This article was first published on Hello ICON World - Medium
Meetup after meetup, conference after conference, conversation after conversation, we hear the same thoughts on how to think about blockchain technology. Most people compare blockchains to the internet, large tech companies, or operating systems (iOS, Android, Linux, etc.).
While the temptation to make such comparisons is clear, it is an understatement to call a blockchain a tech company, an operating system, or even the internet. Blockchains have government, economics, rules & regulations, penalty structures & fines, bank accounts, infrastructure, and diehard supporters. Adding all this up begins to look familiar; it begins to look like a nation.
This leads us to the idea of digital nations, where the token holders are its citizens. People often say “vote with your feet” if one disagrees with a country’s politics. We could see this evolve into “vote with your wallet”, where a citizen can express their discontent for network policies by exchanging the token of one digital nation for the token of another.
The Digital Nation
While the characteristics of blockchain certainly overlap with that of traditional tech companies, operating systems and the internet, working for a blockchain company helps you realize there is much more to it. Specifically, the effort that goes into the governance and economic structures of a blockchain network.
Many blockchain networks are adopting governance mechanisms known as Delegated Proof-of-Stake (DPoS) that emulate traditional governments. Token holders elect entities, similar to political leaders in traditional governments, via a transparent vote to govern and secure the network. This is done with complete transparency and is enforced by the rules and regulations written into the code of the software.
Elected entities are meant to act on behalf of their voters and for the betterment of the network. They spread awareness, build products and tools, and contribute to the software development ...
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Hello ICON World - Medium