Polkadot developers will be implementing their new Gov2 governance model on the Kusama network after completing an ongoing audit of its code. This and more news is in this handy daily digest so you're always up to date with the latest developments in the crypto world.
Gov2, building decentralized governance on Polkadot
📍‌Polkadot is heading towards more decentralized and inclusive governance with Gov2. During the Polkadot Decoded conference, which kicked off on Wednesday in Buenos Aires, Argentina, Polkadot founder Gavin Wood announced the creation of a new blockchain governance model that seeks to increase community participation in its future development.
Polkadot’s new governance model, Gov2, will decentralize the decision-making process on the network to encourage more open participation, and will allow any member of the community to submit and initiate a referendum at any time.
Another change introduced by Polkadot's new Gov2 governance model is the network's governing council, which will be eliminated to eradicate inequality, preventing some members of the community from having more influence than others.
According to reportsWood said that both the Polkadot technical committee and governing council go against the principles of decentralization.
He also reported that Polkadot will implement its new Gov2 governance model on Kusama, after completing an audit of its code.
Mining bitcoins with solar energy
📍‌Solar-powered Bitcoin mining spreads in El Salvador. The Latin American country, the first to declare Bitcoin legal tender, will open the first privately-owned, solar-powered Bitcoin mining farm next year.
The news was announced by Milena Mayorga, El Salvador's ambassador to the United States, who said that the new crypto mining farm will be installed in the town of Nueva ConcepciĂłn, in Chalatenango.
“This may be the largest private investment ever recorded in Nueva Concepción”, said Ambassador Mayorga. The Bitcoin mining farm will have an installed capacity of 6 megawatts (MW) of renewable energy.
MakerDAO proposes to diversify investment
📍‌DeFi protocol Maker consults its community on investing in traditional bonds. A governance proposal offers the MakerDAO community the possibility of allocating DAI reserves to generate returns through various traditional investment instruments, including Treasury bonds and the BlackRock ETF investment portfolio.
The governance proposal was submitted on Wednesday by Allan Pedersen and is being voted on by the protocol community. If approved, MakerDAO could invest up to $500 million of DAI reserves in U.S. Treasury bonds.
Maker is the largest DeFi protocol in the DeFi ecosystem, with over $7.600 billion in deposited liquidity at the time of writing, according to data from the DeFi Llama platform.
Job Security in Crypto
📍‌Despite massive layoffs in the crypto industry, 88% of workers feel safe at their companies. This is according to the results of a survey on job security and growth conducted by CoinDesk among 170 employees from different companies in the crypto industry. In general, the results indicate that the majority are optimistic about the current state of the market and that they feel secure in their jobs.
Grayscale sues SEC over rejection of its spot Bitcoin ETF
📍‌SEC rejects Bitcoin ETF application, Grayscale files lawsuit The US Securities and Exchange Commission (SEC) has rejected Grayscale's application to convert its Bitcoin Trust (GBTC) into a cash exchange-traded fund (ETF).
According to the financial regulator, Grayscale's proposal did not meet the standards for protection against market manipulation practices and fraudulent activities, so its rejection seeks to maintain the safety of investors in general.
However, in light of the SEC’s disapproval, the investment firm has decided to file a lawsuit against the regulator, requesting a review of its decision before the United States Court of Appeals for the District of Columbia Circuit. The lawsuit seeks to achieve “equitable regulatory treatment of Bitcoin investment vehicles,” the company said.
Grayscale Investments CEO Michael Sonnenshein has expressed his disappointment at the SEC's continued attempts to block a spot Bitcoin ETF from coming to the country.
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