During the annual Polkadot Decoded gathering, Polkadot’s founder Gavin Wood announced an upgrade of the blockchain governance system to the Gov2 version.
Introducing Polkadot’s Gov2, an upgraded governance design for Polkadot nodes
What's all the excitement about @Polkadot Gov2?
July 3, 2022
Polkadot’s CEO Gavin Wood recently announced the launch of a new governance model at the #Polkadot Decoded conference. It promises to make Polkadot more decentralized. Here’s a thread on the key points from the update.👇👇(1/4)
Polkadot is a decentralized blockchain consisting of several parallel proof-of-stake chains, also known as parachains. Polkadot (DOT) nodes are leveraged by numerous dApps of all types.
The Polkadot network’s decision-making process is set to increase its capability to process a greater number of voting proposals and boost inclusivity and decentralization. Prior to being activated on Polkadot (DOT) nodes, the upgrade will initially be tested on Kusama - Polkadot’s highly scalable canary network.
Among some of the new updates are the ability to make simultaneous governance decisions and start referendums, the removal of the voting hierarchy, and the introduction of the Polkadot Fellowship organization.
Polkadot adopts Fellowship and Origins, novel ecosystem instruments
The Polkadot Fellowship will replace the current Polkadot’s Technical Committee. Following the Polkadot founder’s statement, becoming a member of the Fellowship will be “as easy as placing a small deposit”.
Besides being well-informed, participants of the new self-governing and fully transparent body will work towards staying in line with Polkadot’s vision before coming out with the final decision.
Under the new upgrade, independent proposals will be known as “Origins”, the name highlighting the significance of community participation in the network’s maintenance. Moreover, each proposal is assigned a “track” in order to stay updated on the progress of the proposal.
Members of the Polkadot Fellowship responsible for the proposal are able to choose which Origin they would like to execute their proposal with, therefore, determining the track that particular proposal is set to go with and the way the proposal referendum is to be carried out.
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