Many fundamental changes are now taking place in the Polkadot (DOT) ecosystem behind the scenes, and these developments have the potential to significantly alter the protocol’s outlook in the near future. The Technical Committee and the Council will be replaced with a more democratic option, according to the most recent updates from Bill Laboon, a renowned Web3.0 educator.
A governance mechanism known as OpenGov is said to be operational on Kusama, the Polkadot protocol’s canary network. After extensive testing, the plan is to eventually launch OpenGov on Polkadot.
Current structure and change implication
The technical committee, the council, and the public are the three main pillars of the OpenGov paradigm. The council is entrusted with managing parameters, administration, and expenditure recommendations while the technical committee, which is made up of a specialised team of specialists, is in charge of managing upgrading timetables.
Both organisations are the final force in the OpenGov system, which aids in serving the general population. OpenGov now wants the council’s duties to be transferred to the people through direct vote since it claims the council is seen as being more of a centralised institution.
The conversion of the technical committee to the larger fellowship is likewise on schedule. The DAO system will only be composed of the public and the fellowship in the next version of Polkadot’s future governance structure, with greater decision-making authority being granted to typical DOT token holders.
Fitting in the piece
Notably, the long-term growth of DOT tokens will be strongly supported by the drive to maintain effective governance. There is a likelihood that there may be more intense accumulation of the digital currency in the mid- to long-term with more voting power for DOT holders and an accompanying benefit for engaging in the protocol’s governance.
DOT is trying to improve on its existing 22.75% year-to-date (YTD) growth in light of the developments that might affect its growth in the future.
