2022
DOI: 10.48550/arxiv.2201.07188
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SoK: Blockchain Governance

Abstract: Blockchain systems come with a promise of decentralization that, more often than not, stumbles on a roadblock when key decisions about modifying the software codebase need to be made. In a setting where "code-is-law," modifying the code can be a controversial process, frustrating to system stakeholders, and, most crucially, highly disruptive for the underlying systems. This is attested by the fact that both of the two major cryptocurrencies, Bitcoin and Ethereum, have undergone "hard forks" that resulted in th… Show more

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Cited by 5 publications
(12 citation statements)
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“…In this section we evaluate an implementation of the AC/DC mechanisms, focusing on the cost and effectiveness of the AC mechanism in protecting layer-two protocol users, and on the complexity of disputing DC measurements. The implementation is written in Solidity 0.6.6 and JavaScript, and is opensource 3 . Gas costs are sampled on a locally deployed test network.…”
Section: Discussionmentioning
confidence: 99%
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“…In this section we evaluate an implementation of the AC/DC mechanisms, focusing on the cost and effectiveness of the AC mechanism in protecting layer-two protocol users, and on the complexity of disputing DC measurements. The implementation is written in Solidity 0.6.6 and JavaScript, and is opensource 3 . Gas costs are sampled on a locally deployed test network.…”
Section: Discussionmentioning
confidence: 99%
“…Usually, referendums first go through a proposal process, which narrows down which referendums will become open for voting. Referendums then become open for a fixed period of time, usually from a few days to a couple of weeks, during which token holders can cast their votes, through publishing C-TXs directed at the governance smartcontract [3]. Congestion can affect the costs associated with participating in governance contracts by forcing participants to publish their time-critical voting transactions at high fees.…”
Section: Related Workmentioning
confidence: 99%
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“…However, anyone who uses Web3 can arbitrarily establish DAOs without strict authentication or KYC (know your customer) steps. This causes instability in society [75].…”
Section: Open Challengesmentioning
confidence: 99%
“…Cryptography [Raikwar et al, 2019] underpins the security of blockchain systems. • Efficiency: Governance [Kiayias and Lazos, 2022] of blockchains is critical to the realization of decentralization and the efficient development of blockchain systems. Scalability [Mccorry et al, 2021] is a major challenge in blockchain efficiency, forming a trilemma along with security and decentralization.…”
Section: Related Literaturementioning
confidence: 99%