Polkadot has launched the OpenGov protocol in a bid to further enhance community relevance and participation in its Decentralized Autonomous Organization (DAO). The network unveiled the protocol today via an announcement on its official Twitter page. Polkadot, in the announcement, referred to the newly launched protocol as the pinnacle of governance systems in Web3.
Furthermore, the network stated that OpenGov will usher in a new era of full autonomy, transparent and efficient decision-making for the DOT community. Also, Polkadot disclosed that the new development will empower community members to take full control of the entire decision-making process relating to its DAO. The network added that with OpenGov, holders of its native token, DOT are now in charge of Polkadot’s evolution.
Due to that, holders of the DOT token can submit new proposals to the DAO without restriction, Polkadot added. The network stated that OpenGov is a crucial development for the Polkadot community. Additionally, Polkadot disclosed how the lack of sufficient decentralization can expose a network to malicious operators. According to the network, the newly launched protocol will serve the purpose of empowering DOT holders and as well protect the network against malicious operators.
Polkadot aiding DeFi projects in its ecosystem
Meanwhile, Polkadot is seeking to aid DeFi projects running in its ecosystem. As part of its efforts towards achieving this, it collaborated with XCM, a popular cross-consensus messaging firm in April. Worthy of note that XCM is widely popular as a project that defines the kind of data that can be transferred during interactions between blockchains. This thus means its integration by Polkadot will foster interoperability and as well help decentralized apps on the ecosystem to scale effectively. More so, XCM brings thrilling features to aid users’ experience on Polkadot. Some of these features include bridging to external networks, advanced programmability, NFT exchanges, and many more.
It is not in doubt that Polkadot, has over the years, built a reputation as a next-generation blockchain that seeks to establish a multi-chain framework. Notably, the protocol helps to link and secure blockchains by aiding cross-chain data and the transfer of assets. It relies on four components to avail web3 developers and users with best tooling for scalability. These include its relay chains, para chains, para threads and bridges. Due to its remarkable features, Polkadot has developed into a $7 billion valued project.
Read More: