Bitcoin has brought the concept of decentralization, but any system needs to be developed. To implement development, it needs organizational strength to build. And the decentralized consensus mechanism also needs to organize the community to reach a consensus. The development of digital currency and blockchain products has actually not had a good community governance mechanism.
This series of articles analyzes the current digital currency and blockchain product community governance mechanism, and attempts to propose a reasonable governance mechanism.
For a digital currency, community governance is a very broad concept, and there is no precise explanation of what it means. There are still huge differences in the definition of this among various communities. Below I try to make some clear definitions that do not contain ambiguities.
The community governance of a digital currency includes at least the following parts:
1. How to upgrade the agreement. For example, should Bitcoin expand and deploy Segregated Witness.
2. Token distribution rules. For example, whoever buys a mining machine in pow will get coins; whoever has more coins in pos will get coins; some governance includes a certain amount of mining pumping for developers, such as dash; another governance method is to reward full node operators, etc. Wait.
3. When there is a potential accident in the blockchain, how to deal with splits, large-scale coin theft, major bugs, etc.? If ETH has ever experienced The Dao's currency theft, should it be used directly to roll back transactions or to keep the blockchain irreversible?
4. Operation and promotion. Any digital currency is eager for users. This is the most important thing. Operation and promotion are necessary for the success of digital currency.
Who is included in the governance of the digital currency community? The object of governance generally refers to the relationship between the code and the coordinator.
Governing the code means deciding how to deploy the code in the next step. This is easy to understand.
Coordinators and people are difficult to describe. In general, they should include coordination benefits and distribution costs. The ecological composition of a typical digital encrypted currency is divided into three parts, the first part is the developer; the second part is the miner; the third part is the user. Exchanges and various companies are often attributed to the group of special users. The coordinator is to coordinate these three types of people in this community. The governance of the community includes letting the people at each ecological node do what they can, allowing each to play its own value, obtain corresponding benefits, and bear corresponding costs.
What are the tools for the governance of the digital currency community? Governance tools are generally divided into on-chain governance tools and off-chain governance tools.
The most important of the on-chain governance tools is the consensus mechanism, the most famous is the workload proof mechanism pow; the equity proof mechanism pos; and the entrusted equity proof mechanism dpos. These consensus mechanisms directly determine protocol upgrades and token distribution rules. This is the most discussed governance tool for digital currencies, and there are plenty of articles to analyze the pros and cons of these.
Another type of well-known on-chain governance tools are hard forks and soft forks, which are the specific ways of deploying code. Similarly, this is one of the most discussed tools of digital currency. There are so many discussions about consensus mechanisms and forks that too many people mistakenly believe that these two are all the governance methods of the blockchain.
Off-chain governance tools mainly refer to coordination tools. Including the following:
1. Social media. Including various forums, official accounts, official websites and official WeChat accounts of various companies or organizations, groups used to express opinions, etc., and chat tools. The most famous in China is the WeChat group, dedicated to quarrels; Weibo, Twitter and various Blog platform and so on. There is a very important type of platform here, that is, github, which is a social platform such as programmers. Most of the digital currencies are open source here, and each development group also has its own github code repository...
2. Offline and offline meetings. Such as video conferences, offline lectures, and meetups. There is also a particularly important category, which is lobbying. Some people with unique concepts will professionally go to major companies to lobby decision-makers about their ideas...
3. Market value management. Price is a very, very important attribute of digital currency. If the value falls into scum, most members of a digital currency ecosystem are losing money, which will definitely cause the currency to completely lose its charm.
Below we describe a typical governance approach for protocol upgrades.
Typical protocol upgrade governanceThe development direction of digital currency is a very complex game. A protocol change model involving the consensus level can be vaguely summarized as follows:
The first step is for opinion leaders to propose a direction for development.
The second step is to discuss and express opinions among various groups. This is the noisiest part of the governance process. Bitcoin has been noisy for four years because of its expansion.
In the third step, the developer implements the direction into code, does a perfect test, and compiles it into an executable file for everyone to download. These three steps are all off-chain governance, and various off-chain governance tools will come into play.
The fourth step is for miners to choose whether to run the code. At the same time, other companies or individuals running full node in the ecosystem should also choose whether to upgrade to this version. If most of the computing power is running, it succeeds, otherwise it gives up. This is on-chain governance.
If it is divided into two groups of computing power to run codes that are not compatible with each other, then it is split. If users are divided, they have to make a choice. If it is not split, it is actually very difficult for users to vote, or the voting effect of users cannot be observed, because price rises and falls cannot be viewed as effective observation evidence.
If it does not involve modification at the consensus level, it does not require most of the computing power to run, and the miners run as they like.
Typical development, promotion and marketing governanceThe development of users of any kind of digital currency is the most important thing, and the development of users is inseparable from promotion and marketing.
Promotion and marketing can generally be divided into three categories.
The first category is the development, interpretation and promotion of the underlying protocol. The current digital currency development is still in its early stages, and the improvement of the agreement is a must. The most important bragging energy of a large number of coins is spent on their own agreements.
Generally, this kind of promotion and marketing method is based on some supplementary agreements and usage scenarios proposed by the awesome opinion field, and then various sub-level KOLs will interpret and promote it around sending it. This mode generally calls all off-chain governance tools.
The second category is the development, promotion and marketing of the application layer. A large number of blockchains are public chains, and those that are not public chains have their own specific applications. These public chains need to exert value and need to design various usage scenarios around it. The most typical design is some dApps, and the currency chain will persuade some merchants to accept this stuff as a means of payment. The most important category here is the exchange, and a currency must be in circulation.
In order to be able to develop the application layer, people in each chain organize development competitions such as hackathons. There are also people who organize the lower reaches of the line to say that the army goes to persuade the merchants to accept the payment. There are various incubators to incubate various projects on the chain. The more companies or projects are tied to this chain, the more powerful it becomes.
The third type of profession is aimed at the user group. Including various media and self-media will write articles and interpret various details. Organize various offline meetups to invite users to listen, organize various WeChat groups, etc.
There is another type of governance that is not typical, and that is market value management. There is no distinction between praise and criticism, and this type of governance also exists in stocks.
Concluding remarksThe governance mechanism of a decentralized community is itself a thing that changes the world. Now all organizations, including governments, can learn new management methods from this thing.
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