IOST Launches On-Chain Governance v2.0 to Enhance Proposal Process and User Experience
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:
IOST, a renowned blockchain technology application platform, recently announced the launch of On-Chain Governance v2.0. The update brings significant improvements to the proposal process, lowers the proposal threshold, and enhances the chain governance user experience. In this system, IOST users who hold more than 1000 IOST accounts in the main network can launch IOST ecological development proposals independently. The proposals are then voted on by all node partners globally.
The governance mechanism also enables community members to engage indirectly in IOST governance by voting to choose node partners representing an ecosystem in the node election process. The number of votes received by these node partners will determine their decision-making weight in the governance portal. This way, the governance mechanism integrates the needs and desires of IOST users into the decision-making process, establishing inclusivity and transparency in the blockchain process.
By optimizing the proposal process, the new update simplifies and speeds up the procedure, making it more accessible and less complicated for users. The lowered proposal threshold allows smaller value proposals to be prioritized, carrying out more effective network enhancements that cater to users’ needs. Proper proposals by users will also have better chances of being processed and approved in a timely fashion, positively impacting the ecosystem and promoting user participation.
The governance system’s user experience improvements have been considerably enhanced by providing a user-friendly and straightforward interface. This targeted upgrade aims to encourage blockchain enthusiasts to actively participate in IOST blockchain governance and utilize blockchain’s full potential. With the new update, the governance system will be much more transparent, and users’ inputs will have a more significant impact.
In conclusion, the On-Chain Governance v2.0 update by IOST is a crucial step towards transparency, inclusivity, and a simplified proposal process. The update also assists in enhancing user experience, making the governance system accessible to a broad range of users. IOST’s ability to openly engage with, and consider feedback from, its extensive community is critical to creating a stable and robust blockchain ecosystem.
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