Decentralized Governance must be Next Step

Who will decide about the next step of the project?

The role of a team behind a decentralized protocol

Try to guess how many times did Satoshi Nakamoto mention the term decentralization in the Bitcoin white paper? As a matter of fact, not even once. As it turns out, the concept of ‘decentralization’ does not merely revolve around transactions.

A decentralized protocol must ensure that any user cannot spend a coin twice. Thus, Peer-to-Peer transaction is not really only between two entities as you can think. There is a protocol in the middle which ensures that all transactions in a block are valid. Every user must trust the protocol that its transaction will be added to a block and the value will be delivered as expected. A decentralized protocol acts as an honest trust machine from point of users. If you dig deeper you will find that it is the team behind the protocol to which users really trust.

A team writes the source code of a client. The client is then publicly offered to people who are willing to keep the network running. Those people install the client on their computers and are rewarded for that. It works like that for all public and open networks.

Building protocol is a never-ending story

The building of a protocol is continual work and never ends. It is not possible to create a piece of software and be done with that forever. Such software would get obsolete very soon and be replaced. There are many reasons why the protocol must be constantly maintained, changed, and improved. People make mistakes. Thus there are always many bugs in the protocol which must be fixed. By fixing them, new bugs might be introduced. A bug is something, that can be misused by an attacker. The team cannot just let it be. Even if you get rid of all bugs, there are external conditions that change in time. New people come and want to use the protocol so there is a higher demand for scalability. It is important for mass adoption since if new users mean that transactions last longer time then people will migrate elsewhere. People will require new features or improvements. The team must listen to users and try to realize their wishes. Internet throughput is better and better every year, disc storage is cheaper, some cryptography cipher the protocol uses get old or can be cracked and there are new ones available. The team…