Polkadot OpenGov: Empowering the DOT Community with Decentralized Decision-Making in a New Era

CryptoNewsFlash

2023-06-21 09:38:45

Polkadot has launched an open governance platform, Polkadot OpenGov. The platform is the first of its kind, a decentralized and unstoppable platform that gives the Polkadot community complete network control. Holders of the Polkadot native token, DOT, now have the authority to propose referenda

Polkadot announced the launching of Polkadot OpenGov on Twitter, creating a new era for the platform and community.

Marking the beginning of a new era where the power of decision-making is placed directly into the hands of the DOT community, Polkadot OpenGov has officially arrived!

The pinnacle of governance s in Web3, this is how OpenGov works: pic.twitter.com/odOUg071vw

— Polkadot (@Polkadot) June 19, 2023

OpenGov debuted and underwent vigorous testing on Kusama (KSM), Polkadot’s Canary Network, leading to increased community participation from members. The positive report pushed for a proposal submission which led to the approval of a complete OpenGov rollout

The early signs are positive when it comes to deeper engagement. In the past six months, Polkadot’s canary network Kusama network has seen 200 proposals submitted, a four-fold increase compared to the same period last year.

The Polkadot community reported a surge in proposal submissions, recording a four-fold growth compared to the corresponding period in the last year.

A Transformative Era in Web3 Interoperability

Polkadot noted that OpenGov would protect the Polkadot network from bad actors by boosting the stakeholders’ engagement. Malicious actors can destroy protocols that are not adequately decentralized, but OpenGov protects Polkador by empowering DOT holders and protecting the network

The development of OpenGov flags off a potentially transformative era in Web3 interoperability with full freedom in decision-making, giving the DOT community all the rights. Allocation of treasury funds, decision-making, and conflict resolution will be resolved through community referenda. The community welcomes anyone interested to joining and participating in these roles

OpenGov aims at revolutionalizing blockchain governance with decentralized, fast, open, and future-facing solutions. There will be no first-class citizens on the Polkadot network. Instead, automated enactment helps eliminate human involvement, and DOT holders take care of all network activities

The platform supports multiple referenda simultaneously, meaning decisions will be made faster, no queues, and the network security will not be compromised. With the full involvement of DOT holders, there will be no power struggle in Polkadot. Vote delegation drives member participation, and conviction voting levels represent those with fewer DOT tokens. OpenGov is here to ensure no hard fork in the network, as Polkadot and related para chains will remain updated due to the simplified and seamless upgrade

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