Tezos Explained: “A supposed onchain governance”

While consensus protocols opened up a whole new world of possibilities, it also started a separate conversation about the human governance of these systems. While more objectively about the source code underlying these communal systems, these discussion inadvertently diverted our attention to the world we want to live in and our relationships with one another in society. Being a soft and messy problem, experimentation and failure has mostly been agreed upon as the key to figuring out how to do it ‘right’.

Yes, while the development of the Bitcoin and ‘alts‘ are relatively community driven, in the end, the software is largely dependant on trust of a benevolent dictator. Not long after Ethereum’s Bitcointalk announcement in late January of 2014, a new project called Tezos soon released its paper in the August 2014.

Tezos looked to solve the problem of centralised innovation.

“We aim to remedy the potential for atrophied evolution in the crypto-currency space by presenting Tezos, a generic and self-amending crypto-ledger. Tezos can instantiate any blockchain based protocol. Its seed protocol specifies a procedure for stakeholders to approve amendments to the protocol, including amendments to the amendment procedure itself. Upgrades to Tezos are staged through a testing environment to allow stakeholders to recall potentially problematic amendments”

It would become one of the first more notable experiments of onchain governance. However, unbeknownst to the team, Tezos would undergo stress testing, turmoil and become an experiment in many ways that they did not expect, forecast or plan for.

To read how it unfolded, continue to….


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