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.
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 Ethereums 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. This parallel governance process often occurs exclusively off-chain in a highly politicized manner.
For evidence to support this very point, just look at the aftermath of the Ethereum Classic debacle. Or consider the amount of time it has taken Ethereum to update its consensus mechanism from proof-of-work to proof-of-stake. Implementing any network upgrades in this manner is arduous, time-consuming, and not a function of on-chain consensus.
You can think of consensus as a parallel economic system whereby participants worldwide can operate under the same economic framework without any legal oversight or geographical constraints. Still, without any connection between governance and consensus, attempting any major upgrades can theoretically happen without the communitys consent or blessing.
Fortunately, other networks are capably demonstrating that on-chain governance is possible and also effective when adapting to a constantly changing digital environment.
When evaluating the scope of the problem through the lens of Ethereum, its Ethereum Classic hard fork was over a serious disagreement whether code is law or can be broken to protect the community. At present, both networks are compatible thanks to network upgrades mirrored in Ethereum Classic.
However, the disagreement effectively split the community down the middle because Ethereums original structure didnt provide an on-chain governance mechanism to facilitate this dialogue. Solidarity will be the key to longevity for blockchain, and the breakdown of such can cause unnecessary infighting and distractions.
Networks like Tezos and Polkadot have responded to these events with a much more community-oriented approach. The networks communities can vote on proposals and upgrades by employing an on-chain governance model instead of more centralized off-chain governance measures. Besides improving overall participation, it gives every stakeholder skin in the game.
The success of these measures is evident, with Tezos able to upgrade itself just as seamlessly as a computer or phone periodically installs software updates. In the last two years alone, Tezos has undergone multiple major upgrades, each of which has added value to the overall network while developing the infrastructure and setting the stage for future updates.
By comparison, it has taken Bitcoin four hard forks to simply implement minor changes. The more straightforward approach of on-chain governance makes other competing networks like Polkadot much more flexible and adaptive to changes that can unfold, not to mention improving overall blockchain democratization by decentralizing control over a networks future.
If blockchain truly endeavors to challenge the status quo, network governance should reflect that notion by upending the role of gatekeepers and shunning the politics that have divided communities. By combining consensus, governance, and the protocol in one package, these divisive hard fork events can be avoided outright, all while solidifying the outlook and securing the longevity of these systems.
The flexibility of on-chain governance by design means the ability to respond to external technology changes that other, more rigid architectures will find difficult to adopt. Although code may be law in the blockchain universe, its still comprised of a network of humans, and governance should absolutely be a mirror reflection of that reality.
Do you think the Bitcoin and Ethereum chains will follow the example of Tezos and Polkadot to expand on-chain governance? Let us know in the comments section below.
Image Credits: Shutterstock, Pixabay, Wiki Commons, LSE Blogs
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
- MST3K: Jonah Ray on Longevity, Evolution from Netflix to the Gizmoplex - Bleeding Cool News - November 27th, 2024
- Why Personal Health and Wellness Are Key to Business Longevity - Entrepreneur - November 27th, 2024
- How to live longer: 'I'm a doctor - adding two foods to your diet is the key to longevity' - GB News - November 27th, 2024
- The Best Talks of GSA 2024 - Lifespan.io News - November 27th, 2024
- Maren Tschinkel Shares Her 11 Healthy and Happy Habits - Bustle - November 27th, 2024
- Do blue zones, supposed havens of longevity, rest on shaky science? - Science - November 27th, 2024
- 2025 Longevity and Harmony coins recognize symbolism of birds - Coin World - November 27th, 2024
- The Hormonal Blueprint For Longevity And The Science Of Youthfulness - Forbes - November 27th, 2024
- How Has Life Expectancy Changed Throughout History? - Verywell Health - November 27th, 2024
- The key to a long life is avoiding the 'poisonous 5 P's,' says one of the world's top anti-aging experts - Fortune - November 27th, 2024
- Study unveils genetic secrets to longevity in Indian population - The Times of India - November 27th, 2024
- The Long Run: Behind The Song That Predicted Eagles Longevity - Dig! - November 27th, 2024
- Daily Walks Could Add More Than 10 Years to Your Life, New Study Says - Real Simple - November 27th, 2024
- The 5 best supplements for healthy aging, according to a longevity expert - Yahoo Finance - November 27th, 2024
- Longevity Burn-In Test: Updates And Results From 100 TVs - RTINGS.com - November 27th, 2024
- A 90-year-old comedian still does gigs and plays golf. She shared her secrets for staying fit and funny. - Business Insider - November 27th, 2024
- Longevity and Anti-senescence Therapy Global Market is set to reach $36.11 billion by 2028 at a CAGR of 6.4% - EIN News - November 27th, 2024
- Steinberg Hopes that the Runners Club Can Put Chatham on Course to 'Blue Zone' Longevity Status as Part of Mayor's Wellness - TAPinto.net - November 27th, 2024
- Why Brits are keen to go on wellness getaways for longevity in 2025 - Yahoo Lifestyle UK - November 27th, 2024
- 3 ancient foods are the staple of this blue zones longevity diet - Fortune - November 3rd, 2024
- The Fall Fruit Longevity Experts Swear By - Vogue - November 3rd, 2024
- 6 Foods Centenarians Almost Never Eat (and You Shouldn't Either), According to Longevity Experts - Real Simple - November 3rd, 2024
- According To Longevity Experts, This Is The Breakfast You Should Be Eating For A Long Life - Yahoo Life - November 3rd, 2024
- 33-year-old who left the U.S. to live minutes from the ocean in Jamaica: 'I feel like I have a better chance of longevity here' - CNBC - November 3rd, 2024
- The Secret to Longevity? Community. - LVHN News - November 3rd, 2024
- The Real-Life Diet of Longevity Doctor Valter Longo, Who Wants You to Finish Eating Well Before Bedtime - GQ - November 3rd, 2024
- At 80, Jazzercise's founder is thriving. She credits lean protein, weightlifting, and treating herself to a daily Dr Pepper. - Business Insider - November 3rd, 2024
- New Computational Method Links One Mammals Striking Longevity and Resistance to Cancer With Dark Genome - Roswell Park Comprehensive Cancer Center - November 3rd, 2024
- Anti-aging enthusiasts are turning to the drug rapamycin to help extend their livescan it work? A longevity doctor weighs in - CNBC - November 3rd, 2024
- There's 1 Massive Health Benefit Of Travel That We Don't Talk About Enough - HuffPost - November 3rd, 2024
- The Northwestern Lab Trying to Extend Your Life - Chicagomag.com - November 3rd, 2024
- Human Touch Reflects on the Catalyst and Future of the Longevity Boom - Athletech News - November 3rd, 2024
- Fountain Life Develops "Zora AI," the World's First Generative AI Platform Specially Trained in Functional and Longevity Medicine - PR... - November 3rd, 2024
- Cancer patients who stop smoking within the first six months of diagnosis see improved longevity, study finds - Medical Xpress - November 3rd, 2024
- The 80-year-old billionaire Larry Ellison wins plaudits for looking 30 years younger, with the longevity fanatic Bryan Johnson weighing in - AOL - November 3rd, 2024
- Brewing longevity: Reassessing the health impact of coffee - Genetic Literacy Project - November 3rd, 2024
- Heres Why People in Blue Zones Live the Longest, According to Longevity Experts - Real Simple - November 3rd, 2024
- Before trying expensive longevity treatments, focus on these 4 basics of living longer first - Business Insider - October 6th, 2024
- She loved beer and ice cream and lived to 97. Does lifestyle really matter to longevity? - CNN - October 6th, 2024
- Scientists are testing a keto cocktail for longevity and vigor without the high-fat diet - Business Insider - October 6th, 2024
- 5 Things Longevity Researchers Do Every Day to Live Longer and Healthier - Health.com - October 6th, 2024
- Scientists Have Discovered a Dietary Compound That Increases Longevity - SciTechDaily - October 6th, 2024
- The longevity method: inside the wellness retreat that wants you to live better for longer - Harper's Bazaar UK - October 6th, 2024
- Eight-time Olympic champion Isabell Werth on her longevity, success secrets, and impromptu sing-along during Paris 2024 competition - Olympics - October 6th, 2024
- Want to Live a Longer, Healthier, More Meaningful Life? Science Says People With Greater Resilience Enjoy Exceptional Longevity - Inc. - October 6th, 2024
- Longevity in Action: The 91-Year-Old Weaver Redefining Aging - JAPAN Forward - October 6th, 2024
- A 64-year-old who swam the earth's circumference shares his longevity tips - The Caledonian-Record - October 6th, 2024
- Jimmy Carters longevity compared to other U.S. presidents - FlowingData - October 6th, 2024
- The 'Healthy' Habit That's Taking Years Off Your Life, According to Longevity Experts - Parade Magazine - October 6th, 2024
- Common food ingredient that promotes longevity found by scientists - The Times of India - October 6th, 2024
- Maryland Department Of Aging Launches Longevity Ready Maryland Work Groups - pasadenavoice.com - October 6th, 2024
- If You Want To Live A Long Healthy Life, Experts Say You Should Avoid Doing These 6 Things - BuzzFeed - October 6th, 2024
- Aging is the inflation of life. An emerging crop of longevity biotech companies needs investment to beat it - Fortune - September 13th, 2024
- On this island in Italy, people often live to 100here are 4 of their key habits for a long, happy life - CNBC - September 13th, 2024
- This 5-second walking test can tell you how well you're aging - Business Insider - September 13th, 2024
- Maxwell Sociologists Receive $3.8M to Research Health and Longevity - Syracuse University News - September 13th, 2024
- How Long Do You Expect to Live? It Pays to Make an Educated Guess. - MSN - September 13th, 2024
- Want to live for longer? These are hands down the best workouts for boosting longevity, according to top trainers - Marie Claire UK - September 13th, 2024
- Unlocking the Power of Healthy Longevity: Demographic Change, Non-communicable Diseases, and Human Capital - World Bank Group - September 13th, 2024
- Growth vs Profitability: The key to startup longevity - Moneycontrol - September 13th, 2024
- Newly Discovered Gene Could Be the Secret to Longevity - SciTechDaily - September 13th, 2024
- Poverty and longevity: mutually exclusive what if we thought more about the link between housing and health? - Real Change News - September 13th, 2024
- People in Blue Zones swear by beans for healthy aging here are 3 longevity-boosting bean dishes from a recipe developer - Business Insider - September 13th, 2024
- The Key to Healthy Aging and Longevity - Daily Item - September 13th, 2024
- Associations Between Professional Sports and Longevity - Lifespan.io News - September 13th, 2024
- Samuel L. Jackson Reflects on His Longevity in Hollywood: 'I've Been Kind of Fortunate' (Exclusive) - PEOPLE - September 13th, 2024
- The New Map of Life - Stanford Center on Longevity - August 7th, 2024
- Longevity: Lifestyle strategies for living a healthy, long life - August 7th, 2024
- Halia Therapeutics' CEO, Dr. David J. Bearss, to Present Groundbreaking Research on Chronic Inflammation and Aging at the 3rd Edition Global Longevity... - August 7th, 2024
- The 7 Keys to Living Longer and Healthier - The New York Times - July 2nd, 2024
- The keys to longevity may start in the lab. How aging science is ... - NPR - July 2nd, 2024
- Healthy Longevity The Nutrition Source - July 2nd, 2024
- Beyond AirĀ® Schedules Fiscal Year End 2024 Financial Results Conference Call and Webcast - May 24th, 2024
- NANOBIOTIX to Present at the Jefferies Global Healthcare Conference - May 24th, 2024
- Kane Biotech Announces First Quarter 2024 Financial Results - May 24th, 2024
- Tizona Therapeutics Presents Phase 1b TTX-080 Clinical Data in Advanced Colorectal Cancer and Head and Neck Squamous Cell Carcinoma at ASCO 2024 - May 24th, 2024
- Inotiv, Inc. to Participate in Upcoming Craig Hallum and Jefferies Investor Conferences - May 24th, 2024
- Evaxion to Present New Positive Data from Ongoing Phase 2 Study on Lead Vaccine Candidate EVX-01 at the American Society of Clinical Oncology Annual... - May 24th, 2024
- Genmab to Showcase Data in Various Patient Populations to be Presented at the American Society of Clinical Oncology (ASCO) Annual Meeting - May 24th, 2024
- Kymera Therapeutics to Present New Clinical Data from Ongoing Phase 1 Trial of MDM2 Degrader KT-253 at ASCO Annual Meeting - May 24th, 2024