Lets talk about governance and its potential pitfalls (so we can avoid them)...
Adversarial vote proposals to harm the network
Adverseral vote proposals to benefit the adversarial party
Fatal miss-spending of funds
Crucial missed opportunities
A dearth of good vote proposals.
Algorand Foundation becomes corrupt over time and voting with the foundation is no longer a good choice most of the time.
Most potential pitfalls boil down to people collectively making poor vote choices, because of ignorance, narrow self interest, or having been deceived by propaganda, just as in any democracy. In a typical democracy this has varying degrees of success. Corruption is rife, and tends to increase over time.
Algorand has proportional to stake voting rights/power... This has two added benefits. Firstly its a sort of meritocracy, or rather a filter, because if you have more Algorand on average you're more likely to understand it better. Secondly if you have more Algorand your best interests will be more aligned with Algorands best interests, i.e increasing its inherent value.
We will also need an oficial on-chain discussion forum soon (though this reddit sub will likely suffice until then), that is not subject to outside interests and attacks.
Further, I think ultimately, after 2030, the Algorand Foundation needs to gradually wane. At least it should ultimately only have a symbolic importance, like the queen in the UK. At most it should dissappear entierly.
Algorand pure proof of stake governance will be an extremely interesting experiment. I hope it will be a revolutionary one but we shall see... It's certainly a very bold idea...
So, what do you think are the potential governance pitfalls, if any, and how could we avoid them? Or do you think governance has no potential pitfalls, and if so, why?
This is crucially important. If decentralised Algorand governance fails, that's very bad news for the network, a...
Good news coming from El Salvador as their government has signed an agreement with Latin American asset tokenization company Koibanx to develop its blockchain infrastructure on Algorand. Algorand, as ...
Recently climate talks have been in vogue. Various governments and international bodies have been talking about tackling and interpreting its disastrous side-effects caused due to a high amount of car...