Ethereum Founder Speaks Out Against Transferable Governance, Community Responds
Vitalik Buterin wrote that supporting DAOs with transferable governance tokens is contradictory and empowers power-hungry people.
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The governance discussion is intensifying as Decentralized Autonomous Organizations (DAOs) become more popular in the blockchain space. The dilemma between giving power to a select few and the freedom to voluntarily delegate decision-making power was highlighted in a Twitter thread created by Ethereum (ETH) founder Vitalik Buterin.
In a tweet, Buterin referred to an old saying that power-hungry people are unfit to lead. The Ethereum founder pointed out that the saying can be applied to DAOs and argued that transferable governance tokens in DAOs contradict the whole point of DAOs. Buterin noted that while governance can be transferred, it empowers those who seek power.
While the founder of Ethereum makes a valid point, some reacted with contrasting opinions. In a response, Twitter user Muki pointed out that delegating decision-making power is inevitable. According to the community member, expecting everyone to participate is impossible, and voluntary delegation of decision-making power is better than making ill-informed decisions or not participating at all.
Contributing to the discussion, Twitter user Willyogo wrote that holding transferable governance tokens is not the same as wanting to govern people. However, the community member also said that there is definitely room for improvement for DAOs in terms of voting mechanics.
Twitter user Vagobond also chimed in, saying having fully revocable delegates is a way forward. In...
Vitalik Buterin wrote that supporting DAOs with transferable governance tokens is contradictory and empowers power-hungry people.
New
The governance discussion is intensifying as Decentralized Autonomous Organizations (DAOs) become more popular in the blockchain space. The dilemma between giving power to a select few and the freedom to voluntarily delegate decision-making power was highlighted in a Twitter thread created by Ethereum (ETH) founder Vitalik Buterin.
In a tweet, Buterin referred to an old saying that power-hungry people are unfit to lead. The Ethereum founder pointed out that the saying can be applied to DAOs and argued that transferable governance tokens in DAOs contradict the whole point of DAOs. Buterin noted that while governance can be transferred, it empowers those who seek power.
While the founder of Ethereum makes a valid point, some reacted with contrasting opinions. In a response, Twitter user Muki pointed out that delegating decision-making power is inevitable. According to the community member, expecting everyone to participate is impossible, and voluntary delegation of decision-making power is better than making ill-informed decisions or not participating at all.
Contributing to the discussion, Twitter user Willyogo wrote that holding transferable governance tokens is not the same as wanting to govern people. However, the community member also said that there is definitely room for improvement for DAOs in terms of voting mechanics.
Twitter user Vagobond also chimed in, saying having fully revocable delegates is a way forward. In...
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