Intro to Blockchain Governance & Mining!
Understanding blockchain governance needs us to understand what governance is all about. As a society, we congregate in tribes, villages, towns, and empires. When people live close like that, norms come into play.
The underlying principles of how we live with each other includes;
- Rulers
- Rules
- Participants
This is something that we can apply even in the digital world. The three aspects above need to blend well with each other for groups to work. Goals and rules need to work together to form structure.
All development projects have roadmaps. Organizations and software development projects have to agree on what they are doing. Most organizations have a central authority or team of leaders.
Because we decentralize the blockchain world, authority figures and teams do not exist. That leaves this domain an anarchic state. Governance has to happen somehow. As of now, two ways exist in the blockchain’s governance that works effectively.
- Incentives
- Coordination/consensus methods
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