Polkadot Refurbishes Governance System: Assures Network Security

Polkadot, a leading blockchain platform officially announced the launch of its novel governance system, Polkadot OpenGov, hailed as the “pinnacle of governance systems in Web3”. The advanced governance system aims at empowering DOT holders as well as protecting the network from malicious attacks.

In a tweet, on June 15, Polkadot introduced Polkadot OpenGov to its community. The platform celebrated the system’s arrival, acclaiming, “Welcome to the new era of fully autonomous, transparent, & efficient decision-making where the entire process is handed over to the DOT community”.

Polkadot OpenGov, as proclaimed by the platform, is fully automated, allowing users to have complete control of the network. In an earlier tweet published in March 2023, Polkadot had shed insights into the constrained conditions of several centralized blockchain platforms and the difficulties faced by the companies regarding the “closed-door decisions”. Countering these challenges, Polkadot assured that the new system blocks any interference with the traditional-decision making norms and questions the greatest challenges of democracy.

The platform affirmed that the major agenda of the new governance system is to protect the economy, stating:

OpenGov is a crucial development for the Polkadot community. Protocols that are not sufficiently decentralized can fall prey to malicious operators. OpenGov does two things: it empowers DOT holders and protects the network.

As per the new system, the holders of DOT, the native token of Polkadot, could propose any new referendum at their convenience. Joe Petrowski, System Parachains Team Lead at Web3 Foundation pointed out, “The previous governance system could only take one referendum at a time with the default that each one lasted for 28 days, so you could only get 12 or 13 of these through a year”.