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At the moment, the debate over governance is at its peak as decentralized autonomous organizations (DAOs) have occupied a significant position within the world of blockchain. Vitalik Buterin – the co-founder of Ethereum – posted a Twitter thread in which he discussed the dilemma between providing authority to some particular heads as well as the autonomy to willingly delegate decision authority.
Ethereum Co-Founder Criticizes Transferable Governance
In one of his tweets, Buterin noted an old notion saying that power-hungry people are not worthy to be leaders. He added that the respective proverb can additionally be applied to the field of DAOs and claimed that the DAO-based moveable governance tokens are in a great contradiction with the entirety of the purpose of DAOs. In his words, if someone can transfer governance then the people pursuing power will use right or wrong means to get it.
Though a valid point was raised by the Ethereum co-founder, a few were those who noted contrasting views. While responding, a community member named “Muki” pointed toward the inevitability of delegating the decision authority. As per him, considering that everyone would participate is not applicable, and voluntarily delegating the decision authority is a better option as compared with the participation of all.
Community Reacts with Diverse Opinions
Adding to the debate, Willyogo (a Twitter user) opined that the possession of moveable governance tokens is not like the desire to dominate people. Nonetheless, the user admitted that some more advancement is required to take place in the DAO sector taking into account the voting mechanics. Vegabond – another Twitter user – also participated in the discussion and stated that a move forward can be the completely recallable delegates.
In this concept, the selected delegates could rapidly be deprived of their power at the time they leave representing the ones by whom they were delegated votes. The rest of the people talked about governance mechanisms as well as the utilization of blockchain-based services such as the selection of significant positions within a decentralized autonomous organization through confirmable randomness.
In the latest Ethereum Community Conference – which occurred in Paris, Hilary Kivitz (a Web3 adviser) discussed DAOs as well as the methods by which they could confront hostile takeovers. As per Kivitz, the solutions include the incorporation of poison pills that would dilute the exploiters’ votes.
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