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What Is an Off-Chain Governance?
In a decentralized governance network, stakeholders vie for influence through various collaborative efforts. This includes engagements across social media, online forums, conferences, and other gatherings, forming the bedrock of off-chain governance practices within public blockchains.
Much like traditional politics, off-chain governance mirrors a complex interplay of interests, with different factions striving to sway support towards their agendas. Unlike on-chain systems, there are no hardcoded rules dictating actions; rather, decisions are guided by the perceived interests of stakeholders in relation to others.
Prominent public blockchains like Bitcoin and Ethereum predominantly rely on off-chain governance mechanisms. Proposed changes undergo extensive deliberations online, involving key players such as core development teams, developers, miners, researchers, and the broader user community. While anyone can participate in these discussions, there's no formal on-chain voting mechanism.
Despite the significant hash power wielded by large mining pools, it doesn't translate into governance rights within Bitcoin. Miners' sole function is to validate transactions, with no direct influence on protocol decisions.
Ethereum follows a similar governance model, with Vitalik Buterin leading the core development team. Discussions surrounding protocol upgrades follow formal channels such as Bitcoin Improvement Proposals (BIPs) and Ethereum Improvement Proposals (EIPs), with stakeholders signaling their support or dissent through various channels.
In cases of disagreement, stakeholders can either persuade others to their viewpoint or opt for a hard fork, allowing them to maintain or alter protocol aspects they deem crucial. While off-chain governance endeavors to accommodate diverse interests, decision-making power tends to gravitate towards core developers and miners due to the lack of binding agreements.
#offchain #Governance
In a decentralized governance network, stakeholders vie for influence through various collaborative efforts. This includes engagements across social media, online forums, conferences, and other gatherings, forming the bedrock of off-chain governance practices within public blockchains.
Much like traditional politics, off-chain governance mirrors a complex interplay of interests, with different factions striving to sway support towards their agendas. Unlike on-chain systems, there are no hardcoded rules dictating actions; rather, decisions are guided by the perceived interests of stakeholders in relation to others.
Prominent public blockchains like Bitcoin and Ethereum predominantly rely on off-chain governance mechanisms. Proposed changes undergo extensive deliberations online, involving key players such as core development teams, developers, miners, researchers, and the broader user community. While anyone can participate in these discussions, there's no formal on-chain voting mechanism.
Despite the significant hash power wielded by large mining pools, it doesn't translate into governance rights within Bitcoin. Miners' sole function is to validate transactions, with no direct influence on protocol decisions.
Ethereum follows a similar governance model, with Vitalik Buterin leading the core development team. Discussions surrounding protocol upgrades follow formal channels such as Bitcoin Improvement Proposals (BIPs) and Ethereum Improvement Proposals (EIPs), with stakeholders signaling their support or dissent through various channels.
In cases of disagreement, stakeholders can either persuade others to their viewpoint or opt for a hard fork, allowing them to maintain or alter protocol aspects they deem crucial. While off-chain governance endeavors to accommodate diverse interests, decision-making power tends to gravitate towards core developers and miners due to the lack of binding agreements.
#offchain #Governance
Offchain Labs has launched Arbitrum BOLD, an upgrade to Arbitrum's dispute protocol, ensuring only valid states are confirmed on the parent chain of the Arbitrum chain, like Ethereum.
#offchain #ArbitrumARB #ArbitrumBOLD #BullorBear
#offchain #ArbitrumARB #ArbitrumBOLD #BullorBear
Offchain Labs, the company behind Arbitrum, has announced the launch of Tandem, a new initiative to support teams building on its platform.
#OffchainLabs #offchain #arbitrum $ARB #BinanceTurns7 #MarketDownturn
#OffchainLabs #offchain #arbitrum $ARB #BinanceTurns7 #MarketDownturn
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What are on-chain and off-chain? What is the principle of operation?
What is on-chain?
Ten chains are considered on-chains. On-chain means that in the blockchain network, users perform various transactions on top of the blockchains. These transactions are valid when a public transaction is made. They involve multiple participants verifying the transactions, and the verification signatures of all participants must match exactly for the transaction to be considered valid. Although the properties of each transaction are published in the public blockchain for auditing in such a way that they cannot be changed or undone, it may take longer compared to off-network transactions.#On-chain
Ten chains are considered on-chains. On-chain means that in the blockchain network, users perform various transactions on top of the blockchains. These transactions are valid when a public transaction is made. They involve multiple participants verifying the transactions, and the verification signatures of all participants must match exactly for the transaction to be considered valid. Although the properties of each transaction are published in the public blockchain for auditing in such a way that they cannot be changed or undone, it may take longer compared to off-network transactions.#On-chain
Shrapnel introduces METAL, an off-chain points system, earning through Moku's social questing platform, allowing users to level up through loyalty tiers and receive various benefits.
#shrapnel #metal #offchain #Memecoins #buythedip
#shrapnel #metal #offchain #Memecoins #buythedip
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