Governance, Part 2: Plutocracy Is Still Badby@Vitalik
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Governance, Part 2: Plutocracy Is Still Bad

by Vitalik Buterin8mMay 30th, 2019
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Coin holder voting, both for governance of technical features and for more extensive use cases like deciding who runs validator nodes and who receives money from development bounty funds, is unfortunately continuing to be popular. The latest scandal in DPOS land seems to be substantially worse. Because the delegate rewards in EOS are now so high (5% annual inflation, about $400m per year), the competition on who gets to run nodes has essentially become yet another frontier of US-China geopolitical economic warfare.

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