Polkadot’s Founder Announces a Revamped Governance Model

According to Gavin Wood, the Polkadot blockchain ecosystem is set to implement a new governance model. 

Table of contents: 

1. Polkadot will have a reworked and improved governance model, says Wood
2. Referendums that could be canceled by majority holders

Polkadot will have a reworked and improved governance model, says Wood 

Given the stagnation in the crypto market that doesn’t offer many talking points in terms of price action, the attention has now shifted towards fundamentals, the tech solutions that projects prepare to lay out to invigorate the interest. Since its emergence, Polkadot has been widely recognized as one of the most technologically sound blockchain projects, which is no wonder given who’s at its helm, a computer scientist Gavin Wood, who also stood at the origin of the Ethereum network and the Solidity programming language. 

So the following news delivered by the project’s founder during the recent Polkadot Decoded, the crypto event that took place in the capital of Argentina, confirmed the expectations of many analysts that the network’s development is going in full swing. During the said event, Wood announced significant changes to Polkadot’s governance model named Gov2. Upon its implementation, the network will enable the initiation of referendums as easily as someone would initiate a transaction. 

Referendums that could be canceled by majority holders

If anyone wonders how the developers thought of preventing the flood of stupid initiatives from being realized through such referendums, they have established a 50% approval threshold. The proposal must be approved within 28 days by no less than half of the network's stakeholders. Otherwise, the initiative would be canceled automatically. Those opposed to a proposal, or its outcome, can also submit a cancellation request that would undergo similar voting procedures. The voters will be divided into groups of active and passive ones, with the latter being given the option to assign this function to a specific delegate through the so-called multirole delegation. In addition, the special governing body called the Polkadot Fellowship will be established and given the power to expedite the voting if the situation dictates. 

The renewed model will retain some features of the old one, like keeping the decision-making power with those who hold the majority stake in the network. Special privilege dubbed “conviction voting” will be given to those willing to stake their tokens in the Polkadot protocol for a longer time. A special committee will oversee whether the network development goes in line with the declared concept of “technocracy.” Upon the trial run on Kusama, the model will be introduced to Polkadot.