IOST Launches On-Chain Governance v2.0: Making Community Participation in IOST Governance More Accessible
On February 24, IOST, the blockchain technology application platform, announced the launch of On-Chain Governance v2.0, which includes optimizing the proposal …
On February 24, IOST, the blockchain technology application platform, announced the launch of On-Chain Governance v2.0, which includes optimizing the proposal process, lowering the proposal threshold, and upgrading the chain governance UX. IOST users who hold more than 1000 IOST accounts in the main network can independently initiate IOST ecological development proposals, which are decided by a referendum of all node partners. The governance mechanism also allows all community members to participate in IOST governance indirectly by voting to select IOST node partners. The number of votes obtained by node partners will affect their decision-making weight in the governance portal.
The blockchain technology application platform IOST has launched On-Chain Governance v2.0
Interpretation of the news:
The blockchain technology application platform, IOST, has recently launched its On-Chain Governance v2.0, which aims to enhance the governance mechanisms of their network. This version features three major components: optimizing the proposal process, lowering the proposal threshold, and upgrading the chain governance UX. With these improvements, the platform hopes to make community participation in IOST governance more accessible.
One of the significant changes in IOST’s On-Chain Governance v2.0 is the optimization of the proposal process. This feature enables users who hold more than 1000 IOST accounts in the main network to initiate proposals for IOST’s ecological development by themselves. This means that users can suggest and submit proposals regarding possible improvements for the platform through the governance portal.
Another noteworthy factor is IOST’s decision to lower the proposal threshold, which was previously set at 300,000 IOST. The new threshold is now more attainable, making it easier for community members to participate in the governance process. This modification also allows for more significant numbers of proposals.
Upgrading the chain governance UX is another improvement included in the On-Chain Governance v2.0. This improvement reaffirms the platform’s commitment to user-experience, as it aims to make IOST’s governance portal more accessible and user-friendly. Through this upgrade, node partners and community members alike can now quickly and efficiently participate in governance activities by voting and influencing the decision-making process.
Additionally, IOST’s governance mechanism allows for all community members to indirectly participate in IOST governance by selecting IOST node partners. The number of votes obtained by the node partners will affect their decision-making weight in the governance portal, giving more significant influence to partners who secure more votes. This setup ensures that the entire community can take part in governing the platform, empowering them to play an active role in shaping the future of IOST.
In conclusion, IOST’s On-Chain Governance v2.0 is a significant step towards enabling community participation in IOST governance. With its new and improved mechanisms, community members can now actively participate in IOST decision-making processes, helping to drive the creativity and innovation of the platform forward.
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