On-Chain Governance and What It Means for the Crypto Community With Changelly’s Eric Benz | BTCMANAGER
Bitcoin, Blockchain & Cryptocurrency News
One of the biggest questions around blockchain systems over the past few years has been the viability of on-chain structures of self-governance. Various people in the industry, including Vitalik Buterin, have devoted significant time to analyzing the pros and cons of on-chain governance.
There are those that think that on-chain governance is not just the future of governance for all blockchain projects, but the future model for all democratic institutions. And then there are those that think it is fundamentally flawed and not something that can be relied on to safeguard democratic principles in its current form.
With all the controversy surrounding the Iowa caucus, we thought it would be fitting to revisit this debate and look at on-chain governance as it stands now. To do this we reached out to industry insider and CEO of Changelly, Eric Benz.
Does On-Chain Democracy Work?
To start things off we asked Benz how he feels about on-chain democracy and whether or not it can work as a means of shared decision making. Benz is very bullish on on-chain democracy and believes that it has the potential to move beyond blockchain/crypto-specific projects into more traditional and global functionality. He said: “When we look at on-chain democracy we can see just how revolutionary of a concept this is and how it’s being put to the test.