100x smaller than ‘DOT (old)’. Therefore, your DOT balance will be 100x higher and the price per DOT will be 100x lower. The percentage of the DOT you own relative to total supply will remain unchanged. This will not affect the total value of your position. DOT holders still own an equal share of the network as before.
Now is a great time to get involved with staking on the Polkadot network.
For more details please see the Polkadot wiki.
Moving to the next phase
To enable remaining functionality, Polkadot’s governance passed a series of runtime upgrades.See All Phases
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