Inside the Dark Ages of Blockchain Governance I
AI summary of the linked articleBlockchain governance has recreated familiar concentrations of power, including cartels, feudal hierarchies and technocratic rule, rather than escaping them. Dash's masternode model, which required locking up significant tokens to take part in governance, let a small group of early adopters consolidate control in a loop where wealth begat power and power begat more wealth. Ethereum's requirement to stake 32 ETH effectively excludes the majority of users from governance, and the 2016 DAO exploit and resulting schism showed how technical expertise can justify centralised intervention. |
1 comment mishaSubmitter Far from transcending the flaws of human governance, blockchain networks have mirrored the very structures they sought to dismantle. Have we learned anything? |