The cryptocurrency community was shocked when Polkadot (DOT) made an unexpected statement about its branding strategy.
The Polkadot Network’s official Twitter account announced earlier today that it plans to change its name to “KOLKADOT,” but only if its community agrees. The Polkadot Network is known for its creative use of blockchain technology.
Poloniex, a well-known name in the world of digital currencies, has recently been attacked and had issues. The company had issues with how it treated its core employees and how much it spent on marketing. The rumored attempt to rebrand seemed to be an attempt to divert attention and cool down the community.
Polkadot’s ‘KOLKADOT’ Rebrand Sparks Debate
The founder of Manta Network, a major Polkadot app, Victor Ji, expressed concerns about the group’s management and understanding of standards. Concerns were also raised about Polkadot’s marketing budget; some wondered if it was working as well as rivals who had smaller marketing budgets.
Even with these setbacks, Polkadot is still a leading force in Web3, and its current development projects show that it is resilient and creative. The network has recently hinted that it wants to replace its current parachain sale system with the JAM Protocol, which is Gavin Wood’s idea for a smart contract engine from the future.
Investors and other important people are keeping a close eye on these changes because they think they might have an effect on Polkadot’s market performance. DOT’s spot price has dropped by 3.98% and is now trading at $6.15.
