What Is On-Chain Governance?

Blockchain
#1

On-chain governance is a mechanism for organizing and executing bitcoin blockchain modifications. The blockchain protocol is loaded with rules for implementing changes in this form of governance. Changes are offered by developers via code updates, and each node votes on whether to accept or reject the modification.

#2

  • On-chain governance is a system for managing and implementing changes to cryptocurrency blockchains.

  • On-chain governance includes rules for instituting changes that are encoded into the blockchain protocol.

  • Developers propose changes through code updates and each node or participant votes on whether to accept or reject the proposed change.