Governance is crucial for decentralized systems.
All systems evolve or they die & blockchains aren't exempt from this universal law. The ease of administering change, the idea that someone can fix a problem or add a new feature, is one of the draws toward centralized systems.🧵
All systems evolve or they die & blockchains aren't exempt from this universal law. The ease of administering change, the idea that someone can fix a problem or add a new feature, is one of the draws toward centralized systems.🧵
2/ But to be sustainable over a long period of time, systems must decentralize. Economies that cut off trade flow, dictatorships that stop migration, and languages that don’t accept new words all die, or are already dead.
3/ Polkadot’s current governance features a three-chamber structure:
1️⃣ A tech committee for managing upgrade timelines
2️⃣ An approval-voted, elected council to manage parameters, admin, and spending proposals
3️⃣ A general voting system for everything else
1️⃣ A tech committee for managing upgrade timelines
2️⃣ An approval-voted, elected council to manage parameters, admin, and spending proposals
3️⃣ A general voting system for everything else
4/ However, it has its drawbacks: the Council & Technical Committee are primarily centralized and generally not anonymous, putting the protocol and individuals at some degree of risk. Further decentralization is increasingly needed for the safety and security of all participants.
5/ Polkadot’s next-generation governance system, Gov2, aims to solve the issues with the current system.
But some things won’t change:
- 50% of the total stake, with sufficient conviction, will still determine the system’s future.
But some things won’t change:
- 50% of the total stake, with sufficient conviction, will still determine the system’s future.
6/
- Conviction Voting, giving greater weight to those willing to lock their tokens for longer, will also remain.
- As will the need for a technocratic collective, though its importance, size, composition, and membership mechanics will change.
- Conviction Voting, giving greater weight to those willing to lock their tokens for longer, will also remain.
- As will the need for a technocratic collective, though its importance, size, composition, and membership mechanics will change.
7/ Gov2 is actually a lot simpler than the current governance. There are no additional “first-class citizens” such as the Council and Technical Committee, no alternating timetable of proposals, nor a public proposal queue.
8/ Instead, there is one decision-making mechanism: the referendum. In Gov2 there can be lots of referenda, all happening simultaneously, increasing the number of motions that can be passed at a time.
To dive deeper into how it works, check out the blog: polkadot.network/blog/gov2-polk…
To dive deeper into how it works, check out the blog: polkadot.network/blog/gov2-polk…
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