Governance Minimization

The article argues that the most widely used blockchain protocols will trend toward governance minimization, meaning reducing the power and reliance on governance wherever possible, because it supports credible neutrality, the primary value proposition of protocols. It argues that formalizing stakeholders for governance is very hard, and that tokenholder voting creates misalignment, citing Facebook's developer access restrictions and Twitter's shutdown of third-party interfaces as examples. It also contends that governance minimization can still allow rapid evolution, pointing to early Ethereum and Uniswap, which evolved through hard forking alone. Governance remains essential for consensus and oracles, and likely required for treasury management and complex parameter setting.