Throughout this text, I will try to explain, as simply as possible, Polkadot’s new governance system and its differences from the current system, based on the explanation of our revered Gavin Wood in this article.
Polkadot’s next-generation governance system (Gov2) aims to solve the problems of the current system, without breaking with Polkadot’s original principle of governance, which holds that 50% of the total participation in the system should be able to decide the future of the system if they have sufficient strength of conviction. Nor does it break with the voting method pioneered in Polkadot that assigns greater weight to those who are willing to lock their tokens into the system for longer.
Where the new governance system differs most from the current one is in how it handles the practical means of day-to-day decision-making. Let’s take a closer look.
I will tell you in advance that Gov2 is much simpler in many ways than the current governance. For a start, in the new system, there are no additional bodies, such as the Council and the Technical Committee. We only have a first-class decision-making mechanism: the referendum.
The main difference in Gov2 is that there can be thousands of referendums taking place at the same time. Anyone can initiate a referendum and…
