Polkadot, the 11th largest cryptocurrency with a market cap of over $7 billion, could see an overhaul of the entire governance system.
Gov2
The proposal, known as Gov2 during development, can be summed up overall as an effort to increase both decentralization and decision-making efficiency of the network. For this, referendums will be the only first-class decision-making mechanism. It is in contrast to the current form of governance as many decisions can be made at the same time.
Under the system, which has been in place for a number of years, a technocratic committee has dealt with issues such as schedules; an elected executive “government” elected by consent managed parameters, administrative and spending proposals; For everything else, a general voting system has been introduced, rewarding long-standing stakeholders with increased influence.
Current cons
This current system has served to limit the number of decisions that can be taken simultaneously, given the unified “all-or-nothing” referendum model – that is, all referendums have maximum power. Partly for this reason, only one referendum can be voted on at a time, and these votes take several weeks by default. Furthermore, the elected executive is a centralized body and is also not anonymous and can therefore be pressured in one way or another.
However, the current system also offers features that are not changed here. For example, 50% of the total participation in the system should ultimately be able to determine the future of the system if there is sufficient persuasion. Greater weight will also be given to those who are willing to lock their tokens in the system longer.
referendum mechanism
Let's take a look at how a referendum works as the new network could expire these soon.
When a referendum is first created, it can be immediately voted on by anyone in the community. However, it is not in a condition to terminate or otherwise have its votes counted, approved, and summarily enacted. Instead, referendums must meet a set of criteria before entering a state known as deciding . Until they are in that state, they remain undecided.
Three criteria must be met: First, all referendums have a lead time. This is a period of time that must elapse under the Proposal before the decision can begin, and provides a notice period that mitigates the possibility of "decision sniping" if an attacker controlling a significant amount of voting rights might attempt to pass a proposal soon after he proposes it, he doesn't give the entire voting populace time to think about it and vote.
Second, there must be room for decision. All routes have their own limit on the number of referendums that can be decided at the same time. The more potent the Origins are allowed on the track, the lower this limit is.
Finally, a decision sniping must be paid to prevent spamming or system bloat.
Suggestions that aren't approved after 28 days are considered rejected by default. At this point, the Decision Deposit may be refunded.
cancellation
Of course, there are cases where a proposal that is put to the vote turns out to contain a problem . In Gov2 there is a special operation to intervene in this way called Cancelation . This operation immediately rejects an ongoing referendum, regardless of its status.
The cancellation is itself a governance operation that the network must vote on in order to execute. This poses a potential timeframe issue, and to be useful, acceptance of a cancellation proposal must be significantly faster than acceptance of a possible destination proposal. Therefore, cancellation has its own origin and track, which has low lead time and approval/support curves with slightly sharper reductions in their passing thresholds.
It's a good way to balance the fear of centralization with the reality of efficiency.
Final Thoughts
Of course, this is all just a suggestion. Nonetheless, Gov2 contains some very interesting aspects and it will be exciting to see how it will turn out in the end. Bear markets are both a time for building and a time for improving existing infrastructure, so proposals like these are promising whether they end up being passed or not.
Gov2 is scheduled to launch on Kusama shortly after final professional review of its code. After a testing period on Kusama, a proposal will be submitted for the Polkadot Network to vote on.
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