Polkadot and Kusama founder Gavin Wood announced that the blockchain’s governance model would undergo a new transformation. Named Gov2, anyone would be able to start a referendum at any time for as many times as they wish in the new setup, similar to initiating new transactions on the blockchain.
Pending referenda need 50% of the vote from stakeholders within 28 days’ time for approval or face rejection by default. Participants can also intervene and launch timely cancellation proposals, which require similar voting procedures, in the event that technical glitches are discovered within the referenda, themselves.
Wood Stated that there will be a new body, dubbed the Polkadot Fellowship, composed of technical experts who have the power to shorten referenda voting times in the event of time-sensitive matters. Overall, several tenets would remain invariant from the previous governance model. First, 50% of the total stake in the system will be allowed to command the system’s future. Greater weight will also be given to those willing to lock their tokens in the system for a longer durationin a process known as conviction voting.
