Twelve of the top fifty cryptos ranked by CoinmarketCap implement on-chain governance. Among the top altcoin projects with on-chain governance are Polkadot, Cosmos, and Fantom. According to Justin Bons, blockchains need to be scaled sufficiently to maintain their on-chain governance status.
12 leading altcoins in on-chain governance
Twelve of the top fifty cryptocurrencies, ranked by market cap, implement on-chain governance. These include Polkadot (DOT), Cosmos (ATOM), Uniswap (UNI), Ton Coin (TON), Internet Computer (ICP), Lido DAO Token (LIDO), Aptos (APT), Algorand (ALGO), Phantom (FTM) , Aave (AAVE) and Eos (EOS). Justin Bons, founder and CIO of Cyber Capital, congratulated the networks for achieving such an important achievement.
cryptocoin.comAs you follow, on-chain governance is at the core of decentralization. As such, it requires coding the rules to embed changes into Blockchain protocols. It empowers the community and uses smart contracts to streamline the governance process of Blockchain networks. Under such edits, developers propose changes during updates. Accordingly, each node votes whether to accept the change or not.
While not enough, this is an important first step.
In response to Justin Bons’ tweet, self-identified crypto ambassador Joel Valenzuela acknowledged the implementation by twelve cryptos as an important first step. However, he stated that implementing on-chain governance is not enough. According to him, the practice needs to be “good” governance and the community needs to ensure that it is implemented. In this context, Joel Valenzuela makes the following statement:
Even that is not enough. There has to be good governance. Also, even then, the community needs to ensure that it comes to life. But this is an important first step!
Without this, it would be easy for Blockchains to degenerate!
Justin Bons also notes that even good governance alone will not be enough to achieve true decentralization. According to him, the application needs to be scaled sufficiently. Otherwise, Blockchains that implement on-chain governance will be easy to corrupt.
Meanwhile, Bons’ tweet only covers cryptos in the top 50 by market cap. Apart from this group, it is possible that there are other cryptocurrencies that implement on-chain governance. Joel Valenzuela’s favorite cryptocurrency is DASH. This altcoin is not among the top 50 cryptos according to CoinmarketCap’s ranking. Despite this, according to Valenzuela, it is one of the good cryptocurrencies that implements on-chain governance. With a market cap of $478.8 million, DASH was ranked 86th on CoinMarketCap at the time of this writing.
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