As Immanuel Kant put it, “The usual touchstone of whether what someone asserts is mere persuasion or at least a subjective conviction, i.e., firm belief, is betting. Often someone pronounces his propositions with such confident and inflexible defiance that he seems to have entirely laid aside all concern for error. A bet disconcerts him. Sometimes he reveals that he is persuaded enough for one ducat but not for ten.”
…lysis for these assets, we shouldn’t analyze the governance of all cryptoassets in the same manner. We need to more accurately describe what is being governed in order to think about how it should be governed. In this analysis I’m going to delineate between base layer protocols from those further up the tec…
…te on the right way to govern cryptonetworks, which has created various thought-provoking theories. I believe much of the debate is misguided since ‘crypto’ is too general of a term to apply overarching ideas to. Jill Carlson explains it well:
It is the interactions between these stakeholder groups that define what a blockchain is, its values and principles and how it evolves over time. This governance process shapes the imagined reality we create surrounding a network, and the value of a cryptoasset lies at this social layer.
…e a few. These are diverse groups with varying incentives that frequently conflict with each other. For example, node operators want to keep block size low to reduce the costs of running a full node, while miners have incentives to increase the block size so each block includes more transactions and thus more transaction fees.