The governance debate is intensifying as decentralized autonomous organizations (DAOs) become more popular in the blockchain space. The dilemma between empowering a few and the freedom to voluntarily delegate decision-making power was highlighted in a Twitter thread created by Ethereum founder Vitalik Buterin..
In a tweet, Buterin brought up an old adage that power-hungry individuals are not fit to lead. The founder of Ethereum highlighted that the saying can be applied to DAOs and argued that transferable government tokens in DAOs contradicts the whole point of DAOs. Buterin noted that if governance can be transferred, it allows power seekers to succeed..
Although the founder of Ethereum makes a valid point, some have reacted with opposing views. In a response, Twitter user Muki he pointed that it is inevitable to delegate decision-making power. According to the community member, expecting everyone to participate is impossible, and a voluntary delegation of decision-making power is better than making uninformed decisions or not participating at all.
The Twitter user Willyogo contributed to the discussion writing that having transferable governance tokens is not the same as wanting to rule the people. However, the community member also said that there is definitely room to improve DAOs in terms of voting mechanics.
The Twitter user vago bond too intervened, saying that having fully revocable delegates is one way forward. Following this idea, elected delegates could instantly lose their authority the moment they cease to represent those who delegated votes to them..
While others focused on the mechanics of governance, some pointed to the use of blockchain-based technologies.such as the election of important positions in a DAO using verifiable randomness. Other community member He suggested randomly select token holders and rotate them when the selected holder shows no on-chain activity.
At the recent Ethereum Community Conference held in Paris, Web3 advisor Hilary Kivitz discussed DAOs and how they can fight hostile takeovers. According to Kivitz, there are solutions such as adding poison pills to smart contracts to dilute the votes of exploiters.
Meanwhile, in a recent interview with Cointelegraph, Alex Tapscott mentioned that DAO developments are something to watch out for during the bear market. Tapscott highlighted that DAOs have the potential to replace traditional organizations in organizing resources..
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