Polkadot Community Platform, PolkaWorld, Ceases Operations Following Unsuccessful Funding Attempt

Polkadot Community PolkaWorld Halts Operations After Funding Proposal Rejected

The Polkadot community organization PolkaWorld has announced that it is halting its operations following the rejection of its proposal to obtain funding from Polkadot’s treasury. The organization has expressed concerns about the management of the treasury under Polkadot’s new open governance platform called “OpenGov” and has made several claims regarding its impact on long-term contributors to the Polkadot ecosystem.

In a recent announcement posted on PolkaWorld’s official X (formerly Twitter) account, the organization claimed that the treasury management under OpenGov is adversely affecting organizations within the Polkadot ecosystem. According to PolkaWorld, many organizations are being rejected by the treasury and are consequently leaving the ecosystem.

PolkaWorld highlighted that the previous governance system had a council elected by Polkadot (DOT) holders. These council members were experts in specific areas and had the knowledge to evaluate proposals. PolkaWorld believes that this expertise should be integrated into the current OpenGov system, which allows governance decisions to be made directly by token holders.

Meanwhile, Markian Ivanichok, the founder of the business onboarding platform Brushfam, has also announced that the project is leaving Polkadot. In a thread on X, the founder expressed frustration with Polkadot’s governance system, stating that it has become increasingly difficult to secure financing.

Within the thread, Ivanichok claimed that it was impossible to get their work appreciated in an ecosystem that “doesn’t care about users, about business practices, and about marketing its product.”

Polkadot’s OpenGov system, launched earlier this year, aims to give every token holder a voice in shaping the platform. Through this system, governance in the network is directly carried out by holders of the DOT token. They can actively participate in a voting process to decide on proposals that aim to make changes within the ecosystem.

These recent developments raise questions about the effectiveness of Polkadot’s governance system and its impact on the ecosystem’s growth and sustainability.

(Quote) “The organization brought up several concerns about the project’s treasury management and made several claims in a recent announcement.”

(Quote) “PolkaWorld believes that this should be integrated into the current OpenGov system, where governance is decided by token holders directly.”

(Quote) “The founder expressed frustrations about Polkadot’s governance system, saying that it’s been “increasingly hard to get financing.”

– PolkaWorld official X [hyperlink: https://twitter.com/polkaworld_org/status/1702644546923082017]
– Markian Ivanichok’s X thread [hyperlink: https://twitter.com/0xMarkian/status/1702384661605867759]
– Polkadot’s OpenGov system [hyperlink: https://cointelegraph.com/explained/polkadot-20-and-the-future-of-dot-explained]

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J-S Tremblay
About the author - J-S Tremblay

I've been involved in the cryptocurrency world since 2016 and trading since 2019. I started Moon and Lambo in 2021. I'm passionate about crypto and love to share my knowledge. I hate bankers and I hope that cryptocurrency will change the financial world for the better. View full profile...

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