The blockchain technology application platform IOST has launched On-Chain Governance v2.0

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.

Interpretation of this information:

The announcement made by the IOST platform on February 24 introduces the launch of On-Chain Governance v2.0. This update is expected to improve the proposal process, lower the proposal threshold and upgrade the chain governance UX. In summary, this means that IOST users who hold more than 1000 IOST accounts can now independently initiate proposals for IOST ecological development. The proposals will be decided by the referendum of all node partners. Furthermore, users can participate in IOST governance by voting to select IOST node partners. The weight of the decision-making of the node partners in the governance portal will be determined by the number of votes they obtain.

One of the significant changes brought in by the On-Chain Governance v2.0 is the lowering of the proposal threshold. This means that even small holders of IOST can now propose an ecological development proposal, which was not possible before. This update is expected to open up more opportunities for IOST users, making the network more democratic and accessible. Additionally, with the all-inclusive approach, more people can now participate in the governance process and have a say in the direction the platform takes.

The second important change in the update is the improvement in the proposal process. First, the proposal creation will now have more detailed guidelines, making it easier for users to create effective proposals. Secondly, the implementation of a referendum system will ensure transparency, clarity and prevent centralization of power. This will improve the governance process by ensuring checks and balances in the decision-making process.

Finally, the update seeks to enhance the user experience of participants. With the upgrade, IOST expects that the UX in governance portals will be more straightforward and appealing. This improvement is vital because the platform must take into consideration users’ experience to ensure that the governance process is streamlined and easy to navigate. As a result, more users are likely to become active participants in IOST’s governance.