Polkadot founder announces moves toward full decentralization with a new governance model

Polkadot founder announces moves toward full decentralization with a new governance model

Live from Polkadot Decoded in Buenos Aires on Wednesday, Polkadot (DOT) and Kusama founder Gavin Wood announced that the governance model of the blockchain would undergo a new transformation. Dubbed Gov2, anyone will be able to initiate a referendum at any time and as many times as they wish in the new setup, similar to initiating new transactions on the blockchain.

Thereafter, pending referendums need a 50% stakeholder vote within 28 days to pass or face rejection by default. Participants can also step in and launch timely override proposals, which require similar voting procedures, should technical glitches be discovered in the referendums themselves.. Passive voters can specify a different delegate for each referendum class in the system in a process known as multi-role delegation.

Wood said there will be a new body, called the Polkadot Fellowship, made up of technical experts who will have the power to shorten referendum voting times on time-sensitive issues. Usually, several principles will remain unchanged with respect to the previous model of government. In the first place, 50% of the total participation in the system will be able to direct its future. Greater weight will also be given to those willing to lock their tokens in the system for longer, in a process known as conviction voting. Lastly, a committee will also be maintained to oversee technocratic developments in the blockchain.

According to Gavin, the changes will reflect the flaws of centralization and a referendum voting system both present in the original Polkadot governance model. Gov2 will be released on Kusama imminently, following a final professional audit of its code. Once tested in Kusama, a proposal will be made to integrate it into Polkadot.

Read:  The CIA director says the agency currently has "a number of different projects" focused on cryptocurrencies.

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