Polkadot Governance System V2

Polkadot has adopted a carefully designed governance mechanism that allows the network to evolve gracefully according to the will of its stakeholders. Its goal is to ensure that the majority of staked interests can always control the network.

Polkadot's first generation decentralized governance system ( V1) consists of three main parts:

• Technical Committee: Management Upgrade Schedule
• Council: An executive body elected, responsible for managing parameters, administration, and expenditure proposals.
• Referendum: A universal voting system that gives greater influence to long-term stakeholders.

The V1 system ran well in the early stages, ensuring the proper use of treasury funds and timely upgrades and fixes. However, as the system matures, it needs to evolve further to improve shortcomings and keep up with the latest advancements.

Governance V2( has changed the way daily decisions are made, broadening and making the scope of referendums more flexible, significantly increasing the number of collective decisions that the system can make.

The main changes of Gov2 include:

• Transfer the responsibilities of the council to token holders through democratic voting.
• Dissolve the current board of directors
• Allow users to delegate voting rights to community members in more ways.

In Gov2, anyone can initiate a referendum at any time, with no limits on the number. New features Origins) and Tracks( have been added to assist the referendum process.

Origin is a description of a specific privilege level. Proposers need to select the appropriate Origin based on the proposal requirements.

Each Origin is associated with a referendum category, and each category is linked to a Track. The Track outlines the lifecycle of the proposal, independent of other categories. Different Tracks allow for adjustments to referendum dynamics based on privilege levels.

Gov2 introduces the concept of "deciding" ) Deciding ( status. A referendum must meet certain conditions to enter this status, including having gone through an import period, having remaining space for decisions, and paying a decision deposit, etc.

Gov2 replaces the adaptive group bias system of V1 with approval rate )Approval( and support rate )Support(. Different Tracks have different confirmation periods and approval/support requirements.

Gov2 retains a voluntary locking mechanism, allowing token holders to increase their voting power by locking their tokens.

To fulfill the delegated functions of the agency, Gov2 has introduced multi-role delegation, allowing voters to appoint different representatives for different categories of referendums.

Gov2 has also introduced the Polkadot Fellowship, which serves as a fundamentally autonomous expert institution representing individuals with knowledge of the Polkadot network and protocol technologies. The Fellowship adopts a hierarchical system to categorize its members.

Overall, Gov2 aims to further decentralize the governance of Polkadot, enhance community participation, while maintaining the professionalism and efficiency of decision-making.