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content/notes/Blockchain as a confidence machine — The problem of trust & challenges of governance.md
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@ -26,6 +26,8 @@ Hume [[58](https://www.sciencedirect.com/science/article/pii/S0160791X20303067?d
"confidence in a blockchain-based system may also be undermined by the actions of core developers who hold significant influence over exceptional (yet fundamental) decisions concerning changes in the blockchain protocol, as well as by the possible collusion of miners or mining-pools. Hence, despite the qualification as a trustless system, enabled by the building of confidence, the need for trust in a blockchain-based system is not eliminated." "confidence in a blockchain-based system may also be undermined by the actions of core developers who hold significant influence over exceptional (yet fundamental) decisions concerning changes in the blockchain protocol, as well as by the possible collusion of miners or mining-pools. Hence, despite the qualification as a trustless system, enabled by the building of confidence, the need for trust in a blockchain-based system is not eliminated."
"Although it is possible to enhance confidence in the proper operations of blockchain-based systems through the introduction of a series of technological guarantees related to _on-chain_ governance, the robustness of the underlying governance system requires a whole different set of constraints that extend beyond the scope of a purely codified protocol and code-driven rules. Hence, in order to ensure a proper level of confidence in such blockchain-based systems, it may be necessary to introduce a series of procedural and substantive constraints related to _off-chain_ governance, addressing both situations of normalcy and states of exception."
## Highlights ## Highlights
- Blockchain technology is not a trustless technology but rather a confidence machine. - Blockchain technology is not a trustless technology but rather a confidence machine.
- Blockchain technology increase confidence in the operations of a computational system. - Blockchain technology increase confidence in the operations of a computational system.
@ -39,7 +41,7 @@ Since blockchain is without trust, what replaces trust as the fundamental aspect
There are at least four different types of actors that blockchian technology requires us to trust There are at least four different types of actors that blockchian technology requires us to trust
- minings farms, mining pools, popular online exchanges and blockchain explorers - minings farms, mining pools, popular online exchanges and blockchain explorers
- these have become centralized points of failure - these have become centralized points of failure
- Core developes and open source contributors - Core developes and open source contributors and social media influencers
- They have the power to influence the evolution of the blockchain - They have the power to influence the evolution of the blockchain
- crypto and token holders (to a lesser extent) e.g., eth fork/bitcoin blocksize thing - crypto and token holders (to a lesser extent) e.g., eth fork/bitcoin blocksize thing
- regulators - regulators