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On-Chain Governance Definition

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CMCGlossary: On-Chain Governance ✨ The two types of decisions that make up blockchain governance are: 1) the rules underlying the protocol, which is the code, 2) and the network's incentive system, which is the economics. 👉 Details:

). DAO is a community-run platform wherein the rules enforced are agreed upon by users. DAOs can become crucial apps for organizations with on-chain governance, allowing customers to interact with their product and customize it to their needs quickly, with no overhead expenses from the entity that launches the application.Voting is done directly via the protocol in the case of on-chain governance.

The decision-making approach is effective and decentralized because it is not influenced by a single person rather it is achieved through the community. There is also more transparency because everyone can look at the code and see how consensus is established and decisions are made.can also be avoided. When some stakeholders feel alienated from the decision-making process and are unable to reach an agreement with other organizations on the network's future path, hard forks might occur.

Additionally, on-chain governance is performed by voting through tokens, and incentives for engaging in the voting process are offered to encourage user participation.

Source: Digital Coin News (digitalcoinnews.net)

 

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