BNBChain X Space Review: Decentralization Governance and Blockchain Trust

On February 26, 2024, Eric Zhang was invited to participate in the X Space event hosted by BNBChain, which focused on the topic of Decentralization Governance. The following is a summary of Eric’s remarks throughout the discussion.

**MC: Welcome Eric to our themed Space event, please give us a brief introduction to the project. **

Eric: Thank you, Mehmet, I’m excited to join the BNBChain X Space event to discuss the topic of Decentralization. You may be familiar with DoraHacks, a global geek sports platform, Hacker marathon community, and one of the most active Web3 developer incentive platforms. Dora Factory’s goal is to provide a solution to an important problem encountered by the Web3 Open Source community and ecosystem in the funding process, which is how to make Open Source funding more sustainable. This is critical to the development of Web3 and the Open Source world as a whole.

Dora Factory has developed two products to solve this problem, the first is Public Good Staking. The concept of public goods staking is to incentivize the development of the entire blockchain ecosystem through native block rewards. Currently, Dora Factory PGS is a validator Node for Long Blockchains including L1 and Appchains, and it is currently one of the fastest-growing validation infrastructures in the entire industry

Another product is Dora Vota, a Decentralization Governance application chain with advanced governance technology. It can help communities improve the efficiency of capital utilization through effective and efficient decentralization governance.

MC: Some people may not be familiar with the concept of decentralization governance, can you briefly introduce it?

Eric: Yes, like when you have a DeFi infrastructure like a Layer 1 Blockchain, or a Decentralization application like a DAO, you have a Decentralization community. This community is decentralized, and community members may come from all parts of the world. So how do you make important decisions? This is where the role of Decentralization Governance comes in. People can leverage relevant technologies and protocol stacks to make collective decisions in a decentralization environment.

For example, we can create specific Blockchain native mechanisms for Decentralization communities, such as Futarchy, which is a governance decision based on a predictive market.

MC: How do you think Decentralization Governance will promote the development of Blockchain technology?

Eric: I think the spirit of Decentralization Governance Technology aligns with Blockchain Technology itself. Blockchain Consensus protocol is to coordinate a distributed network of machines, and what you have is a Decentralization financial infrastructure. The centralized governance protocol is to coordinate people in the decentralization community and help these people reach a consensus. But you know, Blockchain protocols are maintained by people, so Decentralization governance is important. For example, the DAO Hack Hard Fork and BTC / BCH Hard Fork appeared earlier. In the absence of governance, if there is a major disagreement, a hard fork is the only approach that can be employed.

But with Decentralization Governance protocols, people can reach consensus at the human level. In a Decentralization Community, this is a big step forward. This also contributes to the development of a new generation of Blockchain technology, which is also partly consistent with the development of Long chain and application chain movements. Now users can choose their preferred chain and preferred community, in large part because of the development of decentralization governance, and we are in the early stages of this movement.

MC: Can you share an example of the tangible impact that decentralization governance has on a project or community?

Eric: There are Long examples of this. Because Dora Factory’s public goods staking validates the Long Blockchain network, we participate in the governance of the Long ecosystem. There are Long common problems, such as routine software upgrades, recovery of IBC channels, etc., as well as hot topics that cause controversy.

Two weeks ago, our proposal on Infinite (Proposition 341) was passed. We propose to deploy a quadratic financing smart contract and launch Injective native quadratic financing. The proposal was passed overwhelmingly by the vote. The community’s enthusiasm for this is quite high.

Of course, there’s an even more impactful example. For example, the controversial CosmosHub proposal 848, which dropped inflation from 20% to 10%, was eventually passed. There was also a lot of controversy during the Cosmos ATOM 2.0 proposal, which was ultimately not adopted. As a community member, if you really don’t like her, you can always sell your Token to join another community. But Decentralization can bring people together.

MC: What trends do you think are emerging in Decentralization Governance and how will these trends shape the future of Blockchain technology?

Eric: I guess I can’t speak for the industry as a whole, but it’s important for us to evolve Zero-Knowledge Proof and how to apply it to Decentralization Governance. Dora Vota has developed a common interface for MACI, through Zero-Knowledge Proof, we can participate in voting, Decentralization governance, complete the privacy protection of voters, and resist collusion.

Back in 2022, ETHDenver adopted MACI to help incentivize Hacker BUIDL. In that poll, we Allowlisted Spork DAO holders, who could vote anonymously, with the final results verified by Zero-Knowledge Proof. Since then, the application of MACI in Open Source grants has become more and more Long, such as 0x Hacker pine, Opensea, and Replit Hacker pine. Now, based on Dora Vota, the cost of deploying this kind of governance technology and MACI voting is much drop, so even very small communities can do their own Decentralization community governance.

MC: How do you think regulatory considerations will impact model design for Decentralization Governance, and how do you address these challenges?

Eric: I think Decentralization governance techniques are helping with this. Over time, true decentralization of the Web3 protocol, sufficient community autonomy, and protection of community users and commitments will be one of the most important things. Decentralization governance technology is probably the most important technology to ensure this.

X Space Interview Recap:

About DoraFactory

Dora Factory creates protocols, tools, and public goods infrastructure to help the Open Source community and cutting-edge technology developers grow. Dora Factory is one of the fastest-growing PoS validators, with a total locked value of over $300 million.

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About Dora Vota

Dora Vota is a Blockchain dedicated to voting and Decentralization community governance. For the first time, Vota has introduced local quadratic funding to Cosmos Hub.

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