IOST Launches On-Chain Governance Mechanism v2.0 for Enhanced Community Participation
In May 2020, IOST announced the creation of a governance mechanism for global partner nodes during its partner node conference. The IOST team consulted all parties for their suggestions and opinions, and as a result, the IOST on-chain governance mechanism v1.0 was officially launched on July 1, 2020. This marked the beginning of the era of decentralized governance in the IOST ecosystem.
What is new?
Following over two years of successful operation of the governance mechanism v1.0, the IOST ecosystem has steadily stabilized thanks to the improvements in technology, ecosystem, and the number of pledged votes. Building on this success, IOST has launched its On-Chain Governance v2.0 mechanism, which comes with the following upgrades:
- Optimization of the proposal process
- Lowered the proposal threshold
- Upgraded the on-chain governance UX, making it faster and more convenient.
Who can take part in governance?
Under this updated mechanism, users with more than 1,000 IOST in the main network account can independently initiate proposals on the development of the IOST ecosystem and decide its future development direction through a referendum of all node partners.
- The IOST on-chain governance mechanism also allows all community members to participate indirectly in IOST governance by voting for IOST node partners.
- The number of votes obtained by node partners will affect their decision-making weight in the governance portal.
- This on-chain governance mechanism empowers users to participate in democratic decision-making, planning the project's construction and shaping their own future.
By enabling users to participate in the iterative development process of the project ecosystem, IOST aims to generate more possibilities for the project and develop a broader market. The "IOST On-Chain Governance Mechanism 2.0" is not merely a simple and boring proposal referendum on-chain governance; it is one of the unique innovations of IOST, aiming to give back power to the users, enabling them to build a new decentralized governance structure.
In conclusion, IOST On-Chain Governance 2.0 provides a more reasonable, transparent, and efficient governance mechanism for the IOST community. By empowering users to contribute to the development of the IOST ecosystem and build a stronger, more inclusive community, this updated governance mechanism supports IOST's vision of devolving power to the users and creating a new decentralized governance structure. Overall, it represents a significant step forward for IOST in its ongoing efforts to promote democratic decision-making, foster innovation, and generate more possibilities for the IOST project.
About IOST
High fees and slower transaction times on the Ethereum network have left the door open for new solutions to emerge, and IOST is one such project that has been gaining traction since its mainnet launch in 2019.
Backed by significant financial and VC firms such as Sequoia, Matrix, and ZhenFund, IOST is a pioneering decentralized, high-throughput, gas-efficient Proof-of-Believability-powered smart contract platform built to tackle the scalability trilemma once and for all. For this, the concluding ranking from China’s CCID ranked IOST as the best blockchain platform under Basic Technology, better than Ethereum, EOS, and every other smart-contracting platform evaluated by the agency. This is a testament to the quality and ability to roll out a better, innovative product and reflects our genuine desire to be the best in the sphere.
Being one of the public chain leaders in adoption, performance, and utility, IOST remains committed to our mission to unleash the power of blockchain. IOST currently has an ever-expanding 500,000 members community in over 20 countries, over 400 nodes, a top-tier staking ecosystem, and symbiotic relationships with corporations dotted worldwide.
If you would like to hang out with the IOST community on chat, or social media or discuss product development, we have something for everyone:
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