Ethereum Rival Polkadot (DOT) Launches New Governance System

It has just revealed the fact that the ETH rival DOT has just launched a new governance system. Check out the latest reports about this below.

Ethereum (ETH) challenger Polkadot (DOT) is reportedly revamping its decision-making system with the introduction of a new decentralized and open governance platform, OpenGov.

The launch of OpenGov is going to offer full control of the network in the hands of the Polkadot community by allowing holders of native token DOT to propose referenda.

“Polkadot OpenGov, the pinnacle of governance systems in Web3, has officially arrived! Welcome to the new era of fully autonomous, transparent, & efficient decision-making where the entire process is handed over to the DOT community.”

OpenGov was first launched on Polkadot’s Canary Network, Kusama (KSM) – this saw improved participation from the community.

“The early signs are positive when it comes to deeper engagement. In the past six months, Polkadot’s canary network Kusama network has seen 200 proposals submitted, a four-fold increase compared to the same period last year.”

Polkadot stated the fact that OpenGov would also protect the network from bad actors as it bolsters the engagement of stakeholders.

“OpenGov is a crucial development for the Polkadot community. Protocols that are not sufficiently decentralized can fall prey to malicious operators. OpenGov does two things: it empowers DOT holders and protects the network.”

Regarding the price of Bitcoin and Ethereum today, at the moment of writing this article, BTC is trading in the green, and the king coin is priced at 425,513, and ETH is trading at $1,669.

According to the latest reports, the important crypto analyst Benjamin Cowen is warning of a possible Ethereum (ETH) collapse relative to Bitcoin (BTC) as the altcoin markets continue to flash signs of weakness.

In a new strategy session, Cowen said that the ETH/BTC pair could drop more than 45% from its current value of 0.066 BTC, worth $1,650.