The founder of Polkadot announced a new governance model for the platform

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2022-06-29 23:17:53

Polkadot will upgrade its governance system to be more inclusive and decentralized, and significantly increase the number of proposals that can be voted on.

The founder of Polkadot announced a new governance model for the platform

Specifically, at Polkadot Decoded – Polkadot’s biggest event in 2022, being held in Buenos Aires on June 29, founder Gavin Wood announced that Polkadot’s governance model will undergo a transformation. innovation, called Gov2.

Accordingly, Gov2 will remove administrative privileges for the project leadership team, such as the Polkadot Council and the Technical Committee of the platform. This means that Polkadot will extend the rights to anyone who can initiate a referendum at any time they want, all with equal voting rights and no limits. limit on the number of proposals.

In addition, the new administrative version also includes various tweaks to streamline administrative processes so that multiple decisions can be made at the same time.

Initially, Gov2 will launch on Kusama, Polkadot’s sister network, to ensure full testing of the code. After Gov2 is tested on Kusama, Polkadot will put out a proposal for the community to vote on, though Gavin Wood did not specify a specific timeline for this process.

Commenting on the latest development in Polkadot’s governance system, Bryan Chen, Co-Founder and CTO of Acala (ACA), a DeFi project most interested in Polkadot, said that Gov2 really opens the way. provides more new building blocks for parachains, to build the desired governance of the platform while sharing the common infrastructure. This opens up new possibilities for implementing governance processes with the right balance between decentralization and efficiency.

“Gov2 is proof of the optimal capabilities of the Polkadot network when there is enough incentive to upgrade the platform governance mechanism without the need for a hardfork.”

After all, decentralized management of large and complex networks is not easy. A fact that has been proven so many times, from Ethereum’s first experience of a decentralized autonomous organization (DAO) that led to the birth of Ethereum Classic (ETC), to the controversial issue pressing sink the current MakerDAO community.

Therefore, with a rather complicated construction structure with parachains, Polkadot still needs a lot of work in the near future to help the new model reduce risks and operate effectively.

In addition to introducing Gov2, Polkadot also brings to the community another exciting development at Polkadot Decoded which is the project ecosystem that will soon have a parachain dedicated to decentralized social media named “Frequency”.

Frequency, the first implementation of the Decentralized Social Networking Protocol (DSNP), has chosen the Polkadot ecosystem as its home. Frequency is perhaps best known as the protocol that underpins real estate billionaire Frank McCourt’s Liberty project, backed by him with about $250 million, which aims to “democratize” social media by develop a publicly accessible database of people’s social connections and challenge the power of traditional social media giants.

With the rise of blockchain technology, the idea of ​​a decentralized social media where users’ content is not controlled by a company or organization has accelerated dramatically. Twitter CEO Jack Dorsey as well as the Aave protocol became the first representatives to start this movement through the new initiative Web5 and the social network Lens Protocol.

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