The decentralized properties that make blockchain architecture unique can also be its Achilles heel, demonstrating the importance of bringing network governance on-chain to promote a more inclusive and democratized consensus on network upgrades.
Governance Transformation Is the Key To Unlocking Decentralization’s Innovative Potential
There are many bitter arguments over blockchains, whether involving how they should be run, the consensus mechanisms, implementing changes, or upgrading the frameworks. These debates have often put network communities at odds, creating schisms that eventually unfolded in hard forks. Despite the success of these consensus systems as evidenced by rising transactions and valuations, Bitcoin and Ethereum’s future could be in doubt.
The term consensus has to do with everything enshrined in code for the two largest networks, like transfers of value, how much miners get paid, smart contract operations, and other basic network-coded functionality. Unfortunately, that means that network consensus is not a part of addressing any severe problems or implementing even the tiniest upgrades.