Ethereum co-founder, Vitalik Buterin, recently shared his view on which blockchains will have better future and which ones have the capability of improving over the time.
View of Vitalik Buterin on on-chain governance
In a new video for the Zcash channel, Buterin shared his opinion on on-chain governance structures such as EOS that gives the coin holders the voting power to elect delegates to power the network and validate transactions.
Buterin said, “A couple of years ago I would have been more firmly in the Tezos-EOS camp that says there should be explicit on-chain governance. And now, I’m like absolutely against that, and I think that stuff is crazy.”
He goes on to explain taking EOS as an example where there are 21 delegate slots. To get into one of these delegate slots people with enough coins will have to “vote for you”. So far, only 17% of the total EOS holders have been voted, with Bitfinex having the largest number of votes. It gives Bitfinex the ability to vote itself in and become a delegate.
He explained, “So basically, what this voting mechanism has created is it creates this kind of superlinear pro-plutocratic effect where if you’re big enough and specifically if you’re big enough to have more than 1.8% of all the coins, you have enough coins you can use to basically buy yourself a delegate slot and then use that delegate slot to earn even more money and get access to this crazy special 2.64% extra premium interest rate that no one else has access to.”
View of Vitalik Buterin on other off-chain governance
Vitalik Buterin mentioned that he’s in favour of the off-chain governance and went on to share his opinion about the future of Bitcoin, Ethereum, Zcash, Bitcoin Cash and Monero.
“Ultimately, in terms of quality of decision making, I obviously have the public opinion that Bitcoin’s governance has been fairly bad, because it’s overly conservative and values very specific things too much more extreme extents than most actual users of the technology,” said Vitalik Buterin.
But, obviously, he believes in Ethereum and that it has the capability of solving people’s issues. He’s also quite optimistic about Zcash and is happy with its governance. While he believes, “Bitcoin Cash is starting to push out changes. All these other blockchains are starting to launch. Monero is doing community hard forks every six months.”
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