Decentralized Governance With #Blockchains – (Chris Coney) WCSS:036

Curated Content by Dan - Coin Cerberus

May 1, 2022

 

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Start your formal crypto education for free and earn tokens at https://cryptoversity.com/ — Why this is important to investors
In my view, this is important to investors for a couple of reasons.
It’s akin to assessing the credibility of the management team in charge of a publicly traded company.
In that scenario, part of your decision on whether to buy the stock is whether you have faith in the management team to make good decisions and steer the company in a positive direction, which ultimately has a positive impact on the share price. Through what I’m going to cover today, hopefully you’ll see how decisions of a superior quality can be gotten from decentralized governance and thus how crypto projects with these kinds of governance systems should have a higher success rate and greater longevity.
The key to decentralized governance lies in its flexibility.
By that I mean, the greater the number of people a decision is spread across the better, that’s the basis of democracy for example.
By contrast, there are plenty of companies that have failed or been out innovated because a small group of executives just couldn’t keep up with the times.
Isn’t this the same as shareholder voting rights?
Now I know what you’re going to say…
“Isn’t this the same as a stock with voting rights?”
In some ways yes, but blockchain technology facilitates stakeholder voting in a way that has significantly less friction and allows a wider range of people to participate.
So how does decentralized governance work?
Now like I always say, “There is nothing new under the sun”.
Modern coin offerings are just a blend of two concepts, IPOs and crowdfunding.
With traditional crowdfunding, you propose a product, get the funding upfront to make the product, and then deliver the product to the funders upon completion.
The benefits being that it’s low risk for both sides, and you get to test the market to see if there is sufficient demand.
If the project doesn’t get enough funding, then maybe the product wouldn’t have sold anyway.
Then an IPO is where you buy a share in a company in the hope that it will take that cash and use it to grow the company enough to increase the share price beyond what you paid for it.
Now when you blend these two together, you get modern coin offerings.
How do modern coin offerings work?
With a modern coin offering we have the benefit of tokenizing the ecosystem surrounding the product.
A founding team proposes a new product, gathers funding from the crowd and then uses that money to create the product.
The incentive for the crowd of funders is that they get project tokens in exchange.
Those tokens typically have one or both of the following features:
You can only pay for the product with the native token
You can use the token to vote on how the product should develop
Generally speaking, and in my opinion, a project needs both.
Forcing people to pay for the product with the native token, that is the value anchor. The token value is effectively backed by demand for the product.
To put that into perspective, the ultimate value anchor for the US dollar is the fact that the US government will only accept payment for taxes in that currency.
But the US dollar isn’t related to your voting rights. Your right to vote in the US governmental system comes from your US citizenship and your individuality.
And herein lies a topic of huge debate in crypto and decentralized governance.
Proof of person
Almost all decentralized governance systems ruling crypto projects today are proof of stake systems.
That means your voting power is typically equal to the number of tokens you have. Thus you can prove how much you have at stake by your wallet balance and should therefore have more influence over the product.
The problem is those tokens can be bought on the open market.
Does that mean you can effectively buy the vote? Well yes and no.
Yes you can buy more tokens to increase your voting power, but if you wanted to take over the majority of the tokens, buying them up on the market would push the price towards infinity, making each token progressively more expensive.
That doesn’t stop someone accumulating tokens over time though.
The other problem is the sybil attack.
That’s where I setup 1,000 Ethereum wallets to make myself appear to be 1,000 different voters.
Because it costs nothing for me to create a new Ethereum wallet, I can create as many as I like.
Now if there are tokens involved the wallets do me no good, but I can use those 1,000 wallets to spread my tokens out and still appear to be 1,000 different voters.
You could consider this the downside to being able to create a wallet with no ID requirements.
But how is decentralised governance superior though?
Now back to my suggestion earlier about decentralized governance producing superior outcomes. The Cryptoverse features reading the news from various sources. Each episode lasts approximately 15 minutes and includes my moral, ethical and philosophical interpretation of current events. If you’d like to be kept up to date on Bitcoin, cryptocurrencies and blockchains by someone who believes in the free market, equality of opportunity and the value of education then subscribe to The Cryptoverse today. Video Source https://www.youtube.com/watch?v=n34Hu3nmncU

Crypto Currency Resources & Recommended Products

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Coinbase

Crypto Currency Wallet & Coin Exchange

Coinbase is one of the worlds leading cryptocurrency wallets. It also gives people the option to purchase and trade digital currencies like that of Bitcoin, Bitcoin Cash, Ethereum Classic, Ethereum and Litecoin.

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binance

Cryptocurrency Exchange

Binance is one of the worlds fastest growing cryptocurrency exchanges. Because of its trading volume and the number of altcoins it trades it will be one of the worlds biggest crypto exchanges in the world.

While Coinbase is still the easiest way to get into cryptocurrencies, Binance trades a lot more Altcoins compared to that of Coinbase. If you want to purchase Altcoins like Cardano ADA, Ripple XRP, Steller Lumens, TRON, Dash and Monero then Binance is your first port of call. 


In order to trade here, you must hold some cryptocurrencies first. So it's best to purchase some Ether or Litecoin from Coinbase and transfer it too Binance.

Click Here Watch A Tutorial Guide On How To Use Binance.

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Ledger-Nano-Wallet

Cryptocurrency Hardware Wallets

One of the most popular Hardware Cryptocurrency wallets is that of

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Digital Crypto Currency Wallet 

The Exodus Wallet is desktop cryptocurrency storage solution. It can be used with Mac and PC which has compatibility with a popular cryptocurrency exchange called Shapeshit. Which gives the user the ability to trade cryptocurrency with in the Exodus Wallet.  This feature alone makes the Exodus wallet a very popular choice with beginner crypto traders.


The interface is very intuitive making it very easy to understand and use for anyone that's starting out with investing in cryptocurrencies. The Exodus Wallet is one of the most popular lite wallets, even with a number of crypto storage assets, it doesn't require your system to download the complete blockchain.


While the Exodus Wallet is free to download and a very secure piece of software, please note that it does take between 1-3% fee with the exchange of cryptocurrencies. Click Here To Watch Walk Through Video On The Exodus Wallet.

Brave-Browser

Cryptocurrency Browser

The Brave Browser is just like most web browsers, it allows you to surf the web, find videos, websites and allows you to download content from the web. But with a few difference with it's set up compared to that of Google Chrome. It was set up by the same creators as that of Mozilla, basing their software on open source code similar to that of Google Chrome.

Brave has in built ad blocking technology to stop intrusive ads. It also integrates with the cryptocurrency Basic Attention Token {BAT} to pay users for their attention for displaying less intrusive ads.


Brave keeps 15% of the less intrusive ads, giving content publishers 55% per cent which is good for bloggers and vloggers, last but not lease even users of the Brave browser will receive 15% off the revenue. It also gives users the option to donate BAT to content creators or sites they love.


One of the striking features of the Brave Browsers is that it removes a ton of tracking pixels which cause websites to load slower. This gives you a much faster experience when visiting websites online


Tags

Altcoins, Buy Altcoins, Crypto, Cryptocurrencies


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