With the introduction of Polkadot, MolochDAO, DigixDAO, GenesisDAO, DxDAO, WBTC DAO and PolkaDAO, 2019 can be said to be a "year of DAO".
The emergence of code as law has made decentralization possible. The concept of Decentralized Autonomous Organization (DAO) emerged at the historic moment. Through the combination of decentralization, autonomy, autonomy and token economic incentives, it can better stimulate the effectiveness of the organization and realize the value circulation, and provide community governance for the blockchain. For reference.
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The on-chain governance model, as the core spirit of code and law, is an important governance mechanism and logic of decentralized community governance. Therefore, the computing power think tank unites Babbitt, Firebird Finance, Vernacular Blockchain and Gyro Finance, etc. The media jointly released the blockchain community governance report "Code is Consensus, from Dao, DCR to Polkadot, Decentralized Community Governance Exploration Road" . Attempting to provide some ideas on the exploration of decentralized community governance by summing up the pain points of on-chain governance and the important mechanism design of selecting representative projects DCR, Polkadot, BitYuan .
The popularization and application of new technology has deepened the transfer of human economic and social life to the Internet. As a result, the Code is Law ideology was born. The so-called Code is Law, that is, the program code is the law without human trial and intervention. All rules are written into the code of the smart contract and then executed according to the program code. The program code is usually open source and can be viewed by everyone. This can eliminate human intervention, eliminate disputes between people, and make the functions implemented by smart contracts transparent and fair. This is also the legal concept of the code. reflect.
However, Vitalik et al. Proposed that completely decentralized, tightly coupled governance on the chain is actually overrated. The current coordination mechanism of human beings has been developed through its own culture for hundreds of thousands of years. In contrast, the new decentralized human collaboration through blockchain technology and DAO is not even budding.
Blockchain community governance is particularly important
The report suggests that the need for community governance is reflected in the following three aspects:
1. With human involvement, conflict and greed will be inevitable. Blockchain cannot and does not eliminate greed, but it will not prevent it from freeing its protocols from untrusted artificial control to the maximum extent possible;
2. Blockchain decentralized network operating systems require community governance. There are many differences in the development path of decentralized network operating systems. In addition to technical differences, they also involve differences in ideas, differences in ideology, and so on, such as the crude hard fork that occurred in various systems before;
3. From the perspective of a single decentralized blockchain system, facing many competitions and hoping to win, promoting its own system requires community governance to play a fission role, and it also depends on community governance to provide protection in the face of organized social attacks.
Compared with technology, blockchain community governance or long-term investors' most important valuation indicator
A researcher at hashpower think tank said that for investors who are optimistic about the blockchain for a long time, they pay more attention to governance than teams and technology architecture.
1. Compared with focusing on the technical performance of the blockchain, higher TPS processing speed, shorter response time, and higher scalability design, due to the lack of decentralization of governance decisions and other technical reasons (such as the inability to expand to large scale) Application), a star public chain is likely to decline. In addition, most technologies are open source, and the first-mover advantage is not the same as the long-term advantage. Only by establishing a reasonable decentralized community system and improving the corresponding autonomy mechanism can we ensure the long-term security of blockchain projects.
2. Community governance is an important glue linking other investment reference dimensions. Economic models, business models, and ecological models are all inseparable from community governance.
Learning from innovation mechanisms to alleviate common challenges of on-chain governance
Token holders on the chain determine the multi-purpose decision mechanism through voting is the main mode in blockchain governance. The clear on-chain voting governance has the following major advantages. First, it can evolve quickly and accept the necessary technological improvements. Second, by creating a clear decentralization framework, we avoid instability and problems that easily lead to chain forks or centralization.
However, the disadvantages are also obvious. How to avoid bribery and low votes is especially critical for designers of community governance.
DCR's on-chain governance is based on consensus rule voting, which has certain reference value in setting protocol parameters;
The original intention of Polkadot's adaptive voter bias is to solve the problem that the number of voting results may not be 100%. The time-locked voting mechanism is an innovative mechanism that allows token holders to increase some of their proposed voting weights. The role of this mechanism is to encourage long-term currency holders to contribute to the community and raise the threshold for bribery in a weighted manner; in addition, to represent those inactive owners who cannot participate in every referendum, Polkadot Launched the council;
In order to improve the efficiency of the encryption protocol, BitYuan has established a board mechanism and has veto power over small proposals and invalid proposals.
Decentralized community governance still has a lot of space for exploration, standing on the shoulders of giants
At present, there is still more room for improvement in the exploration of decentralized community governance. This is because some of the exploration mechanisms have not yet been implemented, and they still need practice to prove and improve. How to balance fairness and efficiency while maintaining overall decentralization requires multiple trade-offs.
The report believes that although on-chain governance has always been a problem for blockchain projects. But the computing power think tank believes that from the perspective of the development of a decentralized community, the consensus of code and law highlights the absolute significance of on-chain governance. The result of the collision is fusion, and there will be only one decision result for any specific transaction. This result is the optimal solution jointly determined by all people holding the Token. The entire ecology will always evolve in this way.
Therefore, standing on the shoulders of giants such as EOS, DCR, Polkadot, BitYuan mentioned in the report will help to better explore and improve the governance of the current chain, and then continue to iteratively update the mechanism to create a more reasonable A more fair and efficient community self-government system, and the extended off-chain governance will serve as an extension and supplement to complete the on-chain and off-chain coupling for community governance.
Research report connection