Polkadot CEO Announces New Governance Model For The Blockchain
- Gavin Wood says the new model will turn the Polkadot blockchain into a complete technocracy.
During the Polkadot decoded event (an annual community gathering by Polkadot), Gavin Wood (Polkadot CEO) announced an upgrade to the Polkadot blockchain’s decision-making process. It will be known as the governance version 2 (Gov2).
The New Polkadot Governance Model
The new governance model will be more inclusive and decentralized. Also, there will be a significant rise in the number of proposals that can be voted on. Under the new governance model, there would only be a single class of referendum participants.
Hence, unlike in the previous model, there would no longer be a Polkadot council, technical committee, or the likes. The new upgrade also has several tweaks to simplify governance processes and make it possible for multiple decisions to be made at once.
After the completion of the final professional audit of the new governance, Polkadot will launch Gov2 on the Kusama network. The success of the Gov2 test on Kusama will be followed by a proposal to vote on it on the Polkadot network.
However, Wood didn’t state the duration of the process. Gov2 allows anyone to start a referendum and repeat it as often as they desire. All members can also vote on any referenda at any given time.
Gov2 replaces a centralized voting hierarchy with a decision-making ranking. Thus, making it easier to manage what needs to be voted on. An “origin defines each independent proposal.” The Origin ranks each of those proposals based on the level of importance.
Also, each proposal has a “track” to measure its progress level. The root origin is the most powerful; however, others are not as powerful as it. This root origin’s thresholds and safeguards are the highest.
The person suggesting a proposal can choose the Origin to execute it. That choice will determine the track for such a proposal and the conduct of its referendum. Independent tracks make it possible to customize the dynamics of referenda through implied privilege levels.
The blog post states that the more powerful the Origin a referenda uses to execute a proposal, the stricter its safeguards. Also, its thresholds will be higher, and consideration periods will be longer.
There are three criteria levels proposals need to satisfy before a switch to a “deciding state.” Those criteria levels include a lead-in period, a decision allocation, and a “decision deposit” payment. This payment is meant to offset on-chain storage costs.
No More Technical Committees Under Gov2
Under Gov2, the Polkadot fellowship will replace the technical committee from the previous governance model. The fellowship is a decentralized body and makes it impossible to form a clique. Also, it will disallow members from being too powerful to make decisions.
This is important as such members can be influenced wrongly and make bad decisions. The barrier to entering the fellowship is far lower than the technical committee. Hence, fellowship members can be up to tens of thousands of members.
The blog post explains that the fellowship is mostly a decentralized body. Its main aim is to represent others with specific technical knowledge about the Polkadot network and protocol.
Polkadot Price Action
Despite the good news from Polkadot’s CEO, Polkadot (DOT)’s price remains bearish. It is down for the fourth successive day. Polkadot (dot) trades at $7.13 and is down 6.4 percent in the last 24 hours according to our data.
Dot has lost over 11 percent since facing rejection at the $8.5 region on June 24. The effect of the news would likely prevent DOT from hitting a lower bottom prediction of $6.45 in the next 24 hours.
Rebecca is a Senior Staff Writer at BitcoinWisdom, working hard to bring you the latest breaking news in the cryptocurrency market. In the words of Elon Musk “Buy stock in several companies that make products & services that *you* believe in. Only sell if you think their products & services are trending worse. Don’t panic when the market does. This will serve you well in the long-term.”
