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 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.