Vitalik Buterin Ethereum

Depricated as of Oct 2022

Some CRYPKYP functionalities are depricated as of October 2022 and will no longer be populated until further development and future version.
Although all here is visible and interactable you can not Contribute to those articles.
Try looking at other information on the Platform and Contributing there!

Have a great day,

The community replies to Vitalik Buterin’s remarks against transferrable governance

Vitalik Buterin Ethereum
Image Credit: CRYPKYP
1659174157 30 Jul / 09:42

Vitalik Buterin said that backing decentralized autonomous organizations (DAOs) with transferrable governance tokens is paradoxical and empowers the power-hungry.

As decentralized autonomous organizations (DAOs) become increasingly popular in the blockchain arena, the governance debate deepens. Vitalik Buterin, the founder of Ethereum, emphasized in a Twitter thread the conflict between granting authority to a select few and the flexibility to willingly delegate control over decisions.

In a tweet, Buterin referenced an old saying stating that those who want power are unfit to govern. The creator of Ethereum emphasized that the proverb applied to DAOs and noted that transferable governance tokens in DAOs violate their entire purpose. Buterin said that if the government can be transferred, it empowers those seeking power.

While the Ethereum creator makes a reasonable argument, others have responded with contradictory viewpoints. Twitter user Muki said that it is unavoidable to distribute decision-making authority. According to the community member, it is difficult to expect everyone to engage, and voluntarily delegating decision-making authority is preferable to making misinformed decisions or not engaging.

Willyogo, a Twitter user who contributed to the conversation, argued that possessing transferrable governance tokens does not equate to desiring to dominate others. However, the community member also stated that DAO voting mechanisms had much potential for improvement.

Additionally, Twitter user Vagobond stated that having completely recallable delegates is a way to go ahead. In this theory, the chosen delegates would lose their power when they cease to represent those who delegated votes.

While others focused on governance mechanisms, some pointed to the usage of blockchain-based technology, such as employing verified randomization to choose critical positions in a DAO. Another community member proposed randomly picking token holders and rotating when the picked holder lacks on-chain activity.

Web3 advisor Hilary Kivitz presented DAOs and how they might defend against hostile takeover at the Ethereum Community Conference in Paris. According to Kivitz, there are options for diluting the votes of exploiters, such as adding poison pills to smart contracts.

In a recent interview with Cointelegraph, Alex Tapscott noted that DAO developments are something to keep an eye out for amid weak market conditions. Tapscott emphasized that DAOs have the potential to replace conventional organizations in resource organizations.

Last News and Media
CRYPKYP contain links to third-party websites, resources, and advertisers. CRYPKYP does not control, sponsor, recommend or otherwise accept responsibility for any third-party content because we are not responsible for the availability of these outside resources or their contents or privacy practices. It will help if you direct any concerns regarding any third-party content to such a third party. We don't accept responsibility for the content of external websites linked to through the Site or the Services. Third-party content is accessed at the user's own risk. CRYPKYP distributes content from third-party publishers as indicated on the site from time to time mainly in Airdrops, News / Media, Whale Alerts, and Rumors. In these circumstances, CRYPKYP only provides limited stylistic input to the content. CRYPKYP does not verify and takes no responsibility for the accuracy of the content provided by any such third-party publishers.
We are currently experiencing technical issues!

Since March 27th, we have been unable to get data from Coingecko's API.
As we depend on this to show exact Cryptocurrency results, the last data we have is from the date mentioned before.
Calculator is currently disabled.

Thank you for your understanding and patience.
Click on this message to hide it.
Powered by
Coingecko Marketstack Metals-API World Bank