One of the largest blockchain events, Polkadot Decoded, is holding its third edition on June 29th and 30th, 2022. Polkadot founder Gavin Wood announced the new Governance version 2 (Gov2) structure at the conference.
Gov2 will be launched on Kusama, and a proposal will be put forward for the Polkadot network to vote on. Polkadot’s decision-making process is expected to be significant because of Gov2.
Polkadot’s core team stated that its current governance system needed to be overhauled because it was too centralized. They claimed that the Polkadot Council, a centralized body of executives, had sole decision-making authority over matters such as treasury spending. This, the team argued, contradicted the decentralization ethos.
For Governance v2, the team has created a software framework that will replace the Council with a “referendum”, a voting system in which anyone can make proposals and have them approved.
Following a final professional audit of its code, the Polkadot team intends to submit a proposal to launch the new structure on the Polkadot network once it has been tested on Kusama.
Gov2 also includes some governance processes so that many decisions can be made simultaneously.
A new body known as the “Polkadot Fellowship”, will replace Polkadot’s Technical Committee and governance council.
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Polkadot Fellowship will ensure that technical experts’ opinions are still heard and considered in Polkadot governance without giving this group of stakeholders undue power.
The Fellowship is designed to have tens of thousands of members, with much lower entry barriers in terms of administrative process flow and expertise expectations.
An Origins and Tracks system will help organize Polkadot governance and protect the system from malicious actors, protecting the protocol from attacks.
The person in charge of the proposal has the authority to specify which Origin will carry it out, which will determine which track the proposal will take and how the referendum will be conducted.
