Ethereum (ETH) challenger Polkadot (DOT) is revamping its decision-making system with the introduction of a new decentralized and open governance platform, OpenGov.
The launch of OpenGov places full control of the network in the hands of the Polkadot community by allowing holders of native token DOT to propose referenda.
“Polkadot OpenGov, the pinnacle of governance systems in Web3, has officially arrived! Welcome to the new era of fully autonomous, transparent, & efficient decision-making where the entire process is handed over to the DOT community.”
OpenGov was first launched on Polkadot’s Canary Network, Kusama (KSM), which saw improved participation from the community.
“The early signs are positive when it comes to deeper engagement. In the past six months, Polkadot’s canary network Kusama network has seen 200 proposals submitted, a four-fold increase compared to the same period last year.”
Polkadot says OpenGov will also protect the network from bad actors as it bolsters the engagement of stakeholders.
“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.”
Despite the development, DOT remains in the red territory amid the general bearish sentiment in the crypto market. The altcoin is currently trading for $4.37, down by 5.63% over the last 24 hours.
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The post Ethereum Rival Polkadot (DOT) Launches New Governance System, but Token Price Slumps Amid Bearish Market Trend appeared first on The Daily Hodl.
