A chain is only as strong as its weakest link, and in a blockchain that link lies in the form of its founders. Getting nodes to achieve consensus is easy compared to the difficulty of getting humans to achieve consensus. The greatest challenge that new blockchains must solve isn’t speed or scaling – it’s governance.
Also read: Have You Tried Blockchain 5.0 Yet? Nobody Else Has Either
Governance: Easy to Define, Hard to Achieve
There wasn’t much thought given to on-chain governance when bitcoin was created; Satoshi was too busy reinventing the wheel on several other fronts. But the arrival of bitcoin spawned a wave of blockchains, and with it, the first faltering attempts at introducing a means of reaching consensus between network users, over and above that attained by validating nodes.
Dash first popularized the concept of blockchain governance, which is achieved through the use of masternodes, whose operators can vote on budget proposals. Its system provides a simple means of reaching agreement among community members who are most heavily invested in the project. Scores of subsequent crypto projects, including many that don’t use masternodes, have since copied Dash’s governance model. Often, they’ll tack voting rights onto their token as a means of shoring up its weak use case, but not all projects are as slapdash or cynical with their approach to governance – some aim to genuinely innovate, and in doing so, to overcome the weaknesses that are inherent to human structures.
The Quest for Human Consensus
While bitcoin core has muddled on without any sort of governance, and is all the more decentralized for it, other blockchains have tried to enact more formalized systems of governance. The idea is that by enacting an efficient means of achieving consensus among
