TL;DR Decentralized decision making and execution is inefficient and ineffective and poses a great risk to the Algorand growth and competitiveness moving forward. The goal of this note is not to claim that decentralized governance cannot be useful in any form but to encourage deeper discussion and…

[image] DangerDano: @tebok mentioned the “wisdom of the crowd”; this would be true if 1 Account (Tied to a real identity) = 1 Vote, but this is more like a game of the " Wisdom Of Who Has The Most Algo". Yes, I was describing it purely in terms of “1 real user = 1 vote” (not 1 algo = 1 vote).…

To continue the “1 algo = 1 vote” discussion… I personally want to believe that the “1 algo = 1 vote” rule is more a limitation of the current implementation and the fact that the protocol itself can only only see algorand addresses but not actual users, rather than as something that must always be…

In cryptography almost anything is possible, but is it also likely to happen? In proof of work, who is stopping a single person from buying 99% of the computing power? It’s not impossible. With 10 billion ALGOs what is the chance that a subject owns 51%? And that this subject decides to damage the…

You do not understand… Noone is talking about damaging it… The person who has a lot wants to have even more… And he does that even if someone else has better idea and he dont get funded because all funds got the rich person… It is about the efficiency of the economy…

How do you want to persuade person to buy 1000 tokens for 1000 eur if you giveaway millions of the same tokens per month to yourself (or person in your circle of trust) for free? algo funds do not work now… they are totally non transparent, and algo foundation does not want to do anything about it …

[image] scholtz: How do you want to persuade person to buy 1000 tokens for 1000 eur if you giveaway millions of the same tokens per month to yourself (or person in your circle of trust) for free? How to convince a person to buy Tesla or Apple stock if these companies reserve millions of them …

Here are the current top account according to the Algo explorer: [Screenshot_20210422-215816_Chrome] The top most account hold over 330,000,000 algos (which essentially is also the voting power).

Here’s that account compounded at 6% over time: [Screenshot_20210422-221536_Chrome] I know that the 6% is not going to last past 2022 but theoretically running this calculation would mean that this account will accumulate more than 6 billion algos (more than half) over 50 years (less than a lifet…

[image] DangerDano: From my understanding annual percent will not continue past 2022 and the participation in voting will be incentived according to how many participants there are, giving a bigger % return if there isn’t a lot of participation. This still continues the perpetuation of the rich …

[image] mmorselli: The question might be: are there foundational principles? Like an ALGORAND Constitution? I love the idea of “Algorand Constitution” for exactly the reasons you mentioned. Another idea would be a community driven “Shadow Government”, with no actual governing power whatsoeve…

Algorand Governance Feedback: Decentralization Concerns

Governance Discussions

mmorselli April 23, 2021, 8:05pm 19

The Algorand Constitution should be the first document voted by the new Governance. Should contain more stringent mechanisms to modify itself (e.g. 75% of votes instead of 50%)

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Algorand Governance Feedback: Decentralization Concerns

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