Vote, or your blockchain dies!

Leo Zhang

By Leo Zhang

This tweet makes an interesting proposal for on-chain voting. On-chain governance is one of the oldest debates in cryptocurrency space. One of the main criticisms is low voter participation. See the paragraph from Vitalik's article below:

Screenshot-from-2018-09-13-10-06-45

This is a valid concern for projects implementing on-chain governance. Even voting in real life is often plagued with low voter participation, where the stakes are arguable higher. Does negating consensus fully solve the apathy issue? What if a highly destructive proposal manages to slip through before enough voters show up to negate it?

While there may not be a perfect solution, these conversations are healthy for the process of iterating on highly abstract governance models. Governance is hard to measure because it doesn't have a timely feedback mechanism. Good governance may be in place for a long time before people recognize its value, whereas holes in the framework are spotted right away.

This is the fundamental challenge of coming up with precise metrics to evaluate approaches to governance in cryptocurrency; it's also why it's worth discussing the edge cases.

Technical Updates

Decred's Marco discusses open-source attribution

How open-source projects fund themselves

TSMC dominating the market of advanced tech nodes

News & Commentary

Cryptocurrency exchange OKCoin expands to 20 more U.S. states
(CCN, by Josiah Wilmoth)

"Now headquartered in San Francisco, OKCoin’s U.S. offshoot announced on Wednesday that it has received regulatory approval to expand into 20 new states, greatly expanding its reach into one of the world’s largest crypto markets."

Chinese police hold OKCoin CEO for 'investigation' over alleged fraud links
(Bitcoinist, by Wilma Woo)

"Like many international exchanges this year, OKEx has pursued an aggressive expansion policy, in July signing a deal with the Malta Stock Exchange to launch a tokenized securities platform."

Hut 8 becomes largest mining company with new blockboxes addition
(Cryptoblockwire, by Jeffrey McGovern)

"With the installation of the 16 BlockBoxes, it now increases the virtual currency mining firm’s capacity to 19.2MW. Not to mention that BlockBoxes will effectively add 144PHs-1 (Petahashes per second) to the mining rig. Well, the addition of these BlockBoxes will leave the mining rig with a total operating capacity of 85.9MWs. Indeed, that power represents about 632PHs-1 of operating capacity."

Stablecoins, the new ICO?

Credit spread at record low while Fed tightens

Bridgewater founder Ray Dalio fears U.S. Dollar may lose its dominance