Governance model in blockchain networks
Governance models in blockchain networks play a pivotal role in decentralized systems. We are talking about decentralization but what should be its foundation and basis? Such a model is helping to foster transparency and inclusivity of mass people. By embracing diverse governance approaches like on-chain, off-chain, DPoS, and hybrid models, blockchain networks can establish a strong foundation for their framework.
The framework is especially needed for the smooth running of the decentralized, it's decision-making system along with the security system of the decentralized system. Governance models in blockchain networks are the process of ensuring the effective management and development of decentralized networks. With the absence of a centralized authority, blockchain governance models play a role in establishing rules and decision-making mechanisms. This framework is needed for the operation, and development of the blockchain network because every system should have some written statement. The models will be working as constitutions of a country.
In the case of the decentralized blockchain network, we are talking about the nature of digitalization. But how this decentralization in blockchain will be implemented is a very good question. Before joining in decentralized blockchain system people will ask about the participation and involvement of mass people in the network for decision-making, development, and the betterment of the network service. When they think that it is operated by them then they will be eager to work here with their contribution whatever they can contribute to the network.
As we know the owner is not fixed for the decentralised network such as blockchain technology so there should be a system that will automatically run the total Network and the management. When it is opportunity and responsibility for. the common people will own the system, network, or organization. In that case, it should be under some framework that what a general member can do how they can contribute to the network, and how the total system is decentralized. So for the smooth running of the decentralised system, there must be some system of governance and many of the blockchains are implementing various systems to achieve decentralization in their government model.
This is the basic discussion on this model so that you can understand what I am going to talk about and in my next post I shall try to cover some of the decentralized models used by different blockchain technologies.
~ Regards,
VEIGO (Community Mod)
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