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Comment by mutt2016 | Hacker News Reader

mutt2016·

Fascinating. I hadn't considered this. Humans like central authority, and if dictators and monarchs were fair there would be no democracy. Extrapolating on this thought, could a democratic blockchain work? I can't even fathom "how", but some sort of ability to elect an entity who votes on your behalf. With an opposition, etc...

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Some version of it may be implemented by America switching to a digital currency.

There would be a central regulatory bank that administers financial transactions and serves as a source of truth while Point of Transaction registers send the data for the plusses and minuses in every non-physical cash transaction event.

It wouldn't supplant the physical dollar in any reasonable time as there are many reasons why such bearer bonds would be useful, but I could see it displacing the VISA/MC/AMEX/DISCOVER dominance over electronic financial transactions in America at least.

I can't tell if this is a joke or not but i'll bite. Delegated proof of stake is exactly as you describe and there are 10+ $1B chains that have this mechanism.

My guess is it's a joke. They nailed the definition of DPoS - no way that's an accident.

What you're describing is referred to as governance in the blockchain community, and there is a ton of pre-existing literature and live examples of governance in action on chains like Ethereum. Go fork or try to build one! Governance is a killer feature of smart contract systems.

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