Polkadot's founder announces steps toward full decentralization with new governance model
Live from Polkadot Decoded in Buenos Aires on Wednesday, Polkadot (DOT) and Kusama founder Gavin Wood announced that the blockchain's governance model would undergo a new transformation. Dubbed Gov2, anyone would be able to start a referendum at any time for as many times as they wish in the new setup, similar to initiating new transactions on the blockchain.
Thereafter, pending referenda need 50% of the vote from stakeholders within 28 days' time for approval or face rejection by default. Participants can also intervene and launch timely cancellation proposals, which require similar voting procedures, in the event that technical glitches are discovered within the referenda, themselves. Passive voters, t can specify a different delegate for every class of referendum in the system in a process known as multirole delegation.
Wood said there will be a new body, dubbed the Polkadot Fellowship, composed of technical experts who have the power to shorten referenda voting times in the event of time-sensitive matters. Overall, several tenets would remain invariant from the previous governance model. First, 50% of the total stake in the system will be allowed to command the system's future. Greater weight will also be given to those willing to lock their tokens in the system for a longer durationin a process known as conviction voting. Finally, a committee will also remain to oversee the blockchain's technocratic developments.
As told by Gavin, the changes will reflect the flaws of centralization and one referendum at a time voting system present in Polkadot's original governance model. Gov2 is set to launch on Kusama imminently, following afinal professional audit of its code. Once tested on Kusama, a proposal will be made to bridge it to Polkadot.