Blockchain networks, specifically public blockchains, exist as decentralized networks that need to maintain byzantine fault tolerance to retain authenticity. This is not only difficult in itself but requires novel forms of distributed governance to achieve long-term sustainability of the network as a whole, balancing human intuitions and algorithmic governance.
Governance of blockchains is one of the more fascinating and complicated topics in the space. Which blockchain networks can adapt, and how they adjust, will be vital to shaping the future landscape of the industry.
Quick Verdict: This article explores the complex landscape of blockchain governance, contrasting traditional centralized models against novel decentralized approaches using both off-chain consensus and experimental direct on-chain voting to achieve flexibility and sustainability, the ultimate effectiveness of which remains uncertain.
