Polkadot reportedly bringing the proposal for Gov2 for DOT Ecosystem


🚀 Stay Ahead with AltcoinDaily.co! 🌐

Polkadot is reportedly bringing the next generation of governance for the DOT ecosystem called Gov2. According to recent reports, the founder of the company Gavin Wood has recently unveiled Gov2 and said that the proposal would be made for the Polkadot network to vote on only after completing v2 testing on Kasuma.

The reports say that the new governance system does not break from the original tenet. Notably, in the basic tenet, 50% of the total stake in the system directs the system’s future. 

 🦂 AltcoinDaily.co is your trusted source for the latest in crypto news and insights. 🚀

Polkadot bringing a new governance system

Moreover, the new launch would align with the “Conviction Voting” introduced in Polkadot, which intends to give priority to users who lock their tokens into the system for a longer period of time. The press release mentions the newness of the governance by stating:

“Where it differs most is how it manages the practical means of day-to-day decision-making, making the repercussions of referenda better scoped and agile in order to dramatically increase the number of collective decisions the system is able to take.”

As TheCoinRise reported in May, Polkadot launched a cross-chain communications protocol as a solution to blockchain’s bridge problem, which was welcomed by the community.

The governance structure, which is still in development, aims to lower barriers by eliminating additional bodies that act as “first-class citizens,” such as the Council and Technical Committee. The referendum will be the only first-rate decision-making process in the new system without an alternating timetable of proposals or a public proposal queue.

The referenda by Polkadot can be initiated by any user at any time, and anyone can vote on them. There are no restrictions, although Gov2 introduces some features to the referendum process to make it less cumbersome. Before moving on to the “Deciding” stage, where a referendum must meet a number of requirements, it will stay “undecided.” There are 28 days to cast your vote, and any proposals that stay unaccepted during this time will automatically be listed as rejected.

 🔍 Your Crypto News Hub: AltcoinDaily.co! 🌐

July 25, 2024

Bitfarms' lead director Brian Howlett announced that Bitfarms has adopted a..

July 25, 2024

HSBC clarified that it would continue to accept payments from crypto..

July 25, 2024

Roma secures Virtual Assets Service Provider License from Dubai VARA

ads-image ads-image