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New governance model: Polkadot founder announces plan for full decentralization

 


Live at Polkadot Decoded in Buenos Aires on Wednesday, Polkadot ( DOT ) and Kusama founder Gavin Wood announced that the blockchain governance model would be transformed. With Gov2, anyone can start a vote at any time and as often as they want, similar to making new transactions on the blockchain.


After that, you have to get 50 percent of the votes of those involved in the vote within 28 days so that the proposal can be accepted. Otherwise, the proposal is rejected by default. Participants can also intervene and submit cancellation proposals in a timely manner. The procedure here is similar to that for voting. The cancellation proposals are intended in case technical problems are discovered during the voting. Passive voters can designate a different delegate for each class of voting in the system. This function is called "Multirole Delegation".


Wood said there will be a new body, called the Polkadot Fellowship, made up of technical experts who can speed up voting times on urgent matters. Broadly speaking, some principles remain unchanged from the previous governance model. 50 percent of the total stake in the system will be able to determine the future of the system. Those willing to lock their tokens in the system for a longer period of time can increase their voting weight. This is where a process known as "Conviction Voting" comes into play. There will also continue to be a committee that oversees blockchain technological developments.


According to Gavin, the changes reflect the shortcomings of the centralization and voting system, where only one vote can run at a time, that existed in Polkadot's original governance model. Gov2 will soon be launched on Kusama once the code has been finalized. After testing on Kusama, a proposal for porting to Polkadot will be put to the vote.

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