The new development from the camp of Algorand is focused on introducing a way to enable any account on the network to participate in governance in addition to consensus.
The proposal by Silvio Micali seeks to introduce decentralized governance which will influence how decisions are made in the Algorand ecosystem whiles upholding security as seen in other aspects of its blockchain protocol. This will allow for an account to participate in governance just like consensus where blocks are added to the blockchain and the validation of transactions.
Algorand accounts will have the option to freely choose to participate in the governance process or not.
As part of the governors' effort to support decision-making, they're rewarded which will not be subjected to any lock-up period. Governors will be able to send the rewards earned from governance to any wallet address of their choice.
Governors will be required to lock up their tokens for a specified period, however, there will be provision for early withdrawals with a penalty and also rendering your account not eligible for rewards in the month of withdrawal.
Measures will be put in place to monitor participants involved in the governance process to ensure fairness and real participation.
Conclusion
Algorand decentralized governance will be rolled out gradually and will be voluntary. Participants will need to lock their tokens for a proposed period of 1 year. Governers are anticipated to earn more than the current network reward.
