Polkadot Founder Unveils ‘Gov2’, Plans Achieving Complete Decentralization

• Gov2 would allow anybody to start a referendum at any time.
• Most stakeholders must vote in favor of pending referenda within 28 days.

Polkadot (DOT) and Kusama founder Gavin Wood stated on Wednesday that the blockchain’s governance architecture would undergo a fresh metamorphosis, live from Polkadot Decoded in Buenos Aires on Wednesday. Gov2 would allow anybody to start a referendum at any time and for as long as they want under the new system, much as how blockchain transactions may be initiated at any time.

Restructured Governance Model

Most stakeholders must vote in favor of pending referenda within 28 days, or will be rejected by default. Technical difficulties in the referenda may need participants to issue timely cancellation bids, which would necessitate the same voting processes. In a procedure known as “multirole delegation,” voters may choose a different delegate for each kind of referendum.

Polkadot Fellowship: A group of technical specialists with the capacity to reduce voting periods in time-sensitive situations will be formed, according to Wood. Several principles of the former governance model would be preserved in the new one.

First, most of the system’s stockholders will be able to exercise influence over the system’s destiny. A technique known as conviction voting will also give more weight to people willing to keep their tokens in the system for longer. Finally, a committee will be in place to keep tabs on the technological advancements of the blockchain.

According to Gavin, the modifications will reflect the problems of Polkadot’s original governance model, such as centralization and one referendum at a time voting. Following a final code review, Kusama will soon be able to use Gov2. Proposals will be made to connect Kusama to Polkadot when tested on both platforms.

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