Ethereum & Polkadots founding father Gavin Wood has layed out the fundamentals for web3 by building Ethereum but realized his true vision couldn't be achieved with Etherum so founded Polkadot.
Polkadot is an upgradable & interconnected web of blockchains with shared security and more decentralized on- chain governance allowing for more effective and agile decision making while allowing connected projects to decide on their own governance model
Gavin's quest to full decentralization is not over yet. During Polkadot Decoded 2022 Gavin announced a proposal for governance 2. Gov2 will make way for a more agile way of decision making and further decentralization. Because of Polkadot's upgradable nature the current governance 1 model can be improved without forking or downtime.
The governance problem
Current POA governance models are flawed for the simple reason that the turn- up rate is extremely low, rarely > 1% of tokens are used during governance votes. The low turn- up rate makes it easy to manipulate or exploit the system.
It's relatively easy for VC's or big players to take control overs project's governance and there's many instances of bad actors exploiting projects through governance. Gavin knows this which is why gov2 focusses on increasing the turn- up by making it easier to vote and to let others (experts on the subject) vote for you.
Exosama Network (EXN) aims to solve the governance problem by instead of using tokens, use Moonsama NFT's as means of governance for the blockchain. Initially the introduced governance will be simple: 1 Moonsama NFT = 1 vote.
In the rule NFT's have certain traits that make perfect governance tools:
Typically NFT's are scarce and not more then a few 1000 are minted, tokens however often have a supply of millions of tokens. In the case of Moonsama there's a 1000 Moonsama minted of which 740 are currently in circulation.
Less governance participants makes way for more agile decision making, especially in the critical stage EXN is currently in. Of cour decentralization should always be in check which is why in the future Exosama's will also recieve weight during governance proposals.NFT's are recognizable: Like in real life your vote may actually carry a name of the person or entity behind it. Things will also be more transparent: NFT's can often be tracked back to their owner, with tokens this is not always that easy. Holders with significant expertise on certain subjects might attract more voters in their favor. Within Moonsama it's the same; the opinions of community members who bear a voice or are a known expert on certain subjects are really taken into consideration.
Governance turn- up rate is higher than that of regular token governance. During the last governance proposal 68.1% of all Moonsama's used their right to vote (504 out of 740). During the past year typically 30%-50% of Moonsama holders used their rights to vote. The on-chain governance and surrounding hype will undoubtedly bring these numbers up to new ATH's.
Typically NFT communities are more active and engaged then regular tokens.
In the case of Moonsama, holders have been playing Carnage and other games together for over a year. This does not only bond but also forces you to really get to know the ecosystem your part of. Which is partly how Moonsama holders have been succesfully governing the Samaverse and have voted on more then 35 different (community) proposals. Governance was done of- chain via the MC Townhall, soon all will happen on- chain.
The new NFT governance model will be realized by introducing a PoS-DAO on top of PoA:
An on-chain governed Delegated Proof-of-stake (PoS)
Automated slashing and validator pool management; almost the same as parachains
PoS-DAO may be changed a little to work with NFT staking, the Multiverse portal etc.