Why You Need Explicit Governance Mechanisms in Cryptocurrency

<p>As a decentralized system, any cryptocurrency or blockchain project worth its salt is without masters telling it what it can and can't do. But how do you decide on things when you need to? The answer is decentralized governance. Nakamoto Consensus, or how proof-of-work mining chains come together, was initially thought to be enough in this regard, but I'm here to show you why it isn't anymore, and what major functions of governance you need that aren't provided.</p> <p style="text-align:center;"><strong>Donate - Sponsors</strong></p> <p style="text-align:center;"><a href="https://cointr.ee/thedesertlynx"><img src="https://thumbs.spee.ch/view/6/c08cb11db17d83ff.png"></a><a href="https://www.bitrefill.com/buy/?code=DCN"><img src="https://thumbs.spee.ch/view/b/f137d0b33d1409e2.png"></a><a href="https://shopinbit.com/en/conciergeservice-ordering-service?sPartner=joel"><img src="https://spee.ch/e/9db4e4cdbf5cb4c2.png"></a><a href="https://odysee.com/$/invite/@DigitalCashNetwork:c"><img src="https://spee.ch/c/5f7114bdc654c72e.png"></a><a href="https://nordvpn.org/dcn"><img src="https://thumbs.spee.ch/view/1/525e9eeafe3ace37.png"></a><a href="https://presearch.org/signup?rid=865012"><img src="https://thumbs.spee.ch/view/d/35bf74741f029611.jpg"></a></p> <p>Thank you so much for listening! Please leave a tip if you enjoy the content, either here or via any of the cryptocurrency addresses in my <a href="https://cointr.ee/thedesertlynx">CoinTree link</a>. You can also send a message with a CoinTree donation. I'd love to hear from you! Thanks to my recurring donors both anonymous and otherwise! - https://cointr.ee/thedesertlynx</p> <p>Support us by checking out our sponsors! Want to live on crypto? <a href="https://www.bitrefill.com/buy/?code=DCN">Create a Bitrefill account</a> with the coupon code “DCN” and pay mobile bills or buy gift cards from more than 1650 businesses in 170 countries quickly and privately, and earn rewards. - https://www.bitrefill.com/buy/?code=DCN</p> <p>Buy anything you want in the world, even r