New governance changes are coming to the Polkadot network
As developers and consumers alike converge on New York City for the Polkadot Decoded conference, the Polkadot (DOT-USD) network will be in the limelight today and tomorrow. One of the largest places for new announcements is the two-day event devoted to one of the most distinctive decentralized application (dApp) networks on the market. One of the most significant statements of the first day was made by the project’s creator, Gavin Wood.
One of the most unique layer-1 networks in the world is undoubtedly Polkadot. It employs a relatively small network of parachains instead of hosting as many dApps as it can draw on one chain. The Polkadot network is composed of 100 parachains, each of which may support a single project. As a result, there are now 100 dApps available to Polkadot customers.
Though the restrictions may seem to be a drawback, they are intentional. Each project has its own unique chain thanks to parachains. Developers who would normally have to share the chain are unrestricted and the data flow is kept pure. Additionally, the network may raise money by auctioning out leases to utilize these parachains. These auctions have the potential to bring in at least $100,000 every time.
The parachain architecture, according to Polkadot network developers, is what Web 3.0 will look like in the future. Parachains provide dApps greater independence than other chain systems while maintaining the ecosystem’s connectivity under one roof. Decentralization is one thing Polkadot promotes as it makes its way into the Web 3.0 future. Users will be free to make their own choices and use their data solely as they see appropriate thanks to decentralization, which is a crucial component of Web 3.0. Additionally, Polkadot developers are presenting their intentions this week for a more effective network decentralization.
The founder of Polkadot announces Model DAO New
At Polkadot Decoded this afternoon, Gavin Wood took the stage to give the audience possibly one of the greatest announcements on improvements to the network. The governance model is changing for Polkadot in an attempt to better decentralize it.
A decentralized autonomous organization is polkadotted (DAO). DAOs are user groups that make choices for the future of the network, not technical components. Anyone who has a governance token linked to a DAO is a member of that DAO and has the right to cast a vote on initiatives and proposals made by the community pertaining to that network. All Polkadot cryptocurrency owners have the ability to post ideas and cast votes on them. If a proposal is approved, a committee will implement the adjustments.
The project is trying to enhance its DAO structure and make it even more decentralized, as Wood is stating to investors today. He claims that the DAO paradigm is undergoing a number of revisions from the developers. First, anybody will be able to submit as many recommendations as they want under the governance paradigm. Users will be able to run several proposals at once. According to Wood, the procedure will be as simple as making a blockchain transaction. The sole need for this procedure is that, after four weeks, a proposal get at least 50% of the votes cast by the whole community. A proposal is automatically rejected if it does not get the support of half the community within that period.
The Polkadot Fellowship, a significant addition to the DAO, will help with time-sensitive proposals; if a proposal has to be evaluated right away for whatever reason, this group will accelerate it. The group will collaborate with the committee in charge of putting successful recommendations into action.
Wood claims that the new strategy will be applied right now on Polkadot’s affiliate network, Kusama (KSM-USD). Following a successful launch, it will be connected to Polkadot.