IOST Launches On-Chain Governance
IOST launches On-Chain Governance Mechanism v2.0 for Enhanced Community Participation. In May 2020, IOST announced the creation of a governance mechanism for global partner nodes during its partner node conference.
The IOST team consulted all parties for their suggestions and opinions, and as a result, the IOST on-chain governance mechanism v1.0 was officially launched on July 1, 2020. In addition, this marked the beginning of the era of decentralized governance in the IOST ecosystem.
What is new?
Following over two years of successful operation of the governance mechanism v1.0, the IOST ecosystem has steadily stabilized thanks to the improvements in technology, ecosystem, and the number of pledged votes.
Building on this success, IOST has launched its On-Chain Governance v2.0 mechanism, which comes with the following upgrades:
- Optimization of the proposal process
- Lowered the proposal threshold
- Upgraded the on-chain governance UX, making it faster and more convenient.
Who can take part in governance?
Under this updated mechanism, users with more than 1,000 IOST in the main network account can independently initiate proposals on the development of the IOST ecosystem and decide its future development direction through a referendum of all node partners.
- The IOST on-chain governance mechanism also allows all community members to participate indirectly in IOST governance by voting for IOST node partners.
- The number of votes obtained by node partners will affect their decision-making weight in the governance portal.
- This on-chain governance mechanism empowers users to participate in democratic decision-making, planning the project’s construction, and shaping their own future.
By enabling users to participate in the iterative development process of the project ecosystem, IOST aims to generate more possibilities for the project and develop a broader market. The “IOST On-Chain Governance Mechanism 2.0” is not merely a simple and boring proposal referendum on-chain governance; it is one of the unique innovations of IOST, aiming to give back power to the users, enabling them to build a new decentralized governance structure.
In conclusion, IOST On-Chain Governance 2.0 provides a more reasonable, transparent, and efficient governance mechanism for the IOST community. By empowering users to contribute to the development of the IOST ecosystem and build a stronger, more inclusive community, this updated governance mechanism supports IOST’s vision of devolving power to the users and creating a new decentralized governance structure. Overall, it represents a significant step forward for IOST in its ongoing efforts to promote democratic decision-making, foster innovation, and generate more possibilities for the IOST project.