SoK: Blockchain Governance
- URL: http://arxiv.org/abs/2201.07188v4
- Date: Wed, 18 Jan 2023 18:46:18 GMT
- Title: SoK: Blockchain Governance
- Authors: Aggelos Kiayias, Philip Lazos
- Abstract summary: The topic of blockchain governance is a fertile domain for a thorough systematization.
We start by distilling a comprehensive array of properties for sound governance systems.
While all properties are satisfied, even partially, by at least one system, no system that most of them.
- Score: 13.95507600720467
- License: http://arxiv.org/licenses/nonexclusive-distrib/1.0/
- Abstract: Blockchain systems come with a promise of decentralization that often
stumbles on a roadblock when key decisions about modifying the software
codebase need to be made. This is attested by the fact that both of the two
major cryptocurrencies, Bitcoin and Ethereum, have undergone hard forks that
resulted in the creation of alternative systems, creating confusion and
opportunities for fraudulent activities. These events, and numerous others,
underscore the importance of Blockchain governance, namely the set of processes
that blockchain platforms utilize in order to perform decision-making and
converge to a widely accepted direction for the system to evolve. While a rich
topic of study in other areas, governance of blockchain platforms is lacking a
well established set of methods and practices that are adopted industry wide.
This makes the topic of blockchain governance a fertile domain for a thorough
systematization that we undertake in this work.
We start by distilling a comprehensive array of properties for sound
governance systems drawn from academic sources as well as grey literature of
election systems and blockchain white papers. These are divided into seven
categories, confidentiality, verifiability, accountability, sustainability,
Pareto efficiency, suffrage and liveness that capture the whole spectrum of
desiderata of governance systems. We proceed to classify ten well-documented
blockchain systems. While all properties are satisfied, even partially, by at
least one system, no system that satisfies most of them. Our work lays out a
foundation for assessing blockchain governance processes. While it highlights
shortcomings and deficiencies in currently deployed systems, it can also be a
catalyst for improving these processes to the highest possible standard with
appropriate trade-offs, something direly needed for blockchain platforms to
operate effectively in the long term.
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