It’s not just blockchains that have to reach consensus: the people using them also need to be in agreement. Otherwise, chain splits occur, as has happened to Bitcoin 47 times and counting. Blockchain governance has traditionally been dull, involving primitive voting systems and low participation. But as projects like Aragon and Kleros are starting to show, with the right incentives, community engagement will increase significantly, resulting in a fairer and more representative decision-making process.
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The Quest for Better Blockchain Governance
Decision-making in democracies is a fraught process, so what hope of achieving concord in the messy and combative world of cryptocurrency? With the last votes cast by Maker and 0x each attracting less than 1 percent of the available votes form their respective communities, it would be easy to conclude that blockchain governance is a niche pursuit within a niche industry, destined for…