A recent investigation into ‘voter turnout’ as an indicator of community participation in decentralized-governance tokens, throws up some interesting results. Despite the assumption that token-holders would participate purely through the passive incentive of ownership, most prefer more tangible benefits.
Who governs Bitcoin? While nobody owns the network, somebody must be in charge of parameters such as block size and adding capabilities like SegWit. In truth, Bitcoin governance occurs off-chain. Any proposal for the protocol must be formalised, tested and discussed among the users, until it gains a significant majority support. Once accepted, node operators update their software to include the new proposal.