The implementation of Polkadot's OpenGov

The implementation of Gov2 on @Polkadot is a milestone for the crypto ecosystem in terms of:

• Governance
• Empowering DOT holders
• Decentralizing decision-making
• Community focus

Bitcoin Off-Chain Governance

The significant changes proposed to #Bitcoin are debated online by crucial parties. The core development team, other developers, miners, researchers, and the end-user community are all significant players.

Ethereum Governance model

Similar to the #Bitcoin model. There is a core dev team led by @VitalikButerin (community hero) researchers, advisers, and miners. 1. Persuading stakeholders to support their cause or 2. Hard-forking the protocol.

Why On-chain Gov?

When examining Web3 and blockchain, the primary objective of on-chain governance is to decentralize decision-making and mitigate Web2 issues such as excessive power, political influence, and financial inequalities are mitigated or minimized.

What is new in Polkadot Gov2?

• Multiple Referendum at time
• Multiple classes of Referendum
• Dissolution of Tech Committee and Council

First-class decision-making mechanism

The Referendum. There is no alternating timetable for proposals There is no public proposal queue -Anyone can start a referendum at any time, -There are no limits on the number of referendums open to voting.

Vote Delegation

Since the Council no longer exists, Gov2 enhances Vote Delegation with a unique feature called Multirole Delegation. Users can assign a separate delegate for each type of referendum within the system.

The Fellowship

The Polkadot Fellowship substitute the Technical Committee. It is a self-governing body comprised of experts who possess the technical knowledge and expertise related to the Polkadot.

Although the technical teams of @paritytech and the @Web3foundation may be capable of improving and making technical decisions, the creation of Fellowship aims to decentralize the technical political governance of Polkadot.

https://github.com/polkadot-fellows/manifesto#readme

Voting Mechanism

Referenda must fulfill several criteria before they are moved into Deciding (28 days). Until, they remain Undecided.

• All referenda have a lead-in period
• There must be room for the decision
• A decision Deposit must be paid

Just like Kusama, The canary network, there are thirteen TRACKS of referendums. These classes, classified by @paritytech, have unique characteristics that vary based on the type of action to be executed, the number of proposals executed simultaneously, etc.

Community Treasury

The Polkadot treasury in Gov 2 can be described as an on-chain reserve mechanism of funds controlled by the Polkadot community and DOT token holders.

The responsibility for determining how the treasury funds were spent used to lie with the Polkadot Council, the guardian of the treasury, composed of 13 members. However, today, all decisions regarding the treasury are made 100% by the community.

This new shape of decentralized Gov – previously in @kusamanetwork – has sparked critical discussions regarding excessive spending and controversial referendums. Due to the bear market, it requires more KSM, draining the treasury.

https://twitter.com/0xgoku%5F/status/1644260018659655680

Gov2 is conceptually and practically innovative—it decentralizes power, empowers users, and paves the way for the true meaning of Web3 through @Polkadot.