Polkadot Gov2: Token holders will take over governance from the Council
Gavin Wood, Polkadot founder, announced the move at the annual Polkadot Decoded event
Polkadot (DOT) will implement an upgrade called Gov2 that removes any preferential treatment and allows anyone to start a referendum as many times as they wish.
Founder Gavin Wood announced the move at Polkadot Decoded, an annual global event that took place in Buenos Aires.
Once implemented, a referendum will need 50% of the vote from stakeholders within 28 days to pass or face rejection by default.
Proposals can also be cancelled under similar rules to the referendum voting system.
Gov2 is set to launch on Kusama, Polkadot’s sister network. Once tested on Kusama, a proposal will be made for the Polkadot network to vote on.
The Polkadot Fellowship
Wood also announced there will be a new body called the Polkadot Fellowship, which will consist of technical experts who will have the power to shorten the voting times in referendum voting if it relates to a time-sensitive matter.
The Gov2 will also remove “first-class citizens” in terms of governance, such as the Council and Technical Committee. The new system will only have one decision-making process, the referendum.
Polkadot said: “Where it differs most is how it manages the practical means of day-to-day decision-making, making the repercussions of referenda better scoped and agile to dramatically increase the number of collective decisions the system can take. Let’s look a little deeper into how it works.”
However, to get to the voting step, the proposal must pass through the “deciding stage”. Once it has done this then it will become eligible to be voted on and possibly approved.
Additionally, Polkadot has retained and improved a feature called vote delegation, which means Gov2 can delegate their voting power to another voting in the system.