Loading...

PolkaWorld halts operations amidst treasury funding rejection controversy

PolkaWorld

Most read

Loading Most Ready posts..

TL;DR

  • The PolkaWorld community has made the decision to suspend its operations following the rejection of its funding proposal from Polkadot’s treasury. 
  • PolkaWorld claimed that the new governance platform has negatively affected those who have been long-term contributors to the Polkadot ecosystem.
  • The organization drew a comparison with the previous governance system, which featured a council elected by Polkadot token holders.

The PolkaWorld community has made the decision to suspend its operations following the rejection of its funding proposal from Polkadot‘s treasury. This move comes after the organization raised concerns about the management of the treasury and criticized the impact of Polkadot’s new open governance platform, OpenGov, on long-term contributors within the Polkadot ecosystem.

Funding rejection sparks concerns

In an official announcement posted on PolkaWorld’s X (formerly Twitter) account, the organization expressed its dissatisfaction with the treasury management under Polkadot’s OpenGov system. PolkaWorld claimed that the new governance platform has negatively affected those who have been long-term contributors to the Polkadot ecosystem. According to the organization, many projects and organizations have faced rejection when seeking funding from the treasury, which has led to their departure from the Polkadot ecosystem.

PolkaWorld drew a comparison with the previous governance system, which featured a council elected by Polkadot token holders. This council comprised experts in various fields who possessed the knowledge and expertise to evaluate project proposals effectively. PolkaWorld argued that incorporating this expertise into the current OpenGov system, where governance decisions are made directly by token holders, would be beneficial.

Frustration with governance system

Markian Ivanichok, the founder of Brushfam, a platform that facilitates businesses’ onboarding to Polkadot, also voiced frustration with Polkadot’s governance system. Ivanichok announced in an X thread that Brushfam would be departing from the Polkadot ecosystem, citing difficulties in securing financing. He expressed dissatisfaction with an ecosystem that, in his view, seemed indifferent to users, business practices, and marketing efforts.

Within the same thread, Ivanichok lamented the challenges of gaining recognition and support in an ecosystem that appeared to prioritize other aspects over the needs and contributions of its users and businesses.

Polkadot’s OpenGov system was introduced earlier this year to democratize decision-making within the network. This platform enables every DOT token holder to have a voice in shaping the future of the Polkadot ecosystem. Under OpenGov, governance decisions are directly determined through a voting process, allowing token holders to actively participate in approving or rejecting proposals aimed at implementing changes within the network.

While OpenGov aims to promote decentralization and inclusivity in decision-making, its implementation has sparked concerns and discussions within the Polkadot community. The recent decisions of PolkaWorld and Brushfam to halt their operations within the ecosystem suggest that there may be challenges and disagreements regarding the practicality and fairness of the new governance model.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

Share link:

Lacton Muriuki

Lacton is an experienced journalist specializing in blockchain-based technologies, including NFTs and cryptocurrency. He dabbles in daily crypto news rich with well-researched stats. He adds aesthetic appeal, adding a human face to technology.

Stay on top of crypto news, get daily updates in your inbox

Related News

Cryptopolitan
Subscribe to CryptoPolitan