Among the most important stages of blockchain projects is the project’s transition to its own network (mainnet), which is a real transition for the project.

According to the managing partner For the Web3 Foundation The first phase of Polkadot’s mainnet was launched yesterday.

At this point, the Web3 Foundation will retain control of the network, operate nodes, and verify blocks.

Investors in the Polkadot Project Coin DOT can access their accounts to express their intent to become auditors or to nominate other auditors.

But at the moment, they cannot transfer DOT coins to the mainnet, according to a Polkadot spokesperson. to source.

As explained in the development roadmap, Web3 will gradually hand over control of the network to DOT token holders after ensuring that the network is running smoothly.

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Peter Chapin, co-founder of the Polkadot Project and Foundation for Web3 stated:

Since the release of the Polkadot paper three years ago, we have been researching and creating the development of the Polkadot protocol, which has greatly advanced our collective understanding of these systems since our early work building Ethereum.

In particular, we believe that the Polkadot Project’s open governance system will allow the network to innovate and grow much faster than legacy networks, accelerating the development of mainstream decentralized applications.

The Polkadot project was launched in 2016 by Gavin Wood, one of the founders of Ethereum.

In 2017, the Web3 Foundation conducted a private token sale that saw the issuance of 5 million DOT tokens for $144 million, and the foundation subsequently sold another 500,000 DOT in late 2019, according to a Wall Street Journal report, the Polkadot project estimated at 1.2 billion. dollars in early 2019.

All of the tokens were sold under SAFT, an acronym for Minimal Token Future Agreements, which promised to provide a DOT when the network was launched directly.

Now that the network has been officially launched, the community will vote in the next few months on whether to enable the token transfer feature.

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This feature will allow investors to fully access and trade their DOT directly, instead of trading in the secondary market under the SAFT agreement, where at one point the DOT was trading in the secondary market at a significant discount.

In the weeks leading up to the launch of the mainnet, the Web3 Foundation put forward a proposal to rename the DOT and increase the total supply of tokens by 100 times, a move that sparked much controversy.

Although the Polkadot community passed the proposal on at the time, the Foundation decided to schedule implementation and conduct another survey after launch.

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