Polkadot Discloses New Governance Model Dubbed Gov2

Vignesh Karunanidhi
Polkadot Discloses New Governance Model Dubbed Gov2
Source: The Daily Hodl

Polkadot founder Gavin Wood announced that a new transformation is on its way for its blockchain governance model. The announcement was made by Wood on Wednesday at the streamed main stage event during the Polkadot Decoded 2022 conference.

He announced that the current “Layer 0” blockchain would drift to an inclusive and decentralized model. Wood unveiled the new “Gov2” model and spoke about how the new model will aid in improving Polkadot’s decision-making.

Source: The Coin Republic

Polkadot’s governance model envisions collective decision making

The new governance model’s primary objective is to improve the proportion of group choices that the Polkadot governance system is capable of making. In contrast to the existing approach, which employs a public proposal queue, the new governance model would let anybody launch a referendum whenever they choose.

The new Gov2 governance model will allow to include multiple referendums, which will simultaneously cover various issues that are happening. There will also be no limit to the number of referenda that will be open for voting. The new model will also introduce a Polkadot Fellowship that will replace the technical committee and governance council that are involved in the process of voting.

Source: Blockchain News

The Fellowship will make sure that technical experts’ ideas are still heard and taken into account in Polkadot governance without giving this group of stakeholders excessive influence. The new multirole delegation model will give Polkadot holders the power to entrust the voting powers to the community leaders.

The Gov2 governance model will ensure more flexibility and freedom. Apart from that, new safeguards have been introduced to keep the protocol protected from attacks. In order to manage Polkadot governance and protect it from dangerous actors, a framework called Origins and Tracks will be utilized.

The new governance model will be launched on Kusama soon following the proper audit of the model’s code.