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Polkdot to form token holders’ fellowships as part of major upgrade – The Defiant

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Gavin Wood, founder of Polcadot and former CTO of Etherium, says there have been major upgrades in governance based on Polcadot and its pilot, sister-chain Kusama.

Announced during the Polkadot Decoded Conference, Gov2 Upgrade will replace “First Class Citizens” of Polkadot’s existing Council and Technical Committee with a “Polkadot Fellowship” to enable greater participation in the governance process.

Becoming a fellowship candidate member would be “as easy as keeping a small deposit,” the Polcadot team said, adding that the new system could allow thousands of tokenholders to participate in the administration.

Fellowship members can initiate and participate in as many referendums as they wish under the new system. Members are ranked according to their efficiency and alignment with the interests of the Polcadot ecosystem.

Code audit

Wood noted that the Gov2 code is currently undergoing its final professional code audit, after which it will launch “upcoming” in Kusama.

Polcadot is a Layer 0 blockchain network that provides shared security for Layer 1 blockchains, known as parachains. According to CoinGecko, Polkadot’s native DOT token is the 11th largest crypto asset with a market cap of $ 7.65B.

Parachains are built using its native substrate framework and enjoy the security provided by Polcadot’s huge stacking network.

Decision making ability

Wood criticized Polkadot’s centralized decision-making power in the current governance structure. Expanding the scope of administration participation will also protect against small councils and technical committees that bow to the interests of the authorities or other agencies.

The team noted that its existing structure has resulted in a system in which a small selection of proposals is seriously considered by the council and technical committee rather than allowing extensive testing of various ideas developed by the larger Polkadot community.

Winners of the second round of the Polkadot Parachin are ready to add Mojo to the DOT ecosystem

Mark Monfort of Web3 Venture Studio Notcentralized told The Defiant that the dramatic rise of Polkadot’s governance process could create new challenges for the project down the track later.

“Any move towards empowering more voters is always welcome but it will be interesting to see how it is implemented. Plugging a hole in a fast moving space like Web 3 shows that it can open holes in other areas, ”he said.

Deficit

In a recent appearance in The Defiant Podcast, Hasu, Lido’s strategic adviser and Flashbots ‘strategic leader, warned of flaws related to the reliance on token holders’ broad and “popular” interests for governance.

“Many crypto companies are being micromanaged by their tokenholders,” Hasu said. “It’s completely invalid. Can you design an iPhone by a committee of stockholders? I think the answer is probably ‘no’.



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