Polkadot has announced a new version of its governance system called Governance version 2 (Gov2).
Together with Gov2, the team hopes to have a more centralized structure for Polkadot by significantly decentralizing the decision-making process.
The Polkadot team stated at the Decoding conference that the current governance system should be overhauled as it is too centralized. He stated that the Polkadot Council, a central governing body, has the power to decide on spending issues. According to the team, this situation came to the fore as a situation contrary to the decentralization ethics.
Together with Gov2, the dev team will remove Coincil and integrate the “referendum” software, a voting system where anyone can find proposals and get them accepted.
Bryan Chen, CTO of Acala, who featured on Polkadot, said the following on the subject.
“Polkadot’s Governance v2 provides new building blocks for parachains to create the governance process they desire while sharing a common infrastructure. This opens up new possibilities for implementing governance processes with the right balance between decentralization and efficiency.”
The new governance system will first launch in Kusama, which acts as Polkadot’s testnet.
