Altcoins Talks - Cryptocurrency Forum
Crypto Discussion Forum => Cryptocurrency discussions => Topic started by: Crypto Barik on September 16, 2022, 11:21:27 AM
-
has anyone actually tried to dabble in the governance of some PoS chains?
i find it a total shit show, and i'm slowly thinking it might be a buzzword to get you to buy in. here are some of my issues:
1. people who write proposals and people who vote are only the ones who know english. that means non-english speakers are excluded from deciding the future of a project.
2. some proposals are badly written and lack clarity or data. example: there was a proposal on Juno to hold lots of money from the treasury and fund developers with it who migrated from Luna after the Luna collapse. no mention of who these devs are, how many there are, what projects they'll be working on. yet everyone voted yes because it sounded good.
3. someone who doesn't want to be involved in governance and just liked the principles of the crypto project has to accept the fact that the project might be totally different in about 2 years after some proposal he/she doesn't agree with. This makes people micro-manage their money. Not everyone got the time or energy for that, especially if they're invested in more than one crypto and need to follow and read proposals for each crypto.
4. voters need to pay a fee to be able to vote. this means early adopters decide the rules for late adopters who are just observing the space before they get in. that's not inclusive/universal.
ultimately, humans are flawed and a monetary system with governance relies on humans. whereas something like bitcoin has governance that doesn't open the doors to random people to vote on proposal they might not even be bothered to read. also, participants have no idea how much power they vs. the devs have. remember how Solend bypassed the whole governance system to protect a whale from liquidation? does anyone have a case for governance?
-
In late 2021, the EOS community joined a major DAO to decide the fate of BlockOne in the EOS ecosystem. It is the best-known and best-known example of the value and operation of the DAO in solving the problems of the blockchain ecosystem. I think in the future, DAO will become the most important part of this market, when Web3 will bring a lot of problems that we can't ask the #DevelopmentTeam to completely solve.
-
The concept of DAO has some features borrowed from democracy...and though it is romanticized to be one of the greatest human invention it is not perfect today nor will it ever be. I agree that as long as we are dealing with humans - and I think there remains no replacement for humans in many aspects - then there is that tendency that flaws can come out in the open...so it is imperative that a DAO should have some safety nets to counteract human flaws.
-
has anyone actually tried to dabble in the governance of some PoS chains?
i find it a total shit show, and i'm slowly thinking it might be a buzzword to get you to buy in. here are some of my issues:
It is a strategy to make their coins to have a use, or encourage holding. I also find governance as a centralized version of cryptocurrency. They keep on saying it is decentralized but the mere fact that most governance is led by the developer themselves and/or those people who have a huge amount of stash simply show what I am thinking is correct. Aside from that I symphatize with you that letting people that has a poor vission and knoledge of economics but has power because they hold more tokens will simply make the project unpredictable and may often lead to exploits.
-
always good to hear the government will have crypto.
I think the government started to learn crypto, advantage and disadvantage.
But I personally agree If it will be happen.
Maybe the government will choose centralized system
-
The four points you have explained could be summed down into a single thing, which is centralization. I don't think most of them deeply care enough about decentralization in which there won't be any consensus. The POS governance is deeply rooted in an ironic thing, as you are already aware, the Solend proposal which attempts to control/steal user funds is being passed. That truly indicates there is a much bigger problem that underlies how governance performs in those cryptocurrencies not specifically in the Solend ecosystem. After all, do PoS even could give a firm consensus toward the whole ecosystem? I doubt it is possible.
-
You raise the right points, as there is saying, there is nothing perfect in the world. You mostly have to choose between lesser of evil between the two. For eth however, I like to favor the PoS as it could have significant environmental impact and community appears to mature enough to make right decisions.
-
Crypto governance is a system for managing and implementing changes to cryptocurrency blockchains. In this type of governance, rules for instituting changes are encoded into the blockchain protocol. Developers propose changes through code updates and each node votes on whether to accept or reject the proposed change.
-
Governance tokens give holders the right to vote on issues that govern the development and operations of a blockchain project. It's a method for projects to distribute the decision-making power to their communities.
-
Therefore PoW consensus is better than POS, because you can't vote or submit proposals with the coins you own, the government is trying to make crypto Central, by instead saying mining creates pollution and waste of energy, whereas many factories out there have high levels of higher pollution.