Blockchain Governance: Carrots & Crowd Power Redefines


The blockchains are not only responsible for the consensus but at the same time, the people using it need to be in an agreement. Else, the most common thing occurs that is known as the chain splits. This has happened to Bitcoin for 47 times and is still counting. Traditionally, the blockchain governance has been pretty dull that involves the age-old voting systems and relatively low participation. But with the emerging of the projects such as Aragon and Kleros, with the correct incentives, the engagement of the community will increase to a great extent that would result in the fairer and the more representative decision making process.

The decision making in the democratic countries is a thick process. With the earlier votes casted by the Maker and Ox, each one formed their respective communities attracting one percent of the available votes. This would be easy to conclude that the blockchain governance is a niche pursuit within the niche industry that is destined for the participation by only the most passionate crypto zealots.

Moving away from the binary options that are afforded by the simple onchain / offchain / onchain voting systems, a couple of the crypto projects are developing the more sophisticated systems that has harnessed the crowd sourced wisdom and the incentivised participation. Kleros and Ethfinex are one of such cases. The dispute resolution project has joined the forces with Bitfinex’s ERC20 based sibling in order to create a transparent exchange listing process. Their chief goal is to entrust the community to oversee the token listings and also to create a reliable list of legitimate tokenized projects. Thus, to achieve this Kleros has created a token curated registry (TCR) where the project details are entered into such as the logo, ticker, name and the contact address. This is a way forward for the industry.


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