- Gavin Wood has said that crypto-economic systems are acting like nation-states of the Internet and running on governance as a type of Parliamentary democracy.
- Wood spoke on how blockchain governance essentially acts as a law for these so-called nation-states and they need to be able to stay relevant.
The co-founder of Ethereum and Parity technologies, Gavin Wood has said that crypto-economic systems are acting like nation-states of the Internet and running on governance as a type of Parliamentary democracy. Joining the unitize conference earlier this week on the 6th of July, Wood spoke on how blockchain governance essentially acts as a law for these so-called nation-states and they need to be able to stay relevant.
He further went on to say:
“We haven’t really thought about how blockchain can be used as a means of actually evolving the rules of the blockchain. Decentralization in crypto prevents the corruption of these rules.”
In making it clear on how these so-called nation-states of blockchain could survive, they would need to interact with others and governance is vital in this. He added that decentralised systems like these are economic heavyweights and need proper regulation.
“Governance is critical. Governance is basically the means of speaking out as on behalf of the crypto-economic system, as a way of internal elements, internal stakeholders of the crypto-economic system coming together and determining what [the market capitalization should be used for].”
It will be interesting to see how this situation plays out. For more news on this and other crypto updates, keep it with CryptoDaily!