Author: Jeffrey Paul 2015-07-01 08:54:10
Published on: 2015-07-01T08:54:10+00:00
The idea of governing Bitcoin through voting is futile as it would lead to the collapse of the cryptocurrency. Bitcoin operates on consensus, and attempts to impose concepts such as voting will not work. The core developers do not govern Bitcoin; they are only developers because they do not try to govern. Rather than using a centralized governance structure, Bitcoin relies on decentralized systems that depend on consensus. The co-existence of Core and XT is a step towards decentralization, with both serving as opposition parties that keep each other in check. A two-party system would enable people and businesses to cast Yes/No votes on proposed changes. Finally, the proposal to improve the voting mechanism of Bitcoin suggests adding 8-byte votes into blocks, with miners acting as sensors that collect all the noise and chatter and cast it into a vote. It is suggested that attention should be given to engineering progress on Bitcoin Core rather than subjecting everyone's email inboxes to hundreds of opinions about governance and block size without patches or simulations on an engineering mailing list.
Updated on: 2023-06-10T01:54:02.658903+00:00