Dictators turn delegates: Former CEOs grapple with DAO governance
"A DAO is merely a formalizing of very deep and instinctive human bonds that I think have been suppressed." One morning in July of 2019, Kain Warwick awoke at 6:30 to a grim phone call from his co-founder and CTO, Justin Moses.We have a problem, said Moses.Synthetix, the synthetic asset protocol that Warwick, Moses, and their team had been building for over two years, had fallen victim to a crippling exploit: an attacker with the pseudonym Onyx had created $11 billion of synthetic asset debt over 275 times what Synthetix was worth and was taunting team members and sowing chaos in public....
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This move will allow Binance to propose governance votes, but is not enough to meet the quorum 4% requirement. Crypto exchange Binance is now the second-largest entity by voting power in the Uniswap DAO, sitting just behind the venture firm Andreessen Horowitz, or a16z, according to the on-chain list of delegates. On Oct. 18, Binance delegated 13.2 million UNI (UNI) tokens from its own books, which represents 5.9% of the voting power — a percentage of tokens delegated to the exchange. Compared to the total supply of UNI, the amount delegated represents 1.3%. The move will allow Binance to....
The Ethereum Name Service (ENS), the entity that controls the decentralized domains built on top of Ethereum, announced it would pivot to a decentralized governance model, opening the door to the formation of a DAO (decentralized autonomous organization). The ENS is now calling for delegates to propose their views to the community in order to be elected. The airdrop of the DAO tokens will open on November 8.
ENS Pivots to Decentralized Governance
The Ethereum Name Service, the organization behind the decentralized domain service on Ethereum, announced recently its intention of....
Vitalik Buterin wrote that supporting DAOs with transferable governance tokens is contradictory and enables the power-hungry. The governance discussion intensifies as decentralized autonomous organizations (DAOs) become more popular in the blockchain space. The dilemma between giving power to a specific few and the freedom to voluntarily delegate decision power was highlighted in a Twitter thread created by Ethereum (ETH) founder Vitalik Buterin. In a tweet, Buterin brought up an old adage pointing out that power-hungry individuals are not suitable to lead. The Ethereum founder highlighted....
AlphaWallet CEO and Spruce co-founder talk about their roles as contributors to the Ethereum Name Service following the project's recent airdrop. Earlier this month, the Ethereum Name Service, or ENS, formed a decentralized autonomous organization, or DAO, for the ENS community. Cointelegraph spoke to two ENS DAO delegates who applied for the opportunity to represent the community and stay involved in the decision making process: Victor Zhang, CEO of AlphaWallet, an open source Ethereum wallet, and Gregory Rocco, co-founder of Spruce, a decentralized ID and data toolkit for developers.....
The motion in Bitcoin's Ocean - size does matter. Ex-Bitcoin Foundation developer Gavin Andresen and Bitcoinj Author Mike Hearn, think Bitcoin needs a benevolent dictator to affect change. Maybe they need a reminder that Bitcoin's purpose is to replace monetary dictators with Computer Science. Dictators, no matter how benevolent, are the ultimate act of centralization. Nobody Puts Bitcoin in the Corner. The block size debate is a Computer Science and Economics debate. Its resolution should be subject to market forces. In this instance, those "Market Forces' are us. Which leads to the....