Polkadot’s new on-chain governance model is a unique feature that sets it apart from other blockchain protocols. Unlike traditional blockchain protocols that rely on off-chain governance, Polkadot’s governance is entirely on-chain. This means that all decisions about the protocol, such as upgrades, are made through a decentralized voting process on the blockchain.
The on-chain governance is facilitated by the use of the DOT token, the native cryptocurrency of the Polkadot network. Token holders use their DOTs to vote on proposed changes to the protocol, and the outcome of the vote is determined by the proportion of DOTs held by the voters. This ensures that the governance of the network is truly decentralized and that the community has a direct say in the direction and development of the protocol.
The on-chain governance model also allows for the creation of “Councils” which are groups of elected representatives that are responsible for handling certain aspects of the protocol, such as technical upgrades, treasury management, and community growth. This allows for a more efficient decision-making process, as the council members have specialized knowledge and experience in the areas they are responsible for.
In summary, the new on-chain governance model of Polkadot is a unique feature that ensures the protocol is truly decentralized, and community-driven. It allows for a more efficient decision-making process and ensures that token holders have a direct say in the direction and development of the protocol. The on-chain governance model is also more transparent and allows for easy tracking of the decision-making process, making it more accountable to the community.