By Published On: September 4th, 2020Categories: Media, NewsComments Off on There Are Two Sides to Every Story

The Bitcoin network and its many forks have had a tumultuous existence when it comes to the aspect of governance. Originally, there was one Bitcoin. Everyone was on the same page fighting for an answer to the corrupt legacy system. Soon after, however, cracks began to show in the unity. There were differing opinions on how to proceed from a technnological standpoint.

Because Bitcoin didn’t have and still doesn’t have an effective governance mechanism to ascertain the will of the true majority, the only thing they could do was to create another coin through a “hard fork” of the code. This new coin was called Bitcoin Cash, and those that shared the same viewpoint as the leaders of Bitcoin Cash followed.

This didn’t solve the governance problem, though, and cracks began to emerge again with this new arrangement. Technical disagreements again led to a chain split, with Bitcoin SV being born and fragmenting the community even more.

bitcoin cash

Bitcoin Cash and its forks are a direct result of a lack of governance mechanism in Bitcoin. 

Now, there is a new disagreement in the Bitcoin Cash community that is leading to yet another fragmentation and split into a new coin. The crux of this new disagreement is how to fund development of BCH. One side wants to do a rudimentary Dash-style system where a percentage of the block reward is hard-wired to go to a single development group with no recourse to change or vote on who gets it. The other is vehemently opposed to this.

In Dash, if you weren’t aware, its budget output is voted on every month by the decentralized masternode network, keeping proposal owners honest or no funding is given to them. At any rate, keeping up with all the Bitcoin forks is proving to be a tough job.

Recently, Dash community member Joel Valenzuela interviewed the leaders of both sides of this recent debate. There were great points made by both sides, and it was great that Joel gave them both a forum to express their opinions. They also acknowledge that Dash’s governance system through masternode voting has kept Dash Nation together through many contentious issues such as the one they are facing, but they can offer feedback to improve it even more.

Take a look at both videos and formulate your own opinions on BCH and Dash governance, and the optimal system that still lurks out there somewhere.

Roger Ver on the Bitcoin Cash Split and IFP and How to Solve Governance in Crypto

Amaury Séchet on the Bitcoin Cash Split and IFP and How to Solve Development Funding in Crypto

About the Author: Christopher Carruthers

I'm a long time Dash community member and Dash Nation Founder. I'm also the host of Cash Alternative TV. Thanks for visiting Dash Nation!

Dash Nation is always on the lookout for talented writers for news and blogs. If you wouldn’t mind sharing your talents with the movement towards financial freedom through Dash, please contact the team at go.dashnation@gmail.com.

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