Ethereum founder Vitalik Buterin expressed his views on transferable governance, pointing out that power-hungry individuals are not eligible to lead. He argued that the idea of transferable governance tokens in Decentralized Autonomous Organizations (DAOs) contradicts the core reason for the existence of DAOs.
This highlights the dilemma between giving the freedom to voluntarily delegate decision-making power and giving power to a particular few.
Buterin worries about the transfer of governance
The Ethereum founder noted that transferring governance can give those desperate to gain such power the opportunity to do so.
However, while some people saw important points in his tweets, some took exception to his opinions.
Your capital is in danger.
Responding to Buterin’s post, Twitter user Muki said delegation of decision-making power was inevitable. The community member argued that it is impossible to expect everyone to participate in decision-making. He added that voluntary delegation of decision-making power is better than not participating at all or making ill-informed decisions.
Another Twitter user, Willyogo, said that wanting to govern people and holding transferable governance tokens are two different things. But the community member admitted that there is still room to improve the DAOs when it comes to voting systems.
Transferable governance could improve decision-making processes
Another Twitter user, Vagobond, backed the idea of fully revocable delegates, saying it was a way forward. The idea creates a way to automatically remove delegates and remove their authority when they don’t represent the interests of those who have delegated votes to them.
Some users have preferred the use of blockchain-based technologies, such as selecting vital positions in a DAO through verifiable randomness. In another suggestion from a community member, there should be a random selection of token holders with the ability to rotate them when they fail to complete a chain activity.
Web3 Advisor Hilary Kivitz discussed DAO at the recent Ethereum Community Conference in Paris. He provided information on how best to combat takeovers in the DAO. He said one workable solution is to add poison pills to smart contracts, which can dilute the votes of exploiters.
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