3 ms·

(I'm not affiliated wit Tezos.) The tezos protocal has a major innovation over others: formal governance by the owners of the tokens. It is also proof of stake

by irickt 9y ago

(I'm not affiliated wit Tezos.) The tezos protocal has a major innovation over others: formal governance by the owners of the tokens. It is also proof of stake from the beginning. In general they have made a lot of smart design decisions as documented in their publications going back several years. They have been slow to launch though. While they might have had a lead on Ether, it is now to be seen how the market reacts to their sale.

cslarson 9y ago
Interestingly, and personally I'm not sure correctly, the ethereum community seems to have rejected governance by stake alone. There is a tool, carbonvote.com, that enables voting by stake, but the community has recently rejected a vote because of the impact on and position of other stakeholders: users, miners, and devs.
atomical 9y ago
Cryptocurrencies are still new. Why is that a problem worth solving?
- murbard2 9y ago
  It's worth solving precisely because they are so new. If they were old, there would be one, obvious, correct design to follow. However, no one knows precisely what the right formula is yet. This has led to a situation where projects either stagnate -- Bitcoin as network has been unable to integrate important innovations despite the incredible talent of the people working on it -- or build a strong coupling to a central organization, which can threaten their decentralized nature. How do you design a decentralized protocol that can keep up to date with innovation in this space and yet remain decentralized? That's the problem the governance model is trying to solve.
forgotpwtomain 9y ago
> formal governance by the owners of the tokens. It is also proof of stake from the beginning. You mean the innovation that 50% can trivially rewrite history, or something else?
- bshanks 9y ago
  80%, i think: https://github.com/tezos/tezos/blob/master/src/proto/alpha/amendment.ml https://github.com/tezos/tezos/blob/master/src/proto/alpha/a... (imo 80% is more than enough to prevent shenanigans -- in most contexts anything even slightly controversial cannot get near 80% support. And in this case, the voting is weighted by stake, and the market value of the Tez would presumably decrease if shenanigans were pulled; Tez-holders would probably be reluctant to do something that is both wrong and also would clearly decrease the value of their holdings. In fact i think the threshold for amendment should be lower than 80%; i might chose 67% if it were up to me)

by irickt 9y ago

cslarson 9y ago

Interestingly, and personally I'm not sure correctly, the ethereum community seems to have rejected governance by stake alone. There is a tool, carbonvote.com, that enables voting by stake, but the community has recently rejected a vote because of the impact on and position of other stakeholders: users, miners, and devs.

atomical 9y ago

Cryptocurrencies are still new. Why is that a problem worth solving?

murbard2 9y ago
It's worth solving precisely because they are so new. If they were old, there would be one, obvious, correct design to follow. However, no one knows precisely what the right formula is yet. This has led to a situation where projects either stagnate -- Bitcoin as network has been unable to integrate important innovations despite the incredible talent of the people working on it -- or build a strong coupling to a central organization, which can threaten their decentralized nature. How do you design a decentralized protocol that can keep up to date with innovation in this space and yet remain decentralized? That's the problem the governance model is trying to solve.

forgotpwtomain 9y ago

> formal governance by the owners of the tokens. It is also proof of stake from the beginning. You mean the innovation that 50% can trivially rewrite history, or something else?

bshanks 9y ago
80%, i think: https://github.com/tezos/tezos/blob/master/src/proto/alpha/amendment.ml https://github.com/tezos/tezos/blob/master/src/proto/alpha/a... (imo 80% is more than enough to prevent shenanigans -- in most contexts anything even slightly controversial cannot get near 80% support. And in this case, the voting is weighted by stake, and the market value of the Tez would presumably decrease if shenanigans were pulled; Tez-holders would probably be reluctant to do something that is both wrong and also would clearly decrease the value of their holdings. In fact i think the threshold for amendment should be lower than 80%; i might chose 67% if it were up to me)