In the last issue, we talked about how in the blockchain world, code is law. You might ask—can these rules be changed? And who gets to decide? This is the fourth dimension we will discuss today: governance mechanisms.
To determine whether a chain is decentralized, in addition to "who can join," "who keeps the accounts," and "whether the code is transparent," we must consider a more critical question—how are the rules of this chain modified?
In simple terms, the governance mechanism is the "constitutional amendment process" of this chain. Any system will encounter times for upgrades, fixes, and adjustments; the key is—who gets to decide?
Is it just a word from the founder? Is it a vote from a few foundations behind the scenes? Or can all token holders vote and participate?
If the operational rules of the blockchain can be casually modified by the project team, then even if your nodes are open, the code is open source, and the consensus mechanism is reasonable—it could still be "decided in one stroke," instantly rewriting the rules of the game.
So how do we determine whether the governance mechanism is decentralized? We mainly look at three aspects:
1. Is there an on-chain governance mechanism?
True decentralized projects usually have a clear on-chain governance mechanism, such as decision-making through governance token voting on protocol upgrades, parameter adjustments, fund usage, and other matters. You can check this on their project website or white paper; many projects will have a dedicated governance portal.
2. Do ordinary users have the right to participate?
Is it only the big players or project teams that can vote? Do ordinary users have enough channels to participate in governance? Are there any threshold restrictions (such as staking amounts, proposal thresholds)? You can look at their recent governance proposals to see the number of participants, token distribution, etc.
3. Has it actually been used?
Having a governance mechanism is not enough; it is also important whether it has been genuinely activated. You can go to platforms like Snapshot, search for the project name, and see if there have been voting records, proposal executions, or change logs in the past, or if it is just a facade.
Ultimately, the governance mechanism is answering one question: who can change the rules? Do you have a vote?
If you cannot participate, cannot balance power, and cannot supervise, then this chain is ultimately "someone else's game."
In the next issue, we will discuss the final dimension for judging the decentralization of blockchain: Token distribution—whether power has truly been decentralized to the users.
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