Edward Pastore
2018-03-20 18:32:19 UTC
There is an antidemocratic governance problem in cryptocurrencies as they exist now. When a new iteration of a cryptocurrencyâs software is introduced, it becomes established when the majority of nodes switch to that new iteration. This node-based governance method biases the system toward monied influence because individuals and organizations with more financial capital can support a greater number of nodes, a problem that is compounded by increasing centralization of mining due to the advent of massive ASIC data centers.
Put simply, the problem is that the âvotingâ rule for version-adoption is one vote per computer rather than one vote per individual. There is a need for a cryptocurrency governance system in which software evolves according to democratic will, i.e., the preferences of the majority or consensus of individual users.
I suspect that part of the solution is to build a mechanism for both decision-making and version-control that is programmed right into the blockchainâs code. Ideally this mechanism would be built so deeply into the code that it cannot be refused by nodes. But this is just my guess, and I canât figure out how it would take shape while maintaining the decentralized and secure nature of crypto. I am hoping that this group might be able to hash out a better solution.
Ideas?
P.S. Interestingly, as I was writing this, a friend sent me an article which details this exact problem:
https://www.technologyreview.com/s/610018/bitcoin-and-ethereum-have-a-hidden-power-structure-and-its-just-been-revealed/ <https://www.technologyreview.com/s/610018/bitcoin-and-ethereum-have-a-hidden-power-structure-and-its-just-been-revealed/>
P.P.S. Sorry I havenât been around much; but I am still caught up in my personal projects. Though I am increasingly convinced that cryptocurrency is the most promising avenue to democratizing governance. It just would help to figure out the above. :)
Put simply, the problem is that the âvotingâ rule for version-adoption is one vote per computer rather than one vote per individual. There is a need for a cryptocurrency governance system in which software evolves according to democratic will, i.e., the preferences of the majority or consensus of individual users.
I suspect that part of the solution is to build a mechanism for both decision-making and version-control that is programmed right into the blockchainâs code. Ideally this mechanism would be built so deeply into the code that it cannot be refused by nodes. But this is just my guess, and I canât figure out how it would take shape while maintaining the decentralized and secure nature of crypto. I am hoping that this group might be able to hash out a better solution.
Ideas?
P.S. Interestingly, as I was writing this, a friend sent me an article which details this exact problem:
https://www.technologyreview.com/s/610018/bitcoin-and-ethereum-have-a-hidden-power-structure-and-its-just-been-revealed/ <https://www.technologyreview.com/s/610018/bitcoin-and-ethereum-have-a-hidden-power-structure-and-its-just-been-revealed/>
P.P.S. Sorry I havenât been around much; but I am still caught up in my personal projects. Though I am increasingly convinced that cryptocurrency is the most promising avenue to democratizing governance. It just would help to figure out the above. :)