Friday, September 29, 2023

Polkadot community PolkaWorld is ceasing operations after a failed funding attempt

Polkadot community PolkaWorld has announced that it has suspended operations after the community’s proposal to receive funding from the Polkadot treasury was rejected. The organization raised several concerns about the financial management of the project and made several allegations in a recent announcement.

In a post published on the official PolkaWorld account on X (formerly Twitter), the organization said he claimed that treasury management under Polkadot’s new open governance platform, OpenGov, will impact long-term contributors to the Polkadot ecosystem. According to PolkaWorld, many organizations are being rejected by the Treasury and are leaving the Polkadot ecosystem.

The organization noted that in the previous governance system, there was a council elected by Polkadot (DOT) holders. According to PolkaWorld, the council members were experts in certain fields and had the knowledge to evaluate proposals. PolkaWorld believes that this should be integrated into the current OpenGov system, where governance is decided directly by token holders.

Meanwhile, Markian Ivanichok, the founder of the platform Brushfam, which brings companies to Polkadot, has announced that the project is leaving Polkadot in an X thread. The founder expressed frustration with Polkadot’s governance system, saying it “has become increasingly difficult to obtain funding.”

Also in the thread is Ivanichok he claimed that it is impossible for their work to be valued in an ecosystem that “does not care about users, business practices and the marketing of their product.”

Polkadot’s OpenGov system was launched earlier this year to give every token holder a say in the design of the platform. This means that governance in the network is carried out directly by the DOT token holders. They can actively participate in a voting process to vote on proposals aimed at making changes in their ecosystem.

Nation World News Desk
Nation World News Desk
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