Polkadot Chief Gavin Wood Announces Blockchain Governance Upgrade 

Key Takeaways: 

  • Polkadot to incorporate new governance. 
  • It will make starting a referendum and voting easier. 

With the recent market crash and insolvency rumors of big crypto firms making rounds in the market, regulators are constantly monitoring the market. Alongside, crypto firms are also working on bringing infrastructural changes to survive in the market. 

Recently, Polkadot announced that it has decided to be more inclusive and decentralized. It will increase the number of proposals that can be voted on as announced by the founder, Gavin Wood at the annual community gathering. 

The new version of Polkadot, Governance version 2 will eliminate all preferential “first-class citizens” related to Governance such as Polkadot Council and Technical Committee. The single class of referendum participants will be left with an accompanying blog post states. 

The new adaptation likewise incorporates different changes to smooth out administration processes with the goal that numerous choices can be made all the while.

Gov2 is set to send off on Kusama, Polkadot’s more deft and trial sister organization, unavoidably, as indicated by the blog entry, following a last proficient review of its code. When Gov2 is tried on Kusama, a proposition will be made for the Polkadot organization to decide on, Wood added, without expressing how long that cycle will require.

The blog post states, “In Gov2, anyone is able to start a referendum at any time, and they can do this as many times as they wish. “Anyone can also vote on these referenda. There are no explicit limits on the number of referenda which are open to vote on at any time.” 

Shreya Bhattacharya
Shreya Bhattacharya

A journalist & writer exploring new topics every day!

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