May 04, 2017

On a Principled Approach to Blockchain Governance - 7 Requirements

Over on Steem, I've published a short 7 part cycle on a Principled Approach to Blockchain Governance:

One of the things that I learnt in the CAcert adventure was that governance was critical to the safe operation of large communities. How large is large ... is a question of much debate, but to put it bluntly, this is needed beyond say a 2 digit size, which Iíve always seen as around 30, but certainly well before Dunbarís number of 150.

Now, the problem with governance is that once itís in place, it becomes power. And power corrupts. ...

Each part lays out one principle:

  1. Open Entry
  2. Toxics not Welcome!
  3. Constitution!
  4. Arbitration
  5. Consensors are Enforcers
  6. Arms of Governance are Independent
  7. Community exercises their Democratic voice to set rules

The reason I'm using Steem as the blog rather than good ol' Financial Cryptography ... might be revealed soon enough. Watch this space. Or that space!

Posted by iang at May 4, 2017 09:40 PM

In your 2011 paper on Bitcoin mining you factor in the cost of electric power. You note that botnets operate on stolen power, and conclude that "stolen electricity will drive out honest mining." However, there is another way in which electricity is being stolen. In many areas, such as China, taxpayers are forced to pay for electric power used by other people. This gives the miners free profits at the expense of those taxpayers.

Posted by: Patrick at May 5, 2017 09:19 AM
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