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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.
