Crypto Heavyweights give their thoughts on Governance of Altcoins

The Chief Technology Officer of Zcash, Nathan Wilcox, made an appearance on the Zcash YouTube channel to talk about the governance of Zcash. He stated that the governance process for Zcash upgrades is evolving.

He mentioned that their approach to governance is to make the guiding principles simple to understand for people and to let people do what they want to do.

They have a straightforward approach where they will propose an upgrade, then they describe it, design it, implement it and then ship it. Once they deliver it, they code it in such a way that it won’t be active for several months but the users will be aware of what is happening at the time.

He then proceeded to talk about the first upgrade that happened called “Overwinter” and how Zcash uses a two-tiered model for protocol upgrades. He states at the end that he primarily wants the users to be safe and have the freedom of choice.

The first upgrade that happened is called Overwinter and our entire focus there is… we’re anticipating in the future there could be a contiguous upgrade where some may want to take the chain one way while other chains may want to take it the other way.

The International Operations Lead at Decred, Jonathan Zeppettini, put forth his views on the governance of Decred in the Zcash YouTube channel. He talks about how the idea behind Decred was to create something that has a governance foundation. He talks about how Decred uses a hybrid “proof-of-work” and “proof-of-stake” system. This can grant coin holders absolute power over the consensus rules decision in addition to the project’s direction.

Our views are that privacy is one of the things we are going to put a lot of focus on in the near future. We’re gonna have a privacy implementation released within the next few months. Again, it’s absolutely necessary for widespread adoption in our view.”

The co-founder of Ethereum and Bitcoin Magazine, Vitalik Buterin, announced on the Zcash YouTube channel why he is not in favor of on-chain governance structures like EOS. He cited one of the main reason he doesn’t approve of it is the fact that you have to either vote or have people with sufficient coins to vote for you to enter a delegated slot.

He also summarized why he is more in favor of off-chain governance. He took the ability of Bitcoin, Ethereum, Zcash, Bitcoin Cash and Monero to push any changes to their platform as an example to explain his reasons.

I think Ethereum has been fairly capable of just delivering on feature improvements that I think people want. Zcash governance has been very capable of delivering on a roadmap that I think Zcash constituents are very happy about. Bitcoin Cash is starting to push out changes. All these other blockchains are starting to launch. Monero is doing community hard forks every six months.

And I do think that on the protocol level decision-making side, there just isn’t really a case to say this off-chain governance really has serious problems that need to be solved.”

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