Ethereum [ETH]’s Vitalik Buterin discusses use cases of on-chain governance
Recently, Vitalik Buterin the Co-Founder of Ethereum, appeared at the San Fransisco Blockchain Week, wherein he spoke about on-chain governance and how it can be a threat. He also justified why Ethereum implemented an on-chain governance mechanism for determining the gas limit.
During the discussion, Vitalik Buterin criticized on-chain governance mechanisms. He stated that governance mechanisms like on-chain voting and the likes are “horribly vulnerable” to collusion attacks and bribe attacks. He went on to say that such mechanisms also tend to have “plutocratic incentives”.
On the contrary, there was a question raised about why Ethereum implemented on-chain governance mechanism in the form of miner voting that determines the gas limit if Buterin was against such mechanisms.
Buterin went on to tackle the question by stating:
“In Ethereum the gas limit is a setting that just can’t be adjusted up and down by miners, has arguably kind of saved us in multiple ways.”
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