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Top Crypto News: New On-Chain Governance Token from Polkadot!

Top Crypto News: New On-Chain Governance Token from Polkadot!

One of the top 10 crypto assets, Polkadot (DOT) is preparing to transform its new governance structure. According to the Polkadot founder, Gavin Wood, the new governance structure was part of the Polkadot Decoded 2022 conference. According to the Crypto Briefing news, Gavin Wood announced Wednesday that the “Layer 0” blockchain would be moving away from its council and tech committee-led governance structure to a more decentralized and inclusive model. In a streamed main stage presentation at Polkadot Decoded 2022, Wood introduced the new “Gov2” model and explained how it aims to improve Polkadot’s decision-making process.

The current governance system on the DOT ecosystem uses a public proposal queue, whereas the new governance model will allow anyone to start a referendum at any time, as often as they wish. This will cater to the main goal of the new governance model; which is to increase the number of collective decisions the Polkadot governance system is able to make. This means that under the new structure, known as Gov2, there can be multiple referendums that can cover a wide range of issues happening simultaneously with no limit to the number of referenda that are open to voting at any time. 

Additional to incorporating the increase in the number of collective decisions, the new model will also retire the governance council and technical committee’s involvement in voting. They will be replaced with a new Polkadot Fellowship. The Fellowship is set in place to ensure that the opinions of technical experts are heard and considered in the Polkadot governance without giving this segment of stakeholders an excessive amount of control. However, DOT holders who wish to entrust their voting power to other community leaders will continue to be able to do so through a new and improved Multirole Delegation system. 

With the new system working towards granting more freedom and flexibility, new measures have also been worked upon. The developers have introduced new methods to safeguard the protocol from attacks. According to the Crypto Briefing news, an Origins and Tracks system will help organize Polkadot governance and guard the system from malicious actors. Proposers must specify an “Origin” when creating proposals that are most appropriate to cover what they aim to achieve. Proposals specified to Origins that can alter more significant aspects of the Polkadot ecosystem will have more stringent safeguards, higher thresholds, and longer consideration periods. Conversely, Origins that will be able to convey relatively little power (e.g., the Tip Origin, able to spend at most 10 DOT from the treasury) have shorter consideration periods and lower thresholds for approval.

Additional Read: DOT vs LINK: Comparative Analysis

According to the news, Polkadot’s new governance model is not the first major update for the Layer 0 blockchain in recent months. In May 2022, Polkadot launched a “Cross-Consensus Messaging” called XCM; a format that will allow communication between the network’s various parachains. This update resulted in bringing the network closer to realizing its goal of becoming a fully interoperable multi-chain ecosystem.

Gov2, the newly-announced governance model of Polkadot, is set to launch on Kusama imminently, following a final professional audit of its code. Once tested on Kusama, the Polkadot team plans to submit a proposal to launch the new structure on the Polkadot network.

Source: CryptoBriefing

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