What is blockchain governance anyway?

When most people hear blockchain, they think Bitcoin. That’s fair, Bitcoin is by far the most popular cryptocurrency. Despite Bitcoin’s crazy potential ($101k at the time of writing this post), many people are still hesitant to put their money in it.

Why are some people still hesitant though?

Well, when it comes to money, we have developed some sort of trust in the banking system. We trust that there’s a customer service rep to call when our money is missing or stolen. Simply, there’s an institution. When it comes to Bitcoin, many don’t trust it because they don’t understand how it works or who’s in charge. That’s where blockchain governance steps in.

So, what is blockchain governance?

Governance is just a fancy word for decision making. In the world of blockchain, governance refers to the processes that decide how rules are set, how updates happen, and how conflicts are resolved within a blockchain network. Think of it as a town meeting where everyone votes on community rules, but instead of people raising hands, decisions happen through code and consensus. This is what makes Bitcoin an asset trusted by millions of people around the world and major institutions like the U.S government.

Blockchain governance isn’t just about Bitcoin, it’s about a future where we make decisions without needing a middleman. In future posts, I’ll dive deeper into how governance works and why it matters.

Until the next hash, Abed.