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What kind of governance model does Polkadot use ?

Polkadot is a blockchain protocol that uses a unique governance model to ensure the security and scalability of its network.

The Polkadot governance model is based on a decentralized autonomous organization (DAO) that is composed of stakeholders from the Polkadot community. These stakeholders are responsible for making decisions about the future of the network, such as setting parameters for consensus, proposing upgrades, and voting on proposals. The Polkadot DAO is composed of three main components: the Council, the Technical Committee, and the Referendum.

The Council consists of elected representatives from each parachain (blockchain) connected to Polkadot. These representatives are responsible for setting network parameters and proposing upgrades to the protocol. The Technical Committee consists of developers who are responsible for reviewing proposed changes to the protocol and providing technical feedback.

Finally, the Referendum allows all members of the Polkadot community to vote on proposed changes to the protocol. The Polkadot governance model is designed to be flexible and adaptive in order to ensure that it can respond quickly to changing market conditions and technological advancements. It also allows for decentralization by allowing stakeholders from different parachains to have an equal say in decisions about the network’s future.

This ensures that no single entity has too much control over the network’s development or direction.

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