E Amazings – Money management
  • Home
  • Automotive
  • Business
  • CBD
  • Crypto
  • Education
  • Entertainment
  • Fashion
  • Finance
  • Health
  • Home Improvement
  • Law \ Legal
  • News
  • Shopping
  • Sports
  • Technology
  • Travel
  • Need Help?

Subscribe to Updates

Get the latest creative news from FooBar about art, design and business.

What's Hot

What Closing Costs Do Home Buyers Have?

February 25, 2023

What Is Realtek HD Audio Manager

February 2, 2023

A Basic Guide To Cell Tower Leasing

February 2, 2023
Facebook Twitter Instagram
E Amazings – Money management
  • Home
  • Automotive
  • Business
  • CBD
  • Crypto
  • Education
  • Entertainment
  • Fashion
  • Finance
  • Health
  • Home Improvement
  • Law \ Legal
  • News
  • Shopping
  • Sports
  • Technology
  • Travel
  • Need Help?
Facebook Twitter Instagram
E Amazings – Money management
You are at:Home»Crypto»Polkadot Unveils Proposal for Next Generation of Governance
Crypto

Polkadot Unveils Proposal for Next Generation of Governance

By June 29, 2022No Comments3 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Email
Share
Facebook Twitter Pinterest WhatsApp Email

[ad_1]

Polkadot creator Gavin Wood unveiled the next generation of governance for the DOT ecosystem – Gov2. Only after the v2 is tested on Kusama, a proposal will be made for the Polkadot network to vote on.

New Polkadot Governance v2

According to the press release shared with CryptoPotato, the new governance system does not intend to break from the original tenet, where 50% of the total stake in the system should be able ultimately to direct the system’s future. It also does not detach from the “Conviction Voting” introduced in Polkadot that aims to give greater weight to users willing to lock their tokens into the system for longer.

“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 in order to dramatically increase the number of collective decisions the system is able to take. Let’s look a little deeper into how it works.”

Focus on Simplifying

The governance system is still in the development phase and focuses on lowering the barriers by removing additional bodies that serve as “first-class citizens,” such as the Council and Technical Committee – no alternating timetable of proposals, and no public proposal queue. The new system will have only one first-class decision-making mechanism: the referendum.

All users may start a number of referenda at any time, and anyone can vote on these. There are no limitations; however, to make it less cumbersome, Gov 2 presents some features to the referendum process. A referendum must satisfy several criteria before they proceed to the “Deciding” stage, until which it will remain “undecided.”

Only after reaching the “Deciding” stage the referendum becomes eligible to be approved. The voting period is 28 days. Proposals that are not approved during this time period will be marked rejected by default.

Gov2 also has provisions for proposal which are probably already being voted on but contains a problem, and canceling it, is the only way to go. As such, the special operation for intervening is called “Cancellation,” which will immediately dismiss an ongoing referendum regardless of its status. In order to executive this governance operation, the network will have to vote on it.

Polkadot has also retained and enhanced a feature called Vote Delegation in Gov2 by enabling a user to delegate their voting power to another voter in the system.

SPECIAL OFFER (Sponsored)

Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).

PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to receive up to $7,000 on your deposits.

[ad_2]

Source link

Related Posts

Report With an Eye on Mutual Settlements with China, Russia To Launch CBDC Early Next Year: Report

By September 28, 2022

China Cracks Down a $5.6 Billion Crypto Money-Laundering Scheme (Report)

By September 28, 2022

Binance Launches Training Program For Law Enforcement Agencies

By September 28, 2022

FTX US President Brett Harrison Steps Down

By September 27, 2022
Add A Comment

Comments are closed.

Our Picks

What Closing Costs Do Home Buyers Have?

By Corbin BowenFebruary 25, 2023

What Is Realtek HD Audio Manager

By Corbin BowenFebruary 2, 2023

A Basic Guide To Cell Tower Leasing

By Corbin BowenFebruary 2, 2023
Recent Posts
  • What Closing Costs Do Home Buyers Have? February 25, 2023
  • What Is Realtek HD Audio Manager February 2, 2023
  • A Basic Guide To Cell Tower Leasing February 2, 2023
  • Air Duct Repair 101: Everything You Need To Know February 2, 2023
  • Advantage LIC? How Budget Insurance Amendment Bill may benefit the PSU insurance giant January 5, 2023
  • The Flight Of The Dremel January 5, 2023
  • LIC offering multiple benefits on premium payment with co-branded credit cards with Axis Bank: Check features, offer January 5, 2023
Archives
  • February 2023
  • January 2023
  • December 2022
  • November 2022
  • October 2022
  • September 2022
  • August 2022
  • July 2022
  • June 2022
  • September 2021
  • December 2020
  • November 2020
  • October 2020
  • September 2020
  • August 2020
  • July 2020
  • June 2020
  • May 2020
  • April 2020
  • March 2020
  • February 2020
  • January 2020
  • June 2018
  • May 2018
  • April 2018
  • March 2018
  • February 2018
  • January 2018
Facebook Twitter Instagram Pinterest TikTok
© 2022 E Amazings - All Rights Reserved.

Type above and press Enter to search. Press Esc to cancel.