Polkadot, a blockchain network competing with Ethereum (ETH), has launched OpenGov, a platform for decentralized and open governance. This means that the network is fully controlled by the Polkadot community, who can use the native token DOT to propose and vote on referenda that shape the network’s future.
OpenGov is a breakthrough in Web3 governance systems, as it aligns with the decentralized ideals of the blockchain space. It was first tested on Kusama (KSM), Polkadot’s Canary Network, where it saw a surge in community participation. In the last six months, Kusama received 200 proposals from stakeholders, showing their high engagement and interest.
OpenGov also protects the network from bad actors, by increasing the stake and involvement of DOT holders. This ensures the network’s integrity and longevity, and prevents centralization and manipulation by malicious operators.
However, DOT’s price is still in the red zone, following the bearish trend of the crypto market. The altcoin is trading at $4.37, down by 5.63% in the last 24 hours.
OpenGov is a major achievement for decentralized governance, as it promotes transparency, inclusivity, and efficiency in decision-making. It also secures the network from harmful actors, and enhances its long-term viability. As DOT faces a tough market environment, the community’s active role and dedication to decentralized governance are vital for its growth and success.
