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How delegating (aka proxy advisors) will take over blockchain

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Now if only it said “I delegated” instead

The general election in America is a pretty big deal. The president has a lot of powers and has a great effect on the global geopolitical landscape. With stakes this high, one would expect voter turnout to be higher than only 50 to 60 percent. If the turnout for the general election is already low, what about the turnout for midterm elections, state referendums, or municipal elections? Voter turnout drops even more. Imagine how low that number will go for corporate governance or those blockchain governance tokens you hold[0].

TLDR: people don’t really vote. …


By Leland Lee and Haseeb Qureshi

After the DAO hack of 2016, the Ethereum community was faced with an existential quandary: should the community roll back the chain to revert the DAO hack, or let the hacker get away? Those who said yes forked away to what is now called Ethereum. But those who said no, who didn’t roll back, they are now known as Ethereum Classic. This is a classic example of blockchain statecraft: by creating a new fork, a minority coalition can effectively secede from the majority.

But Ethereum will never again have a meaningful minority fork, in large part because of DeFi’s inherent fragility.


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Figure: The feeling when the latest batch of gas is delivered

How many steps does it take to claim that kitten? The official guide from the creators of CryptoKitties instructs users to first install Metamask before purchasing Ether, followed by many additional steps. This shows how terrible Blockchain UX is. Users are helpless without having the underlying protocol token. This locks out a huge portion of the population from adopting blockchain.

There’s a concept called “meta-transactions” or “fee delegation” that permits a third party to pay for a transaction fee on behalf of a user. …

About

Leland

Facetious in Blockchain; former @calblockchain, @earndotcom

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