Qtum Introduces Decentralized Governance Protocol to Manage Blockchain Network
Blockchain application platform The Qtum Project has introduced a Decentralized Governance Protocol (DGP) that allows blockchain parameters to be modified quickly and easily without ecosystem disruption. For the users of Qtum, this means no new software would have to be downloaded, and no actions need to be taken from network stakeholders and node operators when DGP network upgrades occur.
DGP is built using smart contract technology. It implements a decentralized and democratic governance system that can be replaced and upgraded as needed. The protocol also allows for automated smart contracts to be a voting party. A smart contract can then monitor the status of the blockchain and automatically propose and vote upon changes to fix problems that are detected. With this technology, the Qtum blockchain becomes self-regulating, self-modifying, and self-aware.