{"id":31203,"date":"2022-06-29T13:27:54","date_gmt":"2022-06-29T17:27:54","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=31203"},"modified":"2022-06-29T13:27:58","modified_gmt":"2022-06-29T17:27:58","slug":"polkadot-announces-new-decentralized-governance-model","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/polkadot-announces-new-decentralized-governance-model\/","title":{"rendered":"Polkadot announces new decentralized governance model"},"content":{"rendered":"\n

The founder of Polkadot and Kusama<\/a>, Gavin Wood, disclosed on Wednesday from Polkadot Decoded in Buenos Aires that the governance structure of the blockchain would change.<\/p>\n\n\n\n

\"Polkadot
Polkadot announces new decentralized governance model<\/figcaption><\/figure>\n\n\n\n

In the new system, known as Gov2, anyone could start a referendum at any moment and as many times as they wanted, much like starting new blockchain transactions<\/a>.<\/p>\n\n\n\n

After that, pending referenda must receive 50% of the vote from interested parties within 28 days or they would be automatically rejected.<\/p>\n\n\n\n

In the case that technological errors are found inside the referenda themselves, participants may also intervene and initiate prompt cancellation proposals, which call for identical voting procedures. Multirole delegation is a procedure that allows passive voters to designate a different delegate for each kind of referendum in the system.<\/p>\n\n\n\n

In the event of time-sensitive issues, a new organization called the Polkadot Fellowship\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a>, made up of technological specialists, will have the authority to reduce the voting period for referendums, according to him.<\/p>\n\n\n\n

Overall, a few fundamental principles of the prior form of government would continue to apply. First, the future of the system will be under the control of the holders of 50% of the total stake.<\/p>\n\n\n\n

Additionally, through a procedure known as conviction voting, more weight will be given to those who are prepared to keep their tokens locked in the system for longer. Finally, a committee will continue to be in place to supervise the technological advancements<\/a> of the blockchain.<\/p>\n\n\n\n

According to Gavin, the modifications will address the shortcomings of centralization and the one referendum at a time voting procedure of Polkadot's initial political structure.<\/p>\n\n\n\n

After a final code assessment by a professional, Gov2 is soon to deploy on Kusama. A suggestion to connect it to Polkadot will be made after it has been tested on Kusama.<\/p>\n","protected":false},"excerpt":{"rendered":"

The founder of Polkadot and Kusama, Gavin Wood, disclosed on Wednesday from Polkadot Decoded in Buenos Aires that the governance structure of the blockchain would change. In the new system, known as Gov2, anyone could start a referendum at any moment and as many times as they wanted, much like starting new blockchain transactions. After […]<\/p>\n","protected":false},"author":12,"featured_media":31208,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[77],"tags":[],"class_list":["post-31203","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-polkadot"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2022\/06\/image-232.png","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/31203","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/12"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=31203"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/31203\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/31208"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=31203"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=31203"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=31203"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}