Polkadot rejigs its governance system, scrap ‘Council’ body

Polkadot has announced a new version of its governance system called Governance version 2 (or Gov2).

With Gov2, Polkadot hopes to significantly decentralize its the decision-making process.

Polkadot is an interoperability network that connects many application-specific blockchains.

At the ongoing Decoded conference, the Polkadot core team said that its current governance system needed an overhaul as it found it to be too centralized.

The team stated that the so-called Polkadot Council, a centralized body of executives, had exclusive decision-making power on matters like treasury spending.

This, the team argued, ran counter to the ethos of decentralization.

As a result, it has chose to scrap the body.

For Governance v2, the team has prepared a software framework that will remove the Council and replace it with “referendum,” a voting system where anyone can make proposals and get them passed.